YHI International's manufacturing arm hurt by 2.4% revenue dip

Its blaming the drop in China manufacturing.

According to a release, Mainboard-listed YHI International Limited announced its results for the nine months ended 30 September 2012, posting S$414.2 million in revenue, up 2.4 per cent from the corresponding period a year ago.

This was mainly due to the Group’s multi-brand, multi-category and multi-product (3M) marketing strategies bearing fruit, resulting in higher turnover in its distribution segment, which was offset by lower turnover in its manufacturing segment.

The Group’s distribution segment, which contributed 72.9 per cent of YHI’s total turnover, recorded a 4.3 per cent rise in revenue to S$302.0 million.

However, its manufacturing segment, which accounted for 27.1 per cent of the Group’s total revenue, saw a slight decrease of 2.4 per cent in revenue to S$112.2 million, mainly due to a drop in revenue from its China manufacturing business.

The Group’s gross profit has also increased slightly by 1.1 per cent to S$95.1 million over the same period mainly due to higher sales in YHI’s distribution segment for the nine months ended 2012.

Gross profit margin was stable at 23.0 per cent compared to 23.3 per cent the same period last year.

Net profit after tax and non-controlling interests attributable to shareholders (net profit) was S$15.6 million compared to S$25.2 million in the corresponding period last year.

Excluding the one-time net disposal gains on Yokohama investments in China reported in third quarter 2011, the adjusted nine months net profit in 2011 would have been S$17.9 million, compared to S$15.6 million for the same period in 2012.

Earnings per share was 2.66 Singapore cents for the nine months ended 30 September 2012 compared with 4.32 Singapore cents a year ago.