Global Tech (Holdings), which distributes Samsung and Nokia mobile phones in China, recorded 22 per cent profit growth for the six months to March 21 despite declining phone prices.
The interim result, announced yesterday, showed net profit had increased to HK$222 million from HK$183 million in the same period the previous year.
Turnover fell about 9 per cent to HK$1.96 billion, though sales volume increased 12 per cent to 1.33 million units.
Basic earnings per share were 49 HK cents. An interim dividend of 17 HK cents was declared.
Vice-chairman Timothy Sy Ching-tang said the sales asymmetry between value and volume was due to prices of Samsung and Nokia phones declining about 15 per cent to 25 per cent during the period.
The price decrease squeezed the average gross margin of Nokia phones the company sold from 11 per cent to 3 per cent.
