HTL International Holdings

[millionairemind]

November 6, 2008, 2.44 pm (Singapore time)

HTL says Q4 results unlikely to offset H1 losses

By ANGELA TAN

Furniture group HTL International Holdings Limited on Thursday reported a swing back into profitability compared to losses a year ago.


Net profit for the third quarter ended September 30, 2008 was S$175,000 compared to a net loss of S$4.02 million a year ago.

For the quarter, earnings per share improved to 4 cents from 0.96 cents loss a year ago.

Turnover for the quarter was up 3.5 per cent at S$169.97 million due to better sales in Germany and Singapore.

However, HTL saw total net borrowings increased by S$6.6 million to S$53.2 million arising from increased raw hide purchases. As a result, net gearing ratio rose by 2.7 per cent to 23.4 per cent.

Mr Phua Yong Tat, Group Managing Director for HTL, said 'The Group has implemented capacity and cost rationalization measures by taking steps to shut down our facilities inMalaysia in Q4 2007 and Singapore in Q1 2008 and consolidating our manufacturing capacity in China. These proactive steps in responding to challenges and remaining nimble will help us to steer through the uncertain business conditions ahead.'

Given the uncertainties and likelihood of further deterioration in the global economies in the coming months, HTL does not expect performance in the last quarter of 2008 to be sufficient to offset the net loss of S$4.6 million in 1H 2008.

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