ManWah Holdings Announces Interim Results

Furniture World News Desk on 11/23/2018

ManWah Holdings the Global Manufacture of Home Furnishings announced it’s 6-month Interim results on November 11, 2018. ManWah Holdings posted a 18.6% increase in Revenues. Net profits saw a decline of 16.1% and Net Margin decreased of 5 points from 17.1% to 12.1% as compared to the corresponding 6 -month period.

The business reported revenues of HK $5,487.5 million or USD $700.7 Million for the 6-month period. This compares to revenues of HK $4,626.9 million. or USD $590.9 million for the last corresponding 6-month period.

Net profits for the 6-month period were reported as HK $665.3 million or USD $85.0 million.  This compares to earning for a corresponding period of HK $793.0 million or USD $101.2 million.

Reported Profit declines were a result of increase in pricing of materials, including chemicals, Steel and cardboard used in packaging.

The North America Market showed an increase of 19.1% in revenues for the 6-month period. This year’s revenues grew to HK $ 2,111.5 million or USD $269.6 million for the 6-month period. This compares to revenues of HK $1,772.8 million or USD $ 226.2 million for the last corresponding 6-month period
Guy Ray, CEO of ManWah Holdings USA comments, “Revenue increases were achieved by our commitment to increase our product offerings and expand our customer base. As one of the Largest Upholstery Factories in the world we offer Controlled Quality built Products with a value proposition, while we continue to create solutions for our expanded retail partners”

This past year Manwah Holdings USA expanded its stationary product presentation, introduced its Inversion Conversion Mechanism which gives Zero Gravity functionality in sofas and sectionals.

Additionally, ManWah introduced the Foxworthy Home Collection, opened warehouses in NC as well as California and expanded our Quick ship program. ManWah also entered into the upper end of the Market with in New Reserve Collection.

In July of 2018 ManWah Holdings USA also announced it newly created ecommerce division. This division was created to support and be a major supplier to the ecommerce channel. As this Channel continues to expand, we will be able to offer products out of our domestic warehouse as well as our Factory direct program.

ManWah Holding has over 18 million square feet of Manufacturing in China and recently announced Manufacturing expansion into Vietnam. The Timberland Upholstery factory was purchased in June of 2018 from a private owner. Current production is up to 500 containers per month. This past October 2018 expansion has started on the Timberland factory growing to a footprint of close to 4 million square feet of Manufacturing. The expansion of this factory is set to be completed in the 4 quarter of 2019.