HONG KONG — Motion and stationary upholstery producer Manwah Holdings Ltd. posted an increase of 50.8% in revenue and a 30% increase in profits before taxes for the six-month period ended Sept.30.
Manwah report revenues of HK$10.4 billion for the period, up from HK$6.9 billion for the same period last year. The company reported a net margin decrease of 1.6 point, from 11.3% to 9.7%, mainly dut to the rise of raw material costs and sea freight increases.
The North America market showed an increase of 60% in revenues for the six-month period, up to HK$2.6 billion from HK$1.6 billion last year.
“During these very uncertain times we focused on expanding our production capacity and did our best to meet our retail partner’s needs,” said Gabriele Natale, president of Manwah Division 1. “Facing many obstacles along the way, Manwah was able to use both of our factories in Vietnam and China, giving our retail partners confidence in our long term reliability.”
Recently, Manwah announced an additional expansion of its Vietnam factory, which will increase the size of the campus to more than 6 million square feet. Although this expansion was scheduled for completion in November 2021, because of pandemic-related issues, it is now expected to be complete in early 2022.
Manwah Vietnam and China factories are vertical, with Vietnam being tariff-free.
