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VTech Reports Profits Despite Sluggish Phone Market

11/14/2007 12:16:00 PM Eastern

Hong Kong — VTech Holdings reported a 31.5 percent jump in profits for its first half, ending Sept. 30.

The cordless phone maker notched $85.1 million in profit, largely on sales in European markets. Group revenue was up over the year ago period by 2.8 percent to $734.1 million

The firm’s net margins improved from 9.2 percent, to 11.8 percent, in the first half of its financial year 2008 thanks to manufacturing efficiencies and “better product engineering,” the company said.

Revenue from North American market dropped 12.5 percent over the first half to $253.6 million. VTech fingered a sagging phone market depressed by fewer housing starts and fewer retail promotions.

The firm’s electronic learning products (ELP) business saw revenue gains of 17.4 percent to $262.1 million, or 35.7 of total group revenue. In North America specifically, ELP revenue rose by 18.3 percent to $120.5 million.

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