HONG KONG -- (Marketwired) -- 07/11/13 -- This announcement is made by Johnson Electric Holdings Limited (HKSE: 0179) ("Johnson Electric" or the "Company") for the business operations and selected unaudited financial information of the Company and its subsidiaries (the "Group") for the three months ended 30th June 2013.
The Board of Directors of the Company considers the publication of quarterly performance updates to be consistent with international corporate disclosure best practice. The objective of this announcement is to provide transparency and to ensure that investors and potential investors receive equal access to the same information at the same time.
The Group's sales for the three months ended 30th June 2013 were US$517 million, down US$6 million from the same period last year. Excluding nonrecurring items and currency effects, the Group's sales declined by US$6.5 million (1.3%) compared to the same period last year. Nonrecurring items comprised the insourcing of a European distribution channel in April - May 2012 and the disposal of a noncore business (the Controls business) in February 2013.
The underlying changes in sales, excluding nonrecurring items and currency effects, compared to the same period last year, were as follows:
•By Business:•Automotive Products Group ("APG") increased by 2.3% •Industry Products Group ("IPG") declined by 8.0%•By Region:•Asia declined by 7.0% •Europe increased by 2.1% •Americas increased by 1.5%
APG provides custom motors, actuators, switches and motion subsystems that address the automotive industry's needs for fuel economy, emissions reduction, safety and passenger comfort. Excluding nonrecurring items and currency effects, APG's sales for the three months ended 30th June 2013 increased by US$8 million (2.3%) compared to the same period last year.
APG's sales growth was largely driven by increased demand for our powertrain cooling systems across Europe and the Americas; in Asia too, demand remains strong although revenues for these products were slightly lower in the first quarter of this year as compared to the previous quarter due to temporary timing differences. In the Americas, revenue increased as we benefited from growth in vehicles sales, resulting in an increased demand across several product lines. This growth was further complemented by new product launches. Globally, sales benefited due to launches of platforms resulting in increased demand across many product segments notably those for the heating, ventilation and air conditioning ("HVAC") and engine fuel management applications.
IPG provides motion products and customised subsystems for numerous industries and applications including business machines, food and beverage, home technologies, HVAC, industrial equipment, home entertainment and gaming, power tools, personal care, power equipment and medical devices. Excluding nonrecurring items and currency effects, IPG's sales for the three months ended 30th June 2013, declined by US$14 million (8.0%) compared to the same period last year.
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