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Lower US demand & rising costs minimize Man Sang's turnover 4.5%

Feb '06
Pearl jewelry products company Man Sang International Limited announced its nine months results for the period ended December 31, 2005.

In the period under review, the Group recorded a turnover of approximately HK$302.0 million, representing a decrease of 4.5 percent as compared with the same period last year.

This decrease was primarily due to the decline in demand for South Sea pearls from US customers and partly due to strong upward swing of bullion prices in 2005, which increased the cost of assembled jewelry products and affected the sales of Man Sang.

Although the Group's total turnover has declined, its gross profit margin remained comparable to last year's level with a slight drop of 0.5 percent.

In sum, profit attributable to the shareholders increased 15.1% to HK$32.3 million.

With bank interest rates keep increasing, the Group reported higher interest income on fixed deposits during the review period when compared to the same period last year.

In addition, lower provision for bad debts made for the nine months ended December 31, 2005 accounted for the Group's drop in the selling, general and administrative expenses.

South Sea pearls (including white and gold South Sea pearls and Tahitian black pearls) and assembled jewelry products remained as the Group's major sales contributor, accounted for 86.2 percent of the total turnover.

In addition, the European market recorded a healthy growth onturnover while the performance of the North American market has dropped during the quarter.

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