Jiasen International Holdings Ltd Trading Statement (6553M)
25 1월 2016 - 7:36PM
UK Regulatory
TIDMJSI
RNS Number : 6553M
Jiasen International Holdings Ltd
25 January 2016
JIASEN INTERNATIONAL HOLDINGS LIMITED
TRADING UPDATE FOR THE NINE MONTHS TO 30 SEPTEMBER 2015
Jiasen International Holdings Limited ("Jiasen", "the Company"),
together with its subsidiaries, is pleased to report its trading
for the nine months up to and including 30 September 2015
(unaudited). Jiasen is an international property fit-out business
specialising in designing, manufacturing and installing a range of
wooden products for residential and commercial properties.
Key points
-- The slowdown in China's economic growth has had an adverse
effect on consumer confidence and demand across many sectors,
including property.
-- As the Company's multiple wooden product ranges are made to
order in the property segment, sales have slowed, reflecting a more
difficult trading environment and reduced demand for high-end
Refined Housing Decoration (RHD) or "semi-furnished homes".
-- Revenue for the first nine months is below the Company's
expectations and decreased by 16.8% to RMB 543.4 million (2014: RMB
652.8 million), as a result of slower economic and property growth
in China.
-- Wholesale distribution revenue grew by 25% as a result of new
outlets opened during the period. The Company now has 16
distributors which operate 54 outlets across China. More outlets
are expected to be completed in 2016.
-- Although exports during the nine months ended September 2015
decreased relative to 2014, the percentage of total sales for the
segment for FY 2015 is expected to be approximately 10%, similar to
the previous year.
-- Gross profit margin has been maintained within our expected
range of 27% to 30% at 27.4% (2014: 33.1%).
-- As a result of the slowdown in housing sales, the Company has
agreed with a property developer, with which the Company had
entered into a significant contract, to amend the repayment terms
of the outstanding part of the contract. The contract, valued at
RMB 170.4 million, was for two projects of which RMB 66.9 million
payment has been received to date. Of the RMB 104.6 million
outstanding, the Company has agreed with the debtor that it will
pay a further RMB 15 million in February 2016 with the balance paid
as properties are sold. The Company expects the full amount
outstanding to be recovered, however, for prudent accounting, has
allowed for a bad debt provision of RMB 52.3 million or 50 per
cent. of the outstanding debt.
-- Cash and cash equivalents as at 30 September 2015 amounted to
RMB 260.6 million (30 September 2014: RMB 375.2 million). Cash and
cash equivalents for the Group's audited FY2014 results was RMB 334
million.
Commenting on the results, Weigang Chen, Chairman said:
"Since the half year end, trading has been more challenging
driven by wider macroeconomic conditions and sentiment which has
impacted revenues and overall profitability. We expect this trading
environment to remain, and will continue to take mitigating steps
to ensure the business remains insulated during this challenging
environment, and well positioned to grow revenues again when
favourable conditions return."
For further information, please visit www.jsih.net or
contact:
Jiasen International
Holdings Limited Gareth Wong +86 18016603993
-------------------------- ----------------------- ----------------
Cairn Financial Advisers
LLP Jo Turner +44 (0)20 7148
(Nominated Adviser) Liam Murray 7900
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Beaufort Securities Jon Levinson
Limited Saif Janjua +44 (0)20 7382
(Broker) Elliot Hance 8300
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Shan Shan Willenbrock +44 (0)20 7930
Cardew Group David Roach 0777
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Notes to Editors
-- Jiasen is an international property fit-out business
specialising in designing, manufacturing, kitting and installation
of multiple wooden products for residential properties. The Company
was established in 2001 and is based in Quanzhou City, Fujian
province, located in south-eastern China. Its products are sold and
marketed under the 'Fuyou' brand and produced in its 83,000 sqm
factory in Nan'an City, Fujian province.
-- Jiasen's main products include doors, wall panels and
assorted fixtures, such as fitted wardrobes, cupboards and skirting
boards, and furniture which are sold principally to property
development projects, through branded 'Fuyou' retail stores and to
export markets. The Company's products are sold in three main
segments: residential and property development projects, wholesale
distribution and export.
This information is provided by RNS
The company news service from the London Stock Exchange
END
TSTGMGZMRMKGVZM
(END) Dow Jones Newswires
January 25, 2016 05:36 ET (10:36 GMT)
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