Sunway International Holdings Limited Final Results for the Year Ended 30 September 2009

Jan 26, 2010, 03:35 ET from Sunway International Holdings Limited

HONG KONG, Jan. 26 /PRNewswire-Asia/ -- Leading electronic consumer products and components producer Sunway International Holdings Limited (SEHK: 58/SES: Sunway) today announces its annual results for the year ended 30 September 2009.

Turnover of the Group for the year ended 30 September 2009 dropped by 13.7% to HK$941,458,000, compared to HK$1,091,120,000 reported last year. Gross loss for the year was HK$55,294,000 compared to HK$848,000 last year. The Group recorded an increase in gross loss because of the substantial provision made for the obsolescent stock. Depreciation also increased due to the upward revaluation of property, plant and equipment. The Group reported a net loss of HK$172,569,000 for the year ended 30 September 2009 compared to HK$95,162,000 last year. Basic loss per share for the year was 17 cents. No final dividend was proposed for the year.

Turnover of electronic calculators was HK$520,876,000, representing an increase by 11% year-on-year. Sales of electronic calculators contributed 55.3% of the Group's turnover for the year and remained to be the largest business segment of the Group. Sales of electronic watches and clocks dropped by 14.8% to HK$130,079,000 compared to HK$152,639,000 last year. It accounted for 13.8% of the Group's total turnover for the year.

Telephone products recorded a turnover of HK$94,647,000, down by 28.5% compared to HK$132,407,000 last year. It represented 10.1% of the Group's turnover for the year. Sales of digital products amounted to HK$41,875,000, down by 75.1% compared with last year. It represented 4.4% of the Group's turnover for the year.

The Group emphasizes product differentiation and endeavors to develop high-end products. During the year, the Group has launched new products such as a wireless rear view camera and a computer netbook; the Group also produces electronic toys by OEM and market to the United States and European countries. In order to control the cost of production, the Group has increased the percentage of outwards sub-contracting. During the year, the Group has undergone re-organization and two factories in Mainland China were closed. The Group will continue to scale down those operations which are less profitable.

    Financial Highlights

                                                    Year ended September 30,
                                                         2009           2008
                                                      HK$'000        HK$'000

    Turnover                                          941,458      1,091,120
    Loss before Tax                                  (167,521)       (92,164)
    Net Loss Attributable to
     Shareholders                                    (172,569)       (95,162)
    Loss per Share-Basic                          (HK17 cents)  (HK9.4 cents)
    Final (full-year) dividend per
     share                                             HK$Nil     HK0.5 cent

About Sunway International Holdings Limited

Sunway International Holdings Limited (SEHK: 58 / SES: Sunway) is a leading China-based manufacturer of consumer electronic products and components with a wide stretch of businesses from calculators, quartz crystals, liquid crystal displays (LCD), and integrated circuits to electronic watch movements. It is one the region's largest manufacturers of calculators, quartz crystals and LCD. It participates in the thriving telecom equipment- manufacturing sector through a 40% interest in a joint venture with Taiwan Telecommunication Investment Co. Ltd. The Group's manufacturing facilities are based in Fujian, China with a workforce of approximately 10,000.

    For more information, please contact:

     Sunway International Holdings Limited
     Raymond Leung
     Tel:   +852-2413-6812
     Fax:   +852-2413-6859

SOURCE Sunway International Holdings Limited