Global Apparel Market – An Overview | Watch NOW! | Ad
Home / Knowledge / News / Fashion / Man Sang posts 2008/09 first quarter results
Man Sang posts 2008/09 first quarter results
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.

Must ReadView All

Sri Lanka reduces VAT on imported fabric to 5%

Textiles | On 24th Sep 2018

Sri Lanka reduces VAT on imported fabric to 5%

Considering the requests made by the stakeholders in the fabric...

E-com firms in India to deduct 1% TCS under GST from Oct 1

Apparel/Garments | On 24th Sep 2018

E-com firms in India to deduct 1% TCS under GST from Oct 1

E-commerce companies in India will have to deduct 1 per cent tax...

Courtesy: Andritz

Textiles | On 24th Sep 2018

'Strength of economy, demographics drive nonwovens demand'

The strength of the economy and demographic trends are the main...

Interviews View All

Karel Williams, Dow Microbial Control

Karel Williams
Dow Microbial Control

'Silvadur is most rapidly adopted in areas where hygiene-conscious and...

Milind Khandwe, Hindoostan Innovation Centre

Milind Khandwe
Hindoostan Innovation Centre

‘Modern technical textile is an indispensable tool for science and...

Top executives, Textile industry

Top executives
Textile industry

Denimsandjeans India 2018

Gagan Gulati,

Gagan Gulati

PG Silk Mills Private Limited had a humble start with a hand-dyeing unit....

Erik Sy,

Erik Sy

Manila-based CustomThread is a start-up offering premium custom apparel...

Hardik Sanghvi,

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Alfonso Marra, Klopman

Alfonso Marra

It was in 1968 that Klopman introduced the concept of poly/cotton workwear ...

Johan Berlin, Investkonsult Sweden AB

Johan Berlin
Investkonsult Sweden AB

Investkonsult Sweden AB are consultants in the nonwoven and absorbent...

Mohammad Hassan, Biax Fiberfilm

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Jay Ramrakhiani, Occasions Elegance Wear

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Tony Ward, Tony Ward

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Priya Somaiya, Usha Social Services

Priya Somaiya
Usha Social Services

The Usha Silai label from Usha International is all set for a retail...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on

Letter To Editor

(Max. 8000 char.)

Search Companies


Leave your Comments

September 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category

Related Categories:

Advanced Search