HTL's North American sales up 23.3%
Worldwide sales up 1.4%, but profits tumble because of cost increases
Larry Thomas -- Furniture Today, November 15, 2011
SINGAPORE — Leather upholstery producer HTL International said worldwide sales edged up 1.4% in the first nine months of 2011, but profits fell due to increasing raw leather prices, higher shipping rates, and higher production costs at its factories in China.
Sales in North American, however, jumped 23.3% as the company continued to add new retail customers and do more business with existing customers.
North America, the company's second largest market, recorded sales of 86.3 million Singapore dollars, or about $66.9 million, for the nine months ended Sept. 30. That compares with 70 million Singapore dollars or about $54.3 million in the same period in 2010.
HTL, whose shares are traded on the Singapore Stock Exchange, didn't release profit figures for specific regions, but said its overall profit for the first nine months totaled 3.21 million Singapore dollars, or about $2.49 million.
That's down sharply from 18.99 million Singapore dollars, or about $14.72 million, in the first nine months of 2010.
Worldwide sales for the first nine months of 2011 were 476.5 million Singapore dollars, or about $369.4 million. That's up from 469.9 million Singapore dollars, or about $364.4 million, in the same period in 2010.
In a report filed with the stock exchange, HTL said it had raised prices, but the price increases had not kept pace with its cost increases. The company said it "expects its operating margins to remain under continuing pressure."
Beginning with its next quarterly report in February, HTL said it will report results in U.S. dollars.
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