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HONG KONG, Mar 29, 2010 - (ACN Newswire) - Samson Holding Ltd. ("Samson Holding" or the "Group"; Stock Code: 0531.hk), the renowned multinational furniture manufacturer and wholesaler, reviewed its overall business development in 2009 and prospects. Amid the adjustment in global economy and retail markets in furniture industry last year, Samson Holding actively expanded new market and new business, improved production capability and implemented stringent cost control measures to mitigate the negative impact brought by the operating environment towards the Group.
In the face of challenging global market environment in 2009, Samson Holding kept eyes on entering into new market and developing new business. With the acquisition of Willis Gambier, a UK top-notch casegoods importer and wholesaler in October 2008, the Group consolidated its established market position in the UK and Europe. A positive growth of Craftmaster Furniture amid the financial tsunami, and the successful implementation of a program namely Paula Deen by Universal Furniture in April last year, had also benefited to the Group. In addition, the Group had started its leather sofa business in the US by operating the licensed leather upholstery business under the brand of Sofitalia there.
In order to keep pace with the ever-changing market, the Group strived to enhance product development capabilities and shorten sampling period to best cater its existing OEM customers. Meanwhile, to expand its OEM customer base and develop closer business relationships with customers who source directly from Asian suppliers, Samson Holding set up Lacqercraft USA in 2009 and to be more proactive in providing superior customer support. In addition, the Group diversified its products from residential casegoods to casegoods and upholstered furniture serving both the residential and hospitality markets, enhancing its core competitiveness.
Mr Shan Huei Kuo, Samuel, Chairman of Samson Holding, concluded, "We were outperformed among the peers though facing the tough operating condition last year. Benefiting particularly from the acquisition of Willis Gambier, the Group's UK segment recorded a satisfactory growth; while the launch of a new series by US branded divisions and new business also helped the Group's overall performance, alleviating the impact of the declining furniture market in North America. Looking forward, we strive to make the best of the current momentum by emphasizing brand investment, launching new product series and entering into new markets by acquisitions, and best utilizing production capacity. Meanwhile, the under-construction manufacturing plant in Bangladesh and the plan to set up a dimension mill in Indonesia will strengthen our competitiveness in production efficiency, and enhance the cost effectiveness. We endeavor, to be a leader of global furniture industry."
Attributable to the satisfactory results of new business and no impairment loss on the available-for-sale investment, the Group's net profit for the year ended 31 December 2009 ("the Year") achieved US$40.24 million (2008: Loss of US$18.47 million). Gross profit margin increased to 30.4% from 24.7% of 2008, which was mainly due to the increase in product selling price, higher margin of overall sales from new business and stringent cost control. On the other hand, the Group's sales was adjusted to US$393 million (2008: US$467 million) which was resulted in the declining US retail market. The Group has recommended the payment of a final dividend of HK$0.041 per share for 2009 (2008: HK$0.0216), as one of the few with stable dividend payouts among the peers. Samson Holding stood at a strong financial position with cash and cash equivalents of US$242 million.
Contact:
Quam IR
Ms Anita Wan
Tel: +852 2217-2687
E-mail: anita.wan@quamgroup.com
Ms Sharon Au
Tel: +852 2217-2680
E-mail: sharon.au@quamgroup.com
Ms Venus Lam
Tel: +852 2217-2909
E-mail: venus.lam@quamgroup.com
Topic: Earnings
Source: Samson Holdings
Sectors: Retail & eCommerce
https://www.acnnewswire.com
From the Asia Corporate News Network
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