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MarketScreener Homepage  >  Equities  >  Stock Exchange of Hong Kong  >  IDT International Limited    0167   BMG4705P1077


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IDT International Limited : Announcement of Interim Results for the six months ended September 30, 2012

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11/28/2012 | 10:14pm EDT

For Immediate Release

IDT International Announces FY2012/2013 Interim Results * * * Proven Streamlining Measure Enhances Operational Effectiveness and Maintain Stable Business Performance

(Hong Kong, 28 November 2012) - Consumer electronic products manufacturer and brand distributor IDT International Limited ("IDT International" or the "Group") (HKEx code: 167) has announced its interim results for the six months ended 30 September 2012 ("the period").
During the period, the Group recorded a total turnover of HK$708.4 million, representing a decrease of 10.5% compared to that of HK$791.5 million in the same period last year. The decrease was mainly attributable to downscale of the telecommunication business and decline of sales in European countries. Gross profit was HK$210.1 million and the gross margin is around
With the effective implementation of stringent cost control and streamlining measures, total operating expenses of the Group amounted to HK$216.2 million, a reduction of 11.7% against HK$244.8 million recorded in the same period last year. Loss for the period was HK$9.4 million.

Dr Raymond Chan, Chairman and Group CEO of IDT International, said, "Despite the continued slow recovery of the global economy having a huge impact on consumer sentiment, the Group was able to leverage its solid business foundations and flexible strategies to maintain a healthy financial position and stable performance. We are continuing to explore other emerging markets and to tap the great potential of Asia-Pacific markets. Moreover, as several OEM/ ODM projects will start mass production and shipment in the second half of this financial year, we expect our business to gradually pick up in the near term." A Summary of Business Review and Outlooks Oregon Scientific ("OS")

Sales revenues of OS were HK$343.4 million, a slight reduction of 3.8% compared to the same period last year. The amount represented 48.5% of the Group's total sales revenues. The persistently sluggish global economy, especially in Europe and the US, continued to affect market sentiment.
After the reorganisation of product categories, Electronic Learning Products ("ELP") and Time and Weather ("T&W") accounted for 55.5% and 26.0% of total OS sales respectively. Other product categories including Wellness and Beauty, Sports, Fitness and Healthcare ("SFH"), and Telecommunication ("TEL") accounted for 18.5% of the total OS sales revenues. ELP recorded a

IDT International Announces FY2012/2013 Interim Results

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significant increase in turnover due to the launching of MEEP!, the first dedicated tablet for kids by OS.
OS products remained well-positioned in the market trends. They have been recognised by several international design and innovation Awards, such as Red Dot Design Awards for its Time
& Wireless Charging Station, the ATC Chameleon action camera and the Smart Watch; and the
Consumer Product Design Grand Awards for its NanoActiv Skin Restoring System.
MEEP! was awarded the Bronze Award for Innovation and Technology by the Hong Kong Electronic Industries Association (HKEIA) and the Toy of the Year 2012 in France in the tablet category. With the positive feedback from retailers, MEEP! is to be distributed in many of the major stores in the US, as well as European and Asia Pacific countries. Moreover, with an entire line of accessories and supported by a diversified global media launch campaign, MEEP! is set to become one of the leading kids' tablets during the next two years.
Furthermore, weather measurement devices compatible with smartphones will be launched at the end of this year and a brand new wake-up light device with smart phone apps for sleep tracking has been developed and will debut in the markets during the coming months.
OS will continue to develop new sales channels as well as to enhance its e-shopping platforms. New markets such as Turkey, Russia, South Africa, South America, Japan and South East Asia will be explored through qualified distributors, sales agents and partnering with other well-known brands on co-branding projects.

Value Manufacturing Services ("VMS")

Sales revenues contributed by VMS were HK$365.0 million, a decrease of 16.0% as compared to the same period last year. The amount represented 51.5% of the Group's total sales revenues. The decrease was mainly attributable to the downscale of TEL products, which was in line with the Group's strategic planning.
By product categories, SFH accounted for 60.5% and TEL and T&W accounted for 24.7% of total VMS sales while other product categories accounted for the balance of 14.8%. Despite the weak consumer market for the period, the moderate growth of turnover in SFH reflected its strong market demand and potential. Thus, the Group believes the SFH business will remain as a strong sales contributor and will continue to allocate more resources to developing more innovative SFH products with the latest technologies.
When talking about the future strategy of VMS, Dr Chan said, "As one of the Group's restructuring projects, VMS will play a more important role in developing and manufacturing more products for OS through integration of OS product development, engineering and sourcing activities. This arrangement will definitely enhance the cost effectiveness and capabilities of our operations."

IDT International Announces FY2012/2013 Interim Results

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Dr Chan concluded, "In view of the uncertain global environment and the rising costs, we will maintain our focus on streamlining our operation with our proven cost control measures. With our solid business foundation built over the years, we will continue to explore new markets with innovative products in order to enhance the overall business performance and improve our profitability."

~ End ~

About IDT International:

IDT International is a holding company whose shares are publicly listed on The Stock Exchange of Hong Kong Limited. Headquartered in Hong Kong, IDT International is engaged in the design, development, manufacture, sales and marketing of innovative consumer electronic products featuring state-of-the-art liquid crystal display and microprocessor technology. Its core businesses include LCD Consumer Electronic Products, Telecommunication Products and Electronic Learning Products. Marketing is undertaken globally through its sales and marketing offices in the US, Italy, the UK, Spain, France, Germany, Australia, Brazil, China, Japan and Hong Kong. Research and development resources have been established in both Hong Kong and China while its manufacturing facilities are centred in Xixiang, Shenzhen, China.

For more corporate and product information on the IDT Group and Oregon Scientific, please access our websites at http://www.idthk.com or http://www.oregonscientific.com

For press enquiries:

Strategic Financial Relations Limited

Eveline Wan Tel: (852) 2864 4822 Email: eveline.wan@sprg.com.hk Joanne Lam Tel: (852) 2864 4816 Email: joanne.lam@sprg.com.hk Gladys Kong Tel: (852) 2864 4806 Email: gladys.kong@sprg.com.hk Fax: (852) 2804 2789 / 2527 1196

Website : www.sprg.com.hk

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