Man Wah US furniture exports tumble, interim profit rises

Business | 15 Nov 2019 3:44 pm

Sofa manufacturer Man Wah Holdings (1999) said net profit for the six months ended September 30 climbed by 6 percent from a year ago to HK$705 million.

Revenue grew by 2 percent from a year ago, with the North American market's contribution falling by 23 percent year-on-year amid the trade war between the US and China. Sales in the US decreased by about y 25.6 percent and sales in Canada fell by about 33.1 percent.

Duty of 25 percent has been imposed on the products exported to the US since May 2019, the company explained.

Man Wah declared  an interim dividend of 7 HK cents per share.

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