The Singaporean leather furniture maker, HTL International Holdings, has posted a 14.6% increase in net profits to S$6.2 million ($3.59 million) for the third quarter 2003. The group achieved a 24.5% increase in turnover to S$107.8 million.

For the three quarters ended September 30 2003, the company’s revenues totalled S$310.2 million, up 30% on the same period in 2002. Strong sofa sales contributed S$210.1 million to group turnover, strengthened by an increase in leather sofa shipments to Europe. In the US, sales went up by a massive 162.7%.

The firm cited the ongoing capacity expansion at its tannery and sofa plants in China as well as enlarged shares in both established and new markets for the boost in revenues.

Looking ahead, HTL’s managing director, Mr Phua Yong Tat, said: “We are on track to achieving an increase in turnover and profitability for the full year 2003, barring any unforeseen circumstances.”

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