HONG KONG: Chinese upholstery powerhouse Man Wah Holdings said worldwide revenue jumped 15.1% in the six months ended Sept. 30, a figure that included a 19.3% increase in revenue in the United States, its largest market.
Man Wah, whose stock is traded on the Hong Kong Stock Exchange, said U.S. revenue totaled 1.97 billion Hong Kong dollars, or about $253.7 million. That was up from 1.65 billion Hong Kong dollars, or about $212.6 million, in the six months ended Sept. 30, 2014.
The company said U.S. revenues were boosted by an improving economy, increased sales of higher-priced products, and favorable reaction to a new faux leather fabric cover that was introduced last year.
Revenue from the United States accounted for slightly more than 53% of Man Wah’s worldwide revenue of 3.68 billion Hong Kong dollars, or about $475.3 million.
Canadian revenue rose 9% to 117.9 million Hong Kong dollars, or about $15.2 million.
Revenues in China, Man Wah’s second-largest market, rose 24.6%, and came largely from its network of Cheers furniture and Enlanda bedding stores.
Worldwide, the company said profits rose 10.4% to 613.9 million Hong Kong dollars, or about $79.2 million.
