Samsonite profits up in 2015

AFP, HONG KONG: Luggage giant Samsonite yesterday warned its outlook for this year was “uncertain” owing to the growth slowdown in key market China and a stronger US dollar.
The firm said in a filing with the Hong Kong Stock Exchange that despite a tough trading year, it saw net profit rise 6.1 per cent to $197.6 million last year thanks to record revenues of $2.43 billion.
“Our business has emerged stronger from 2015... despite various headwinds around the globe,” chairman Timothy Charles Parker said in the statement.
However, chief executive Ramesh Dungarmal Tainwala said the outlook for 2016 “remains uncertain, with challenging trading conditions expected in a number of our key markets including China, and the negative currency translation impacts from the strong US dollar expected to continue affecting our business”.
The world’s second-largest economy expanded 6.9 per cent in 2015, the worst performance in a quarter century and a far cry from the years of double-digit increases. The country’s luxury market also took a hit from a years-long corruption crackdown.
“It is undoubtedly the case that the days of 20-30 per cent growth in China are over,” Parker said.
Shares in the company ended the morning session 1.54 per cent up at HK$26.30 Thursday.

Samsonite profits up in 2015

AFP, HONG KONG: Luggage giant Samsonite yesterday warned its outlook for this year was uncertain owing to the growth slowdown in key market China and a stronger US dollar. The firm said in a filing with the Hong Kong Stock Exchange that despite a tough trading year, it saw net profit rise 6.1 per cent to $197.6 million last year thanks to record revenues of $2.43 billion. Our business has emerged stronger from 2015... despite various headwinds around the globe, chairman Timothy Charles Parker said in the statement. However, chief executive Ramesh Dungarmal Tainwala said the outlook for 2016 remains uncertain, with challenging trading conditions expected in a number of our key markets including China, and the negative currency translation impacts from the strong US dollar expected to continue affecting our business. The worlds second-largest economy expanded 6.9 per cent in 2015, the worst performance in a quarter century and a far cry from the years of double-digit increases. The countrys luxury market also took a hit from a years-long corruption crackdown. It is undoubtedly the case that the days of 20-30 per cent growth in China are over, Parker said. Shares in the company ended the morning session 1.54 per cent up at HK$26.30 Thursday.