Click here to close now.




















Welcome!

News Feed Item

Grand Power Logistics Reports Financial Results for the Year of 2013

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.

Outlook

"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 .

Forward-looking Information

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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Any Ops team trying to support a company in today’s cloud-connected world knows that a new way of thinking is required – one just as dramatic than the shift from Ops to DevOps. The diversity of modern operations requires teams to focus their impact on breadth vs. depth. In his session at DevOps Summit, Adam Serediuk, Director of Operations at xMatters, Inc., will discuss the strategic requirements of evolving from Ops to DevOps, and why modern Operations has begun leveraging the “NoOps” approa...
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome,” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
Organizations from small to large are increasingly adopting cloud solutions to deliver essential business services at a much lower cost. According to cyber security experts, the frequency and severity of cyber-attacks are on the rise, causing alarm to businesses and customers across a variety of industries. To defend against exploits like these, a company must adopt a comprehensive security defense strategy that is designed for their business. In 2015, organizations such as United Airlines, Sony...
The Internet of Things is in the early stages of mainstream deployment but it promises to unlock value and rapidly transform how organizations manage, operationalize, and monetize their assets. IoT is a complex structure of hardware, sensors, applications, analytics and devices that need to be able to communicate geographically and across all functions. Once the data is collected from numerous endpoints, the challenge then becomes converting it into actionable insight.
Puppet Labs has announced the next major update to its flagship product: Puppet Enterprise 2015.2. This release includes new features providing DevOps teams with clarity, simplicity and additional management capabilities, including an all-new user interface, an interactive graph for visualizing infrastructure code, a new unified agent and broader infrastructure support.
Consumer IoT applications provide data about the user that just doesn’t exist in traditional PC or mobile web applications. This rich data, or “context,” enables the highly personalized consumer experiences that characterize many consumer IoT apps. This same data is also providing brands with unprecedented insight into how their connected products are being used, while, at the same time, powering highly targeted engagement and marketing opportunities. In his session at @ThingsExpo, Nathan Trel...
Amazon and Google have built software-defined data centers (SDDCs) that deliver massively scalable services with great efficiency. Yet, building SDDCs has proven to be a near impossibility for ‘normal’ companies without hyper-scale resources. In his session at 17th Cloud Expo, David Cauthron, founder and chief executive officer of Nimboxx, will discuss the evolution of virtualization (hardware, application, memory, storage) and how commodity / open source hyper converged infrastructure (HCI) so...
In their Live Hack” presentation at 17th Cloud Expo, Stephen Coty and Paul Fletcher, Chief Security Evangelists at Alert Logic, will provide the audience with a chance to see a live demonstration of the common tools cyber attackers use to attack cloud and traditional IT systems. This “Live Hack” uses open source attack tools that are free and available for download by anybody. Attendees will learn where to find and how to operate these tools for the purpose of testing their own IT infrastructu...
The web app is agile. The REST API is agile. The testing and planning are agile. But alas, data infrastructures certainly are not. Once an application matures, changing the shape or indexing scheme of data often forces at best a top down planning exercise and at worst includes schema changes that force downtime. The time has come for a new approach that fundamentally advances the agility of distributed data infrastructures. Come learn about a new solution to the problems faced by software organ...
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts...
IBM’s Blue Box Cloud, powered by OpenStack, is now available in any of IBM’s globally integrated cloud data centers running SoftLayer infrastructure. Less than 90 days after its acquisition of Blue Box, IBM has integrated its Blue Box Cloud Dedicated private-cloud-as-a-service into its broader portfolio of OpenStack® based solutions. The announcement, made today at the OpenStack Silicon Valley event, further highlights IBM’s continued support to deliver OpenStack solutions across all cloud depl...
Red Hat is investing in Tesora, the number one contributor to OpenStack Trove Database as a Service (DBaaS) also ranked among the top 20 companies contributing to OpenStack overall. Tesora, the company bringing OpenStack Trove Database as a Service (DBaaS) to the enterprise, has announced that Red Hat and others have invested in the company as a part of Tesora's latest funding round. The funding agreement expands on the ongoing collaboration between Tesora and Red Hat, which dates back to Febr...
The Internet of Things (IoT) is about the digitization of physical assets including sensors, devices, machines, gateways, and the network. It creates possibilities for significant value creation and new revenue generating business models via data democratization and ubiquitous analytics across IoT networks. The explosion of data in all forms in IoT requires a more robust and broader lens in order to enable smarter timely actions and better outcomes. Business operations become the key driver of I...
While many app developers are comfortable building apps for the smartphone, there is a whole new world out there. In his session at @ThingsExpo, Narayan Sainaney, Co-founder and CTO of Mojio, will discuss how the business case for connected car apps is growing and, with open platform companies having already done the heavy lifting, there really is no barrier to entry.
With the proliferation of connected devices underpinning new Internet of Things systems, Brandon Schulz, Director of Luxoft IoT – Retail, will be looking at the transformation of the retail customer experience in brick and mortar stores in his session at @ThingsExpo. Questions he will address include: Will beacons drop to the wayside like QR codes, or be a proximity-based profit driver? How will the customer experience change in stores of all types when everything can be instrumented and a...