Consumer electronics vendor, Teac Australia, has increased net profits to more than $6.6 million months after listing on the Australian Stock Exchange (ASX) through Singaporean owners, TTA Holdings.
Revenues for the embattled vendor were also up from $42.2 million to $55 million for the financial year ending on March 30. Teac listed on the ASX in April.
General manager, James Phoon, said the vendor had achieved what it set out to do in the Australian market.
"Teac has previously gone through a troubled period of time and we're really going back to retailers and letting them know that we're still bringing in a wide range of quality products," he said.
To help build up its brand presence, Phoon said the vendor was focusing on product areas that it could compete successfully in such as small high-definition LCD panels. It is also launching a new range of LCDs combined with DVD functionality and audio-visual products such as high-definition set-top boxes and iPod accessories.
Phoon said retailers such as Harvey Norman, Good Guys, Retravision, JB Hi-Fi and Dick Smith were crucial in helping sustain growth.
"These five retailers would have accounted for about 80 per cent of sales last year," he said. "The other focus is to really grow the proportionate share of sales in each state. In the past there seems to be a fair bit sales coming from Victoria, whereas in a state like NSW we are under represented. These are some of the things we want to address in terms of growth."