Suicide blast kills senior police official in Pakistan
| 03:29pm
Macau | Artistic cars brought by racing teams at Grand Prix
| 02:27pm
North Korea sacks soldiers, South Korea awards medals after defector's border dash
| 02:00pm
North Koreans wash up in Japan: official
| 01:19pm
'Explosion' dashes last hopes for Argentinian missing sub
| 01:00pm
Uniqlo owner seeks to enter India as it builds overseas reliance
| 12:30pm
Macau | Public Data Centre under maintenance
| 12:16pm
U.S., South Korea to hold joint air force drill in early December
| 12:07pm
Credit Suisse-Backed WeLab Is Said to Plan $500 Million IPO
| 12:04pm
Uber says it disclosed breach to SoftBank before going public
| 10:30am

Samsonite posts 27 pct profit increase

Total profit for the year hit US$274.83 million, while net sales of the group during the year amounted to US$2.81 billion

Luggage maker Samsonite International saw a 26.6 per cent increase in profit for 2016, according to the group’s filing with the Hong Kong Stock Exchange. Total profit for the year hit US$274.83 million, while net sales of the group during the year amounted to US$2.81 billion, a 15.5 per cent increase year-on-year, which the group notes as hitting ‘a record level.’
The group acquired business luggage company Tumi in August of last year, which the group’s chairman notes as ‘undoubtedly the year’s most significant event, and arguably the most important acquisition in our company’s 100-plus year history.’
Chairman Timothy Charles Parker notes that ‘it is encouraging that the second half of the year (2016) has been much stronger than the first half, especially in the two major markets of the U.S. and China,’ while noting that the year overall has been ‘uneven’ with regard to global growth ‘due to a mixture of political and economic uncertainty.’ Despite the challenges, Parker states that ‘we are very satisfied with the results […] I believe we have further strengthened the position of the Company in the global travel lifestyle marketplace.’
Stripping out the effect of the Tumi acquisition and a one-off from the liquidation of a pension plan in the U.S., the group saw a 11.6 per cent increase in profit during the year.
The group aggregates its Hong Kong and Macau results, which reached US$109.1 million in revenue, a 41.3 per cent increase year-on-year, while its total sales in Asia amounted to US$1.03 billion, an 8.6 per cent increase from 2015.
The company’s top revenue by country came from China, which saw a 0.4 per cent contraction year-on-year, reaching US$251.73 million.
The group’s chairman notes that this year ‘may be no different’ from last year in terms of ‘political surprises’ but that ‘the world will carry on travelling, and this will drive our business forward.’