Man Sang Holding's chairman announces financial performance in fiscal year ended March 31, 2006
Our 2005/06 Performance Our financial performance in fiscal year ended March 31, 2006 reflects decline in demand from some regional markets for certain products and the adverse impacts of a significant rise in bullion prices.
Sales revenue for the fiscal year totaled US$48.5 million, representing a decrease of 8.2 percent compared to last year. The decrease in sales is primarily due to decline in demand for South Sea pearls from our US customers and, to a lesser extent, the strong upward swing of bullion price affecting the sales of our assembled jewelry products.
Gross profit was US$13.6 million and gross profit margin was 28.0 percent, comparing to a gross profit of US$15.0 million and a gross profit margin of 28.4 percent last year, representing a decrease of 9.7 percent in gross profit. Selling, General and Administrative Expenses were US$9.9 million, representing a decrease of 16.9 percent when compared to US$11.9 in fiscal 2005. The net income in fiscal 2006 decreased by US$1.2 million to US$2.3 million, when compared to US$3.5 million for fiscal 2005.
In order to ensure high quality of our pearls and jewelry products and to achieve better sales performance results, we intend to continue our efforts to maximize our core strengths in well-established purchasing networks, effective sales channels, well-controlled operating costs, improved processing techniques and skilful craftsmanship.
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