Techtronic Industries Co. Ltd. reported profit attributable to equity holders of the parent amounted to HK$509.3 million, an increase of 1.1% against HK$503.6 million reported last year. Gross profit margin increased to 31.8% from 31.3% in the last corresponding period, primarily because of favorable currency gains and cost containing efforts.
The Power Equipment business, comprised of brands Milwaukee, AEG, Ryobi, and Homelite, favorably reported improved EBIT margins to 8.3% in the first half compared to 7.7% in the prior year period despite an environment of increasing commodity costs. The combined turnover in core power tool markets of North America and Europe was up over last year, with both Consumer and Professional Power Tools delivering growth.
The Floor Care business, including the Hoover contribution, reported an 85.7% increase in turnover, accounting for 30.8% of total TTI turnover. Profit rose by 36.3%. The company said that the Hoover integration is on track.
In North America the floor care business grew during the first half as Dirt Devil hand-held Koneand upright Reaction vacuums continued to perform well at major retailers. New products, such as the designer series Kruz and Kurv stick and hand held vacuums,will be launched in the third quarter. Hoover will launch a new WindTunnel upright vacuum, and the first of a series of Sears Kenmore upright vacuums will be introduced, which is a private label program that was awarded to the company in 2006.