Ocean Sky posts 14% rise in Q3 net profit to $6.2m

Ocean Sky International says net profit for the three months ended 30 September 2012 (3Q2012) increased 14% to US$5.1 million ($6.2 million).

Although group revenue for 3Q2012 decreased 11.9% to US$83.0 million from US$94.1 million for the previous corresponding period (3Q2011) due to reduced Freight On Board (FOB) unit prices recorded, gross profit increased 17.2% to US$16.3 million compared to US$13.9 million.

The group said this was due to its continued effort to manage its raw materials and reduce wastage for improved production efficiency, increased sales of higher margin items and goods sold on Delivered Duty Paid (DDP) terms this quarter.