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Egana sees constant progress in logistic efficiency in Germany

30
Sep '05
Luxury & fashion branded jewellery seller Egana Jewellery & Pearls Limited announced its 2004/05 final result.

- Revenue reached HK$851.4 million
- Distributable earnings showed 9% growth to HK$74.5 million

With better product mixture and production efficiency, the gross margin of FY2005 increased to 42.5 percent by 4.5 percent when comparing with last year. In addition to the continuous improvement in logistic efficiency in their Europe Technology & Logistic Center in Germany, the operating profit margin for FY2005 reached 11 percent, surpassed that of 8.8 percent of FY2004.

Distributable earnings attributable to shareholders was HK$74.5 million, a 9 percent increment over that of FY2004, showing a net margin of 8.8 percent up from 7 percent in FY2004 by 1.8 percent. The shareholders' funds amounted to HK$660 million, showing a continuous double digit growth (29 percent). Working capital was HK$497 million and the current ratio stood at 2 times, indicating their continuing strong liquidity position.

Total assets increased by 19 percent to exceed HK$1,313 million in FY2005. This is yet to include the value of the brand portfolio of the Group which is reckoned to be in the range of HK$1 billion.

The geographical revenue split for Europe represents 76 percent (64 percent in FY 2003/04); Asia Pacific 15 percent (29 percent in FY 2003/04) and US 9 percent (7 percent in FY 2003/04) respectively. The revenue split for business segment isdemonstrated as 77 percent for branded products and 23 percent contributed by private label ( bought-in-finished goods) business (56 percent and 44 percent in FY 2003/04 respectively).


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