|By Marketwired .||
|April 30, 2014 02:23 PM EDT||
CALGARY, ALBERTA and HONG KONG, CHINA -- (Marketwired) -- 04/30/14 -- Grand Power Logistics Group Inc. ("Grand Power" or the "Corporation") (TSX VENTURE:GPW), a leading international logistics provider based in Hong Kong, today announced its consolidated financial results for the year ended December 31, 2013. All amounts are expressed in the US dollar (US$) except where noted.
Selected 2013 Financial Highlights
---------------------------------------------------------------------------- (in thousands except per share or % data) FY 2013 FY 2012 Change ---------------------------------------------------------------------------- Revenue $ 62,534 $ 61,336 +1.95% Gross profits $ 4,665 $ 4,667 -0.05% Gross margins 7.46% 7.61% -0.15% Net profit (loss) for the period $ 1,512 $ 689 +119.66% Net profit (loss) (owners of the Corporation) $ 1,488 $ 718 +107.28% Earnings (loss) per share $ 0.020 $ 0.010 +$0.010 ---------------------------------------------------------------------------- Dec. 31, Dec. 31, 2013 2012 Change ---------------------------------------------------------------------------- Total assets $ 31,638 $ 27,480 +15.13% Working capital $ 2,908 $ 2,362 +23.13% Total liabilities $ 19,330 $ 16,750 +15.41% Shareholders' Equity (owners of Corporation) $ 12,141 $ 10,590 +14.65% ----------------------------------------------------------------------------
"The company's sales revenue in 2013 increased slightly in comparison to that of 2012 as the company focused primarily in its existing markets. The sales revenue in the year increased by 1.95% to $62,533,671 compared to $61,336,069 in 2012. In 2013, the company had a net profit of $1,512,444 compared to a net profit of $688,529 for 2012," said Mr. Ricky Chiu, President and CEO of Grand Power. "During the year, the company experienced a significant gain in the value of its real estate holdings and captured a portion of this gain in the first quarter of 2014."
2013 Financial Results
Sales revenue for the year ended December 31, 2013 increased by $1,197,602 (1.95%) to $62,533,671 from $61,336,069 in 2012. The sales revenue for the year remained at approximately the same level as last year as the Company focused in its existing markets after experienced significant growth in 2012.
Gross profit for the year ended December 31, 2013 decreased by 0.05% to $4,665,301 compared to $4,667,428 in 2012, and gross profit margin remained relatively stable with a gross profit margin of 7.46% for 2013 compared to 7.61% for 2012.
Operating expenses for the year ended December 31, 2013 increased by 17.88% to $5,574,240 compared to $4,728,755 in 2012. The increase in operating expenses was primarily due to the increase in development expense as the Company expanded its operating team in China.
The net profit for the year ended December 31, 2013 was $1,512,444 compared to $688,529 in 2012. The net profit attributable to the owners of the Corporation for the year ended December 31, 2013 was $1,487,768 compared to $717,759 in 2012. The increase in net profit was primarily due to the increase of non-operating income, particularly on the gain on share dilution in associate company.
For the year ended December 31, 2013, the Company generated $55,655,242 (89.0%) of its revenue from its traditional co-loading air freight business, $2,607,480 (4.2%) of revenue from its direct sales air freight business and $4,270,948 (6.8%) of revenue from its ocean freight business. During the corresponding period of 2012, the Corporation generated $53,076,370 (86.5%) of its revenue from its traditional co-loading air freight business, $5,303,827 (8.6%) of revenue from its direct sales air freight business and $2,955,872 (4.8%) of revenue from its ocean freight business.
Hong Kong is still the Corporation's largest operating centre in 2013, generating $53,144,424 (85.0%) of the Company's total revenue whereas China and other regions accounted for $7,252,466 (11.6%) and $2,136,782 (3.4%) respectively. For the corresponding period in 2012, Hong Kong, China and other regions accounted for $48,129,942 (78.5%), $11,654,007 (19.0%), and $1,552,120 (2.5%), respectively, of the Corporation's total revenue.
Tonnage shipped decreased by 2,248 tonnes (8.27%) to 24,936 tonnes for the year ended December 31, 2013 compared to 27,184 tonnes in 2012.
"With the substantial gain in the value of its real estate holdings in 2013, the company is now evaluating the potential of diversifying its business into other sectors with higher potential for growth and capital appreciation while maintaining its core logistics business," said Ricky Chiu, President and CEO of Grand Power. "With our strong financial position and exciting opportunities available for growth and expansion, we look forward to the year ahead. We believe that the company is poised to advance to new levels in its business development."
About Grand Power Logistics Group Inc.
Grand Power operates principally through its wholly owned Hong Kong based subsidiary, Grand Power Express International Limited (GP Express), and provides air-freight forwarding and sea-freight services, customs brokerage, logistics, warehousing and distribution, as well as other value added services. GP Express has established operations in various regions, particularly in the Greater Pearl River Delta (GPRD), China's largest economic region. GP Express' Subsidiaries or Branch Offices in this region are located in Macau, Shenzhen and Guangzhou. GP Express also operates in other regions through Subsidiaries and Branch Offices or Supporting Offices in Shanghai, Beijing, Tianjin and Xiamen. For more information, please visit http://www.grandpowerlogistics.com .
Statements included in this press release that are not historical facts may be considered "forward looking statements." All estimates and statements that describe the Company's objectives, goals or future plans are forward looking statements. Forward-looking statements involve inherent risks and uncertainties where actual results could differ materially from those currently anticipated.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
Oct. 22, 2016 08:15 AM EDT Reads: 3,748
All clouds are not equal. To succeed in a DevOps context, organizations should plan to develop/deploy apps across a choice of on-premise and public clouds simultaneously depending on the business needs. This is where the concept of the Lean Cloud comes in - resting on the idea that you often need to relocate your app modules over their life cycles for both innovation and operational efficiency in the cloud. In his session at @DevOpsSummit at19th Cloud Expo, Valentin (Val) Bercovici, CTO of So...
Oct. 22, 2016 08:15 AM EDT Reads: 2,069
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smar...
Oct. 22, 2016 08:15 AM EDT Reads: 349
SYS-CON Events announced today that eCube Systems, the leading provider of modern development tools and best practices for Continuous Integration on OpenVMS, will exhibit at SYS-CON's @DevOpsSummit at Cloud Expo New York, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. eCube Systems offers a family of middleware products and development tools that maximize return on technology investment by leveraging existing technical equity to meet evolving business needs. ...
Oct. 22, 2016 08:00 AM EDT Reads: 4,420
Fifty billion connected devices and still no winning protocols standards. HTTP, WebSockets, MQTT, and CoAP seem to be leading in the IoT protocol race at the moment but many more protocols are getting introduced on a regular basis. Each protocol has its pros and cons depending on the nature of the communications. Does there really need to be only one protocol to rule them all? Of course not. In his session at @ThingsExpo, Chris Matthieu, co-founder and CTO of Octoblu, walk you through how Oct...
Oct. 22, 2016 07:45 AM EDT Reads: 3,089
Fact is, enterprises have significant legacy voice infrastructure that’s costly to replace with pure IP solutions. How can we bring this analog infrastructure into our shiny new cloud applications? There are proven methods to bind both legacy voice applications and traditional PSTN audio into cloud-based applications and services at a carrier scale. Some of the most successful implementations leverage WebRTC, WebSockets, SIP and other open source technologies. In his session at @ThingsExpo, Da...
Oct. 22, 2016 07:00 AM EDT Reads: 2,251
So you think you are a DevOps warrior, huh? Put your money (not really, it’s free) where your metrics are and prove it by taking The Ultimate DevOps Geek Quiz Challenge, sponsored by DevOps Summit. Battle through the set of tough questions created by industry thought leaders to earn your bragging rights and win some cool prizes.
Oct. 22, 2016 07:00 AM EDT Reads: 3,512
In past @ThingsExpo presentations, Joseph di Paolantonio has explored how various Internet of Things (IoT) and data management and analytics (DMA) solution spaces will come together as sensor analytics ecosystems. This year, in his session at @ThingsExpo, Joseph di Paolantonio from DataArchon, will be adding the numerous Transportation areas, from autonomous vehicles to “Uber for containers.” While IoT data in any one area of Transportation will have a huge impact in that area, combining sensor...
Oct. 22, 2016 06:45 AM EDT Reads: 360
The Internet of Things (IoT), in all its myriad manifestations, has great potential. Much of that potential comes from the evolving data management and analytic (DMA) technologies and processes that allow us to gain insight from all of the IoT data that can be generated and gathered. This potential may never be met as those data sets are tied to specific industry verticals and single markets, with no clear way to use IoT data and sensor analytics to fulfill the hype being given the IoT today.
Oct. 22, 2016 06:30 AM EDT Reads: 2,195
@ThingsExpo has been named the Top 5 Most Influential M2M Brand by Onalytica in the ‘Machine to Machine: Top 100 Influencers and Brands.' Onalytica analyzed the online debate on M2M by looking at over 85,000 tweets to provide the most influential individuals and brands that drive the discussion. According to Onalytica the "analysis showed a very engaged community with a lot of interactive tweets. The M2M discussion seems to be more fragmented and driven by some of the major brands present in the...
Oct. 22, 2016 06:15 AM EDT Reads: 11,207
If you had a chance to enter on the ground level of the largest e-commerce market in the world – would you? China is the world’s most populated country with the second largest economy and the world’s fastest growing market. It is estimated that by 2018 the Chinese market will be reaching over $30 billion in gaming revenue alone. Admittedly for a foreign company, doing business in China can be challenging. Often changing laws, administrative regulations and the often inscrutable Chinese Interne...
Oct. 22, 2016 06:00 AM EDT Reads: 1,341
SYS-CON Events announced today that SoftNet Solutions will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. SoftNet Solutions specializes in Enterprise Solutions for Hadoop and Big Data. It offers customers the most open, robust, and value-conscious portfolio of solutions, services, and tools for the shortest route to success with Big Data. The unique differentiator is the ability to architect and ...
Oct. 22, 2016 05:45 AM EDT Reads: 458
DevOps is speeding towards the IT world like a freight train and the hype around it is deafening. There is no reason to be afraid of this change as it is the natural reaction to the agile movement that revolutionized development just a few years ago. By definition, DevOps is the natural alignment of IT performance to business profitability. The relevance of this has yet to be quantified but it has been suggested that the route to the CEO’s chair will come from the IT leaders that successfully ma...
Oct. 22, 2016 05:45 AM EDT Reads: 16,257
SYS-CON Events announced today that Pulzze Systems will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Pulzze Systems, Inc. provides infrastructure products for the Internet of Things to enable any connected device and system to carry out matched operations without programming. For more information, visit http://www.pulzzesystems.com.
Oct. 22, 2016 05:00 AM EDT Reads: 2,473
Without lifecycle traceability and visibility across the tool chain, stakeholders from Planning-to-Ops have limited insight and answers to who, what, when, why and how across the DevOps lifecycle. This impacts the ability to deliver high quality software at the needed velocity to drive positive business outcomes. In his general session at @DevOpsSummit at 19th Cloud Expo, Eric Robertson, General Manager at CollabNet, will discuss how customers are able to achieve a level of transparency that e...
Oct. 22, 2016 05:00 AM EDT Reads: 689