SHH (7412) - Brighter furniture outlook seen
Brighter furniture outlook seen
Tuesday, 2 December 2014
By: ZAZALI MUSA
SENAI: Local furniture exporters can look forward to better days ahead as the United States market is slowly recovering after a temporary setback in demand there for the past two years, said SHH Resources Holdings Bhd managing director Datuk Teo Wee Cheong.
He said the US economy has continued on its path to recovery, which could push demand for furniture.
He said the improvement in the key economic indicators include manufacturing output, employment and consumer confidence.
“Hopefully, the positive momentum will continue with demand from American consumers growing steadily again,’’ Teo told StarBiz after the company’s AGM.
He said the weakening of the ringgit against the greenback in the recent months was good for local furniture exporters as Made-in-Malaysia furniture was becoming cheaper for US buyers.
Teo said the United States remained the company’s main export market, with demand for medium-range furniture expected to pick up after the slowdown in the country.
SHH Resources, he elaborated, would also be looking for alternative markets in Australasia, Japan, eastern and western European countries to widen its market base.
“Emerging economies especially China and India as well a as countries in the Middle East and South-East Asia offer good opportunities for us too,’’ said Teo.
On a related matter, he said Malaysia still had abundant supply of rubberwood for the local furniture industry with Johor, Kelantan and Pahang having planting areas dedicated for these trees.
On the growth potential of the local furniture industry, Teo said local furniture exporters had weathered many economic crises over the years and emerged stronger.
For the financial year ended June 30, 2014, SHH Resources posted a net profit of RM8.23mil on revenue of RM105.39mil versus a net profit of RM1.54mil and revenue of RM91.57mil a year earlier.
http://www.thestar.com.my
Brighter furniture outlook seen
Tuesday, 2 December 2014
By: ZAZALI MUSA
SENAI: Local furniture exporters can look forward to better days ahead as the United States market is slowly recovering after a temporary setback in demand there for the past two years, said SHH Resources Holdings Bhd managing director Datuk Teo Wee Cheong.
He said the US economy has continued on its path to recovery, which could push demand for furniture.
He said the improvement in the key economic indicators include manufacturing output, employment and consumer confidence.
“Hopefully, the positive momentum will continue with demand from American consumers growing steadily again,’’ Teo told StarBiz after the company’s AGM.
He said the weakening of the ringgit against the greenback in the recent months was good for local furniture exporters as Made-in-Malaysia furniture was becoming cheaper for US buyers.
Teo said the United States remained the company’s main export market, with demand for medium-range furniture expected to pick up after the slowdown in the country.
SHH Resources, he elaborated, would also be looking for alternative markets in Australasia, Japan, eastern and western European countries to widen its market base.
“Emerging economies especially China and India as well a as countries in the Middle East and South-East Asia offer good opportunities for us too,’’ said Teo.
On a related matter, he said Malaysia still had abundant supply of rubberwood for the local furniture industry with Johor, Kelantan and Pahang having planting areas dedicated for these trees.
On the growth potential of the local furniture industry, Teo said local furniture exporters had weathered many economic crises over the years and emerged stronger.
For the financial year ended June 30, 2014, SHH Resources posted a net profit of RM8.23mil on revenue of RM105.39mil versus a net profit of RM1.54mil and revenue of RM91.57mil a year earlier.
http://www.thestar.com.my
