[TodayIR] MAN WAH HLDGS: Man Wah Announces Positive Profit Growth (Hong Kong – 13 January 2014) – Man Wah Holdings Limited ("Man Wah" or the "Group," stock code: 1999) is pleased to announce that the Group's unaudited operating profit for the nine months ended 31 December 2013 has already exceeded the Group’s Operational Profit for the entire Financial Year 2013 significantly. If current trends continue, the Group expects the unaudited consolidated net profit attributable to owners of the Company for the Financial Year 2014 to be significantly more than that for the entire Financial Year 2013. The Group recorded stable sales growth from overseas markets during the period, which have driven the growth of its operating profit. As for the Mainland China market, the Group has continued to intensify market expansion, in particular, opening more retail stores in third- and fourth-tier cities and timely broadening the price range of its products, as well as further enhancing brand awareness so as to accelerate sales growth. Year-on-year increase of gain on foreign exchange forward contracts and government subsidies was also one of the reasons for the Group’s net profit growth. Dr. Wong Man Li, Chairman and Executive Director of Man Wah, said, "We have achieved encouraging results over the past nine months, which suggests that our efforts in strengthening the efficiency of internal operations and controlling costs are bearing fruit. Construction of our new production base in Wujiang City, Jiangsu Province has been completed and commenced operation in July 2012; providing strong support to our sales in the Mainland China, as well as helping the Group's growth drive. We will continue to consolidate our core competitive advantages, timely launch more innovative products and raise brand awareness in order to capture strong demand from the Mainland China and deliver better returns to our shareholders. "In addition, I am proud to have recently been interviewed by Forbes Asia, a renowned financial magazine in the US, which will become the cover story of its January edition. This reflects widespread recognition of the Group’s outstanding performance from various sectors. I would like to take this opportunity to thank our colleagues, shareholders and business partners for their strong support over the years. We will continue to lead the Group to new heights through excellent operational performances."
[TodayIR] MAN WAH HLDGS: Man Wah Announces Positive Profit
Press spacebar to pause and continue. Press esc to stop.