Samson Holding's profits decline 32.2% in first half
Sales fall 9% to $217.4 million
Staff Staff -- Furniture Today, September 17, 2008
HONG KONG — Chinese furniture major Samson Holding said its profit declined 32.2% in the first half as sales fell 9%.Samson, parent of China's Lacquer Craft Mfg. and its U.S. arms Universal Furniture, Legacy Classic and Craftmaster, said it had sales of $217.4 million in the six months ended June 30, down from $238.8 million in the same period a year earlier.
Earnings of $19.6 million were down from $28.9 million a year ago, the company said in a financial report filed this week.
In commenting on the results, company management said it had taken steps to maintain its pricing, seek new business, enhance productivity and control costs. The moves included reducing inventories and receivables and also cutting its bank borrowings to $16.9 million on June 30, from $36.5 million at the end of last year.
"As a result, though we experienced a decline in sales and overall financial performance during the first half of the year, we still expect our performance in the upcoming second half of the year to be more encouraging to our management team and shareholders," the company said.
Samson said it expects the second half to be challenging, but said that its business model gives the company advantages over its peers.
"Recently, we have seen a recovery of order demand from our branded companies and also secured business relationships with OEM customers," the company said. It added that it is "well positioned to reap the benefits" when the global economy turns around, and will look to expand its business through internal growth and acquisitions.
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