Bangkok--10 Nov--Minor Corporation’s
Minor Corporation’s (Minor) 3Q08 net profit was up 15% to Baht 61.4 million. Despite a 7% decrease in sales revenue, YoY net profit was up in 3Q08 due to a 16% increase in profit from Minor’s 18.6% shareholding in Minor International (MINT) and successful efforts to reduce costs in the face of difficult economic conditions. For the nine months ending September, net profit was up 77% to Baht 297 million and total revenues were up 4% to Baht 2.59 billion.
Minor’s lifestyle brand sales and distribution business, which accounted for 33% of total 3Q08 sales posted a 10% increase in revenues to Baht 310 million. Sales from the fashion business increased by 9% to Baht 256 million on the performance of brands such as Esprit, Bossini, Timberland and Charles & Keith. Sales from the cosmetics business, which includes brands such as Red Earth, Bloom, Laneige and Smash Box, increased by 11% to Baht 53 million.
Minor’s contract manufacturing business, which accounted for 43% of total 3Q08 sales, experienced a 17% YoY decrease in sales as some of its fast moving consumer goods (FMCG) customers delayed production orders due to a decline in regional demand. Minor expects that the delayed orders will be recovered early next year as FMCG customers will need to meet contractual supply obligations and launch new products.
In 3Q08, Minor’s equity accounted share of profit from MINT increased by 16% YoY to Baht 70 million. Having increased its stake in MINT from 4.3% to 18.6% since 3Q05 by acquiring shares at Baht 4.0 per share, Minor’s stake in MINT now has a market value of Baht 5.4 billion.
Minor Corporation (Minor) is a leading distributor of international lifestyle brands in Thailand focusing primarily on fashion, cosmetics and education. Its brands include Esprit, Red Earth, Bossini, Timberland, Charles & Keith, Bloom, Laneige, Smash Box , Tumi, Zwilling J.A. Henckels, Time Life, and World Book. It owns and operates one of Thailand’s leading contract manufacturers and maintains an investment portfolio of listed and private securities including an 18.6% stake in Minor International. For more information on Minor, please visit
Press Contacts: Pratana Manomaiphiboon / Prapharat Tangkawattana / Jim Fralick at Tel: (662) 381-5151