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Motion upholstery source Man Wah's U.S. sales jump 20%

HONG KONG — Chinese motion upholstery producer Man Wah Holdings said its exports to the U.S. jumped more than 20% in the six months ended Sept. 30 as the company continued to gain market share.

In a report filed with the Hong Kong Stock Exchange, Man Wah said U.S. sales totaled 1.31 billion Hong Kong dollars, or about US$169.6 million. That was up from 1.09 billion Hong Kong dollars, or about US$140.5 million, in the six months ended Sept. 30, 2011.

The company said sales to the U.S. accounted for 54.8% of its total revenues for the six-month period. The next largest region was mainland China, which accounted for 24.9% of sales.

The only region with a larger sales increase was Europe, where sales were up 26% to 218.9 million Hong Kong dollars or about $28.2 million. The European total, however, represented only 9.1% of Man Wah's total revenues, the company said.

The vast majority of Man Wah's sales in mainland China came from 176 company-owned and 369 licensed Cheers retail stores.

Worldwide sales for the company totaled 2.4 billion Hong Kong dollars, or about $309.9 million, in the six months ended Sept. 30. That was an increase of 12.4% from 2.13 billion Hong Kong dollars, or about $274.4 million, in the same period in 2011.

Net income totaled 198.1 million Hong Kong dollars, or about $25.6 million. That was up from 185.7 million Hong Kong dollars, or about $24 million, in the same period a year ago.

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