Life­style's re­sults sup­port rat­ing

The Pak Banker - - COMPANIES/BOSS -

Global rat­ing agency Moody's says that Life­style In­ter­na­tional Hold­ings Lim­ited's re­sults for 2012 are broadly in line with Moody's ex­pec­ta­tions, and the com­pany's over­all fi­nan­cial met­rics con­tinue to sup­port its cur­rent rat­ing of Baa3. The rat­ing out­look re­mains sta­ble.

"Against the back­drop of the slow­down in the re­tail mar­kets for Hong Kong and China, Life­style's rev­enue grew 7.6% year-on-year to HKD5.5 bil­lion in 2012, against +18.9% y-o-y in 2011," says Kaven Tsang, a Moody's Vice Pres­i­dent and Se­nior An­a­lyst.

Sim­i­larly, net sales pro­ceeds grew only 6.9% y-o-y to HKD12.9 bil­lion, mainly driven by a 7.8% y-o-y in­crease for its Hong Kong op­er­a­tions. Mean­while, its ad­justed EBITDA mar­gin im­proved marginally to around 52% in 2012 from 51% in 2011, as Life­style man­aged to re­duce its cost of sales, as well as gen­eral and ad­min­is­tra­tion ex­penses.

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