Monday, 19 November 2018

VTech reverses losses to post $11.2m profit

By Rico Ngai, Reuters
Thursday 27 June 02

Cordless phone maker attributes swing to higher-margin products, appoints new CEO.

Cordless phone maker VTech Holdings Ltd said on Wednesday it had swung to a net profit of US$11.2 million (HK$87.36 million) for the year ended March 31 after the company moved to higher margin products. "We're back on track financially," Chairman Allan Wong told reporters at a results briefing. Wong also announced the group's chief financial officer would become chief executive as part of an initiative to boost sales in China. Analysts said the results were in line with market expectation…

Cordless phone maker VTech Holdings Ltd said on Wednesday it had swung to a net profit of US$11.2 million (HK$87.36 million) for the year ended March 31 after the company moved to higher margin products. "We're back on track financially," Chairman Allan Wong told reporters at a results briefing. Wong also announced the group's chief financial officer would become chief executive as part of an initiative to boost sales in China. Analysts said the results were in line with market expectation…

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