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SCMP Reporter

Robust sales growth in its electronic learning aids in Europe has boosted attributable profit of consumer electronics manufacturer VTech Holdings 34.15 per cent to US$43.6 million for the year to March.

 Sales of telecommunications products grew 10.5 per cent to $224.6 million.

 Total sales increased from $688 million to $731 million.

 Earnings per share were 21.3 cents on a fully diluted basis, up from 16.1 cents.

 The world's largest manufacturer of toy computers and telecommunications equipment recommended a final payout of five cents a share, taking annual payout to eight cents, unchanged from the previous year.

 Chairman Allan Wong Chi-yun attributed the profit to the company's continuing expansion and rationalisation of operations.

 He said VTech planned to sell its loss-making personal computer manufacturing business this year.

 Analysts generally welcomed the move, saying the company's profit would no longer be diluted by the loss.

 Last year, the company lost $10 million on the personal computer division, which makes motherboards and some other computer components. The division lost more than HK$100 million in the previous year.

 An analyst said VTech might need to write off US$10 million from the sale of the division.

 'This is good news. At least the company can stop bleeding now,' he said.

 Vijay Harjani of BZW said sales of VTech's 900 MHz cordless telephone would grow fast next year because of the high penetration rate in the US market.

 Vtech has more than 50 per cent of the 900 MHz cordless telephone market in the US.



Europe sales help boost VTech profit 34pc