POWER TOOL MANUFACTURER, TTI, REPORTS 2010 PROFIT GROWTH OF 50.7%
Apr. 4, 2011
Source: Techtronic Industries Co. Ltd.
HONG KONG -- Hong Kong-based global power tools and floor care company, Techtronic Industries Co. Ltd. ("TTI" / The Group) (stock code: 669, ADR symbol: TTNDY) marked its 25th year with a solid net profit increase of 50.7% in 2010 as all business units performed strongly. This was the result of strength in new products, continued geographic expansion, and significant operational efficiencies.
Sales were HK$26.4 billion (US$3.4 billion) for the full year, representing a 10.0% increase over 2009. Our full year profit attributable to owners of the company was HK$740 million (US$95 million), an increase of 50.7% and earnings per share increased 45.1% to HK46.23 cents over the prior year.
TTI's leading brands, including MILWAUKEE, AEG, RYOBI, HOMELITE, HOOVER, DIRT DEVIL and VAX, generated outstanding growth through innovative new product and extensions into new categories, as well as geographic expansion. New product platforms accounted for approximately one third of Group global sales in 2010.
Mr. Horst Pudwill, Chairman of TTI said. "We are pleased with these results. Entering 2011, our excellent product portfolio, and superior brands give us strong confidence the Group will capitalize on the opportunities and drive further growth."
"We continued to invest in developing exciting new products, building our brands, expanding global operations, and implementing cost containment programs. These actions have further strengthened TTI's market leadership position. Our strong growth and improvement in profit margins underscores the effectiveness of our strategies. I am very excited about TTI's future." said Mr. Joseph Galli, CEO of TTI.