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Larry Thomas

Man Wah expects ‘significantly more' earnings

Operating profits have already topped last year's

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 Kong Stock Exchange, the company also said it expects net income for the current fiscal year "to be significantly more" than the previous year. Man Wah, which makes motion upholstery under the Cheers brand name, did not provide sales or earnings estimates for the fiscal year.

The company said the increases were due largely to "satisfactory and steady revenue growth in all major overseas markets," particularly mainland China.

For the six months ended Sept. 30, Man Wah earlier reported worldwide sales of 2.88 billion Hong Kong dollars, or about $372 million. Net income was 556.9 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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