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Shandong Mingjun to use Sino Techfibre's synthetic leather
Source: Sino Techfibre Limited Date: 2009-12-25
Sino Techfibre Limited (??Sino Techfibre?? or the ??Group??), a leading producer of microfibre, polyurethane (??PU??) synthetic leather and pattern moulding paper (PMP) in the PRC, announced that the Group has clinched a major contract worth RMB45.1 million (the ??Contract??) from Shandong Mingjun Textile & Garment Co., Limited (??Shandong Mingjun??), for PU synthetic leather to be used for the manufacture of belts and shoes. This is an entirely new PU synthetic leather product which was developed by the Group??s R&D team.
Shandong Mingjun is our new customer based in Shandong Province which specializes in the manufacturing of fashion apparel, including those for student groups such as The Young Pioneers of China and the Communist Youth League.
Sino Techfibre is contractually obliged to deliver the belt and shoe materials to Shandong Mingjun before 9 December 2010. As such, the Contract is not expected to have a material impact on the Group??s net tangible assets and earnings per share for the financial year ending 31 December 2009.
Said Mr Li Wenheng, the Group??s Chief Executive Officer, ??This is one of the more significant orders that we have seen in the fourth quarter of this year, in terms of quantity of PU ordered. We expect there will be more orders from this customer in FY2010. We are cautiously optimistic that this momentum will continue into FY2010.??
PU synthetic leather continued to be the Group??s largest contributor of total revenue, comprising 46.3% of total sales in the first nine months of FY2009, whilst microfibre synthetic leather accounted for 36.9% and PMP made up the remaining 16.8%.
Sales from its major customer - The People??s Liberation Army and the government sector ?? accounted for 18.9% of total sales in the first nine months of FY2009 (9M2008: 17.1%).
Shandong Mingjun is our new customer based in Shandong Province which specializes in the manufacturing of fashion apparel, including those for student groups such as The Young Pioneers of China and the Communist Youth League.
Sino Techfibre is contractually obliged to deliver the belt and shoe materials to Shandong Mingjun before 9 December 2010. As such, the Contract is not expected to have a material impact on the Group??s net tangible assets and earnings per share for the financial year ending 31 December 2009.
Said Mr Li Wenheng, the Group??s Chief Executive Officer, ??This is one of the more significant orders that we have seen in the fourth quarter of this year, in terms of quantity of PU ordered. We expect there will be more orders from this customer in FY2010. We are cautiously optimistic that this momentum will continue into FY2010.??
PU synthetic leather continued to be the Group??s largest contributor of total revenue, comprising 46.3% of total sales in the first nine months of FY2009, whilst microfibre synthetic leather accounted for 36.9% and PMP made up the remaining 16.8%.
Sales from its major customer - The People??s Liberation Army and the government sector ?? accounted for 18.9% of total sales in the first nine months of FY2009 (9M2008: 17.1%).
