Pelikan Reports $5M. Q2 Profit

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Pelikan Reports $5M. Q2 Profit

 news 2016-08-30 at 11:40:50 am Views: 183
  • #46633

    Pelikan Reports Nice $5M. Q2 Profit
    By Andy Braithwaite.

    Stationery, writing instruments and imaging supplies manufacturer Pelikan International has reported a quarterly profit for the three months ending 30 June.

    The Malaysia-based group reported a Q2 net profit of MYR20.1 million ($5 million) compared with a net loss of MYR20.3 million in the same quarter last year.

    Higher sales and a lower tax charge were the main drivers for the move into profit. Total sales for the quarter were MYR388 million, a year-on-year increase of more than 13%.

    In the company’s largest market, Germany, Q2 sales were up almost 22% to MYR215 million. About half of that increase was due to currency effects, but Pelikan also reported more and larger orders for this year’s back-to-school period.

    Elsewhere in Europe, growth was reported in some Eastern European markets as well as Italy, Spain and Belgium.

    Local-currency growth was reported in the Americas region, in particular in Colombia and Mexico and there was a strong double-digit improvement in China and Japan.

    The company didn’t comment on the progress of the strategic review it announced earlier this year, but said it would look to continue to improve profitability and reduce business complexity and cost. This will include streamlining the product mix and offerings to customers.