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Man Sang posts 2008/09 first quarter results
25
Aug '08
Man Sang International Limited announced its first quarter results for the three months ended June 30, 2008.

Overall Results:
For the three months ended June 30, 2008, the Group recorded revenue of approximately HK$95.3 million, a 6.4% decrease against the same period last year. Gross profit was approximately HK$ 42.2 million, representing an increase of 16.4% when compared with the same period last year.

Profit attributable to equity shareholders decreased by 37.1% to HK$14.5 million, which was mainly due to the write-back of allowance for doubtful debts of HK$5 million recorded in the three months ended 30 June 2007, the increase in selling, general and administrative expenses incurred in the official launch of the CP&J City in April 2008 and the increase in net unrealized loss on financial assets of HK$0.7 million during the review period.

However, for comparative analysis, if excluding the non-recurrent write-back of allowance for doubtful debts of HK$5 million recorded in the three months ended June 30, 2007, the comparative percentage of decrease in the profit attributable to equity shareholders for the three months ended 30 June 2008 would have been reduced to 19.9%, or approximately HK$3.6 million. Basic earnings per share were HK1.19 cents. The Board of Directors did not recommend payment of a quarterly dividend.

Segment Performance:
The Group operated two main business segments during the review period, namely the pearl segment (“Pearl Segment”) engaging in purchasing, processing, assembling, merchandising and wholesale distribution of pearls and jewelry products and the property segment (“Property Segment”) in the business of property development, sale and leasing.

Pearl Segment:
The sub-prime lending market and inflating costs in raw materials and operation costs had hard hit the US market which led to the weakening of the market demand and consumers'confidence in the US market.

As a result, revenue from the Pearl Segment recorded a decrease and amounted to HK$81.9 million for the three months ended June 30, 2008, representing a decrease of 18.7% as compared to those of the same period last year.

This was mainly attributable to the decrease in our sales to the US market. Such decrease in sales to the US market also led to the decrease in the overall gross profit, which however has been partially offset on the other hand by the increase in net sales to the Europe market.

By strictly adhere to a tight cost control policy, continued enhancement of production efficiency and having a better sales mix of higher value pearl products, the gross profit margin increased from 34.8% to 39.1% during the review period.

Property Segment:
The Group acquired an additional 6% of the total issued share capital of China Pearls and Jewellery City (“CP&J City”) project in April 2007, which increased its equity interest in the project to 55% and the resultsof CP&J City has been consolidated in the Group since April, 2007.


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