|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.
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