HTL posts modest quarter one results
The Singaporean leather furniture maker, HTL International Holdings, has posted a 9.1% increase in profits for the first quarter of 2003, to S$5.8 million.
The company achieved a 32% increase in sales to S$88.9 million. Its three business units, Sofa, Leather and Cut and Sew registered growth rates of 27.9%, 29.7% and 78.5% respectively.
HTL said its gross profit margin, however, declined from 26.2% to 22.6%, compared with Q1 2002, due to the increased price of leather and freight charges. The firm stated that it has stocked up raw hides in case price increases continue.
Looking forward to 2003, HTL said it plans to focus on streamlining its production activities and expects full year sales to grow 28% and profits to rise 13%. The firm also expects its recently opened tannery plant in
