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Man Wah tops previous profits

Hong Kong - Motion upholstery producer Man Wah Holdings said its operating profits for the nine months ended Dec. 31 already have topped the figure it achieved in its previous fiscal year, which ended March 31, 2013.
     In a filing with the Hong KongStock Exchange, the company alsosaid it expects net income for thecurrent fiscal year "to be significantlymore" than the previousyear. Man Wah, which makes motionupholstery under the Cheersbrand name, did not provide salesor earnings estimates for the fiscalyear.
     The company said the increaseswere due largely to "satisfactoryand steady revenue growth in allmajor overseas markets," particularlymainland China.
     For the six months ended Sept.30, Man Wah earlier reportedworldwide sales of 2.88 billionHong Kong dollars, or about$372 million. Net income was556.9 million Hong Kong dollars,or about $71.8 million.
U.S. sales for that period were$1.49 billion Hong Kong dollars,or about $192.2 million.

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