Thursday, November 17, 2011

Maxwell 3Q earnings up 13.8% to RM22.59m

KUALA LUMPUR (Nov 17): China-based sports shoe maker Maxwell International Holdings Bhd's earnings rose 13.8% to RM22.59 million in the third quarter ended Sept 30, 2011 from RM19.85 million a year ago.

It said on Thursday that revenue increased 18.4% to RM114.70 million from RM 96.88 million while earnings per share were 5.65 sen, a decline from 5.90 a year ago.

'The increase in revenue was in line with the group's increase in sales volume of our products from approximately 8.2 million pairs of sports shoes in FPE 2010 to approximately 9.1 million pairs of sports shoes in FPE 2011,' it said

However, Maxwell said the increase in sales volume was partly offset by marginally decrease in average selling price (ASP) of sports shoes from RM29.98 per pair in FPE 2010 to RM29.87 per pair in FPE 2011.

The overall ASP decreased was mainly due to conversion of average exchange rate from renminbi 1: RM0.4766 in FPE 2010 to RMB 1: RM0.4661 in FPE 2011.

For the nine-month period, earnings were marginally lower at RM49.58 million compared with RM49.77 million in the previous corresponding period. Revenue came in 10.8% higher at RM272.03 million versus RM245.34 million a year ago.

On the outlook, Maxwell said it remained optimistic about the long-term growth potential of the sportswear market in China and overseas.

'To maintain our competitive edge, we will continue to focus on our group's strategy of product design and development, strengthening and expanding our sale and distribution network,' it said.


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