Hong Kong – Sinomax, a listed foamer and mattress manufacturer, made a first half profit of HK$320.3m ($41m) in 2021. This is on sales that were up 86% to HK$1bn.
Sales in China grew by about 88% in the first half of 2021, and topped HK$1bn as the nation recovered from the impact of coronavirus in the half.
Business in North America also increased, as the company took on more customers. Sales were up almost 50% at HK$726m. An increase in sales to Vietnam lay behind the 353% rise in its sales from the Europe and other overseas markets division to HK$234m in the half.
Although profit in the half was up, the margin reduced because of increases in the purchase price of key raw materials for polyurethane foam and shipping charges, the company said.
Business in the US is being driven by demand for bed-in-a-box products. 'We are increasing our production capacity,' it said.
Sinomax confirmed that it has leased two buildings. 'More investment and resources will be invested to cope with the increasing demand in the US,’ it said. ‘We will continue to explore opportunities in the bed-in-a-box market and to diversify our customer base to maintain our position.'
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