The Singapore-based leather furniture maker, HTL International Holdings, has reported an 83.3% jump in full year net profits in 2002 to $21.7 million.

The Singapore stock exchange-listed company said its sofa business unit led the rapid growth, accounting for 72% of total group revenue. In 2001, the group’s leather sofa sales rose 66.8% to $232.7 million.

In a statement HTL said: “This significant increase was possible due to the group’s decision to expand the capacity of the upholstery plant and leather tannery in China in 2001. The added capacity of the leather tannery plant was able to supply the group’s in-house leather consumption of $116.5 million.”

Sales in the firm’s European market were the strongest and doubled to $147.4 million, compared with the previous year. Earnings per share rose from 5 to 9 cents, while net asset value increased from 34 to 41 cents.

HTL said it is cautiously optimistic that turnover and profit will continue to grow in 2003 due to its strong presence in the European market, coupled with new customers and the introduction of fresh models.”

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