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Revenue from dyed fabrics, sewing threads & yarns up, Fountain Set
05
May '11
Fountain Set (Holdings) Limited, a global leader in the manufacturing of knitted fabrics, is pleased to announce its unaudited consolidated interim results for the six months ended 28th February, 2011.

The Group's revenue was approximately HK$3,678.3 million, an increase of 42.1% over the same period last year. Unaudited profit attributable to owners of the company amounted to approximately HK$154.1 million, representing a substantial increase of 36.3% or HK$41.0 million over the same period last year. If an extraordinary gain in relation to the disposal of an industrial building in Hong Kong during the same period of last year is excluded, unaudited profit attributable to owners of the Company was approximately 9.2 times that for the same period last year.

Gross profit margin for the period under review was 16.2%, an increase of 0.9 percentage points over the same period last year. Net profit margin for the period under review was 4.2%, a decrease of 0.2 percentage points over the same period last year or an increase of 3.5 percentage points if an extraordinary gain in relation to the disposal of an industrial building in Hong Kong during the same period of last year is excluded. Basic earnings per share was HK19.4 cents, compared to basic earnings per share HK14.2 cents for the first half of financial year 2010. The Board has resolved not to pay any interim dividend for the period under review (2010: Nil).

Mr. Victor HA Kam On, Executive Director and Group General Manager of Fountain Set (Holdings) Limited, said “Looking forward to the second half of the Group's financial year of 2011, it is expected that the Chinese economy will continue to grow while the US and EU economies remain stable. On the other hand, the Japanese economy will take time to recover from the devastating earthquake. The expected increase in sales to the Chinese market could offset some of the possible reduction in order volume for the US and EU markets as higher costs lead to increase in retail prices of textile products.

“With the increasing number of foreign brands entering China's market, the Group believes it is well positioned to expand its sales to garment manufacturers used by these foreign brands by leveraging its established relationships with those brands in their international business and its proven track record of quality control. Meanwhile, the Group's relatively low exposure to the Japanese market should mean minimal impact from the weaker economy. Therefore, overall demand for the Group's products is anticipated to remain somewhat steady.”

Dr. Gordon YEN, Executive Director of Fountain Set (Holdings) Limited, said, “For the fabric business, following consolidation of fabric supply chain by many brands and retailers and the Group's implementation of more aggressive sales strategies, cost control and streamlining measures, the Group is continuing to pursue improvements in sales and business performance in the second half of the current financial year. Our new fabric mill in Yancheng has commenced production during last financial period.

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