Heng Long International, one of the world’s five top-tier tanneries of crocodilian leather, increased its net profit attributable to shareholders for the 3 months ended 30 September 2010 (3QFY2010) by 186.6% to $1.2 million from $0.4 million in 3QFY2009. The strong performance is attributable to the overall improvement in the global luxury goods industry.

Revenue improved 60.6% y-o-y to $13.1 million in 3QFY2010, an increase from $8.2 million in 3QFY2009. The increase is attributable to the continued improvement of the global luxury goods industry. In tune with the rising revenue, gross profit increased by 65.2% from S$1.7 million in 3QFY2009 to $2.8 million in 3QFY2010.

Net profit after tax improved 186.6% to $1.2 million in 3QFY2010, an increase from $419,000 in 3QFY2009. This increase signifies a net profit margin of 9.2% in 3QFY2010 as compared to 5.1% in 3QFY2009.

The group recorded net cash generated from operations of $0.8 million in 3QFY2010, a positive turnaround from net cash used in operations of $1.5 million in the corresponding period last year.

Cumulatively, the group reported a revenue of $36.9 million for 9 months ending 30 September 2010, a 55.2% increase from $23.8 million for 9MFY2009. Net profit after tax correspondingly increased to $3.2 million in 9MFY2010 from $2.0 million in 9MFY2010.