London (Thomson Financial) – FoaMasters International Ltd. reported a higher full-year pre-tax profit, despite some challenging operating conditions in the second half and said it remains confident of further growth in 2008. The China-based foam products maker said for the full year to the end of December its pretax profit increased to 8.9million pounds from pro-forma 6.65 million a year ago and revenues rose 42 percent to 102.6 million pounds. It said although it has plans to grow organically, it will consider acquisition and investment opportunities.
| Foamaster International | ||
| Year Ended : 31 December | ||
| Fig in $,000 and cent (c), unless otherwise state | 2007 | 2008 |
| Turnover | 102,620 | 72,165 |
| Operating Profit | 9,118 | 6,455 |
| Pretax Profit | 8,887 | 6,445 |
| EPS Basic & Dilluted | $0.10 | $0.07 |
| Dividend | nil | n/a |
Financial Highlights:
- Strong year on year growth in revenue and profits.
- Revenue up 42% to $102.6million (2006: $72.2million)
- Gross profit up 43% to $16.7 million (2006: $11.7million)
- Profit after tax up 44% to $7.9 million (2006: $5.5 million)
Operational Highlights:
- Successful penetration of North-Eastern Chinese markets through the commissioning of its ninth factory in Zhejiang province.
- Secured a ten years exclusive technology license for its environmentally friendly recycled flexible polyurethane foam powder.
- Commissioned its first recycled foam powder production facility in Heshan, China and successfully launched a range of environmentally friendly foam products.
- Production output up 38% to c. 36,000 metric tonnes (2006: c. 26,000 metric tonnes)
- First polyurethane foam factory in the world to be accredited by SATRA for its laboratory testing facilities.
- Secured loan/trade re-financing circa US$31 million
- Awarded ISO 14001 for its Environment Management Standard
- Completion of a successful IPO on AIM in December 2007
London (Dow Jones) FoaMasters International Monday reported a pretax profit of $8.9million for the year ended Dec, 31, 2007, compared to a profit of $6.7 million in 2006.
The company said whole 2007 was a great year for many businesses in Asia, the mortgage and credit crunch crises unravelling in the second half of 2007 have brought about a degree of uncertainty in some of its market, particularly in the West.
However, the Board remains confident that 2008 will be a period of further growth for the Group. Added Teh Kim Seng, Chairman.
(Source: Dow Jones, 7th April, 2008)