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| Wednesday, 20 August 2014, 23:20 HKT/SGT | |
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Source: TTI | |
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HONG KONG, Aug 20, 2014 - (ACN Newswire) - Hong Kong-based global power equipment and floor care company Techtronic Industries Co. Ltd. ("TTI"/ The Group) (stock code: 669, ADR symbol: TTNDY) announced that it achieved record sales, gross margin and profit for the first half of 2014. Net profit attributable to shareholders reached US$ 136 million, a 15.9% increase over the first half of 2013. Basic earnings per share was US 7.45 cents, 15.9% higher than the same period last year. Sales rose by 10.2% over the six month period to US$ 2.25 billion.
TTI achieved double digit growth and continued delivering excellent financial performance. The Power Equipment segment delivered US$ 1,678 million, a 10.5% sales increase, and generated exceptional organic growth in the professional and DIY power tool businesses. The Floor Care and Appliance segment grew 9.3% to US$ 572 million in sales. The company's double digit sales growth is a result of a series of successful new product launches and highly effective, targeted geographic expansion.
Mr. Horst Pudwill, Chairman of TTI, said, "With our ongoing focus on generating organic growth, improving operating margins, and managing our robust balance sheet, we expect continued strong performance in the second half of 2014. We are excited about our momentum and are well-positioned to build on our record first half performance."
Mr. Joseph Galli, CEO of TTI, commented, "New product introductions, geographic expansion and a relentless focus on operational efficiency propelled our continued outstanding performance. A highlight of our strong first half result was the 100 basis point improvement in gross margin increasing from 34% last year to 35% this year, through new products introduction and aggressive productivity gains across our supply chain network."
Contact:
Techtronic Industries Co. Ltd. Isabella Chan
Tel: +(852) 2402 6495
Email: isabella.chan@tti.com.hk Website: www.ttigroup.com
Strategic Financial Relations Limited
Veron Ng +2864 4831 veron.ng@sprg.com.hk
Ming Chan +852 2864 4892 ming.chan@sprg.com.hk
Sadie Lam +2864 4861 sadie.lam@sprg.com.hk
Fax +(852) 2527 1196
Topic: Press release summary
Source: TTI
Sectors: Daily Finance, Daily News
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