HONG KONG: Win Hanverky boosts H1 net by 4.6%
Sportswear manufacturer Win Hanverky Holdings has posted a 4.6% rise in interim net profit to HKD$140m (US$17.97m).
Revenue for the six months ended 30 June, meanwhile, amounted to $1.39bn this year, an increase of 16.4% compared with the corresponding period of 2006.
The rise in sales was mainly attributable to the satisfactory performance of its sportswear manufacturing business, sportswear distribution business and the inclusion of Win Sports Limited under the company's sportswear retail operations.
By segment, sportswear manufacturing revenues increased by 11.1% to $936.1m, sportswear distribution increased by 53.8% to $255.4m, while active and outer wear increased 5.7% to $221.3m.
Most group sales were to Europe, where export revenues increased to $610.7m from $597.5m for the six-month period.
In February 2007, the company's Team & Sports Limited subsidiary signed an agreement to act as exclusive distributor for Umbro branded products in Greater China from March 2007 to December 2020.
Under the new distribution agreement, the group is required to pay Umbro International Limited, a shareholder of Team & Sports Limited, royalty on all Umbro branded products sold at an agreed rate ranging from 6% to 25% based on the selling price, but is not obligated to any fixed periodic royalty payment, Win Hanverky added.
Many Chinese manufacturers have faced the spotlight lately, as higher operating costs and the appreciation of the yuan have allowed Asian competitors such as Vietnam to become cheaper in some cases.
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