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
Technology vendors and analysts are eager to paint a rosy picture of how wonderful IoT is and why your deployment will be great with the use of their products and services. While it is easy to showcase successful IoT solutions, identifying IoT systems that missed the mark or failed can often provide more in the way of key lessons learned. In his session at @ThingsExpo, Peter Vanderminden, Principal Industry Analyst for IoT & Digital Supply Chain to Flatiron Strategies, will focus on how IoT depl...
The pace of innovation, vendor lock-in, production sustainability, cost-effectiveness, and managing risk… In his session at 18th Cloud Expo, Dan Choquette, Founder of RackN, discussed how CIOs are challenged finding the balance of finding the right tools, technology and operational model that serves the business the best. He also discussed how clouds, open source software and infrastructure solutions have benefits but also drawbacks and how workload and operational portability between vendors an...
Adding public cloud resources to an existing application can be a daunting process. The tools that you currently use to manage the software and hardware outside the cloud aren’t always the best tools to efficiently grow into the cloud. All of the major configuration management tools have cloud orchestration plugins that can be leveraged, but there are also cloud-native tools that can dramatically improve the efficiency of managing your application lifecycle. In his session at 18th Cloud Expo, ...
With the proliferation of both SQL and NoSQL databases, organizations can now target specific fit-for-purpose database tools for their different application needs regarding scalability, ease of use, ACID support, etc. Platform as a Service offerings make this even easier now, enabling developers to roll out their own database infrastructure in minutes with minimal management overhead. However, this same amount of flexibility also comes with the challenges of picking the right tool, on the right ...
Big Data, cloud, analytics, contextual information, wearable tech, sensors, mobility, and WebRTC: together, these advances have created a perfect storm of technologies that are disrupting and transforming classic communications models and ecosystems. In his session at @ThingsExpo, Erik Perotti, Senior Manager of New Ventures on Plantronics’ Innovation team, provided an overview of this technological shift, including associated business and consumer communications impacts, and opportunities it m...
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, discussed how leveraging the Industrial Internet and...
"Tintri was started in 2008 with the express purpose of building a storage appliance that is ideal for virtualized environments. We support a lot of different hypervisor platforms from VMware to OpenStack to Hyper-V," explained Dan Florea, Director of Product Management at Tintri, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
There will be new vendors providing applications, middleware, and connected devices to support the thriving IoT ecosystem. This essentially means that electronic device manufacturers will also be in the software business. Many will be new to building embedded software or robust software. This creates an increased importance on software quality, particularly within the Industrial Internet of Things where business-critical applications are becoming dependent on products controlled by software. Qua...
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...
The speed of software changes in growing and large scale rapid-paced DevOps environments presents a challenge for continuous testing. Many organizations struggle to get this right. Practices that work for small scale continuous testing may not be sufficient as the requirements grow. In his session at DevOps Summit, Marc Hornbeek, Sr. Solutions Architect of DevOps continuous test solutions at Spirent Communications, explained the best practices of continuous testing at high scale, which is rele...
A critical component of any IoT project is what to do with all the data being generated. This data needs to be captured, processed, structured, and stored in a way to facilitate different kinds of queries. Traditional data warehouse and analytical systems are mature technologies that can be used to handle certain kinds of queries, but they are not always well suited to many problems, particularly when there is a need for real-time insights.
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and Containers together help companies to achieve their business goals faster and more effectively. In his session at DevOps Summit, Ruslan Synytsky, CEO and Co-founder of Jelastic, reviewed the current landscape of D...
In his General Session at 16th Cloud Expo, David Shacochis, host of The Hybrid IT Files podcast and Vice President at CenturyLink, investigated three key trends of the “gigabit economy" though the story of a Fortune 500 communications company in transformation. Narrating how multi-modal hybrid IT, service automation, and agile delivery all intersect, he will cover the role of storytelling and empathy in achieving strategic alignment between the enterprise and its information technology.
IoT is at the core or many Digital Transformation initiatives with the goal of re-inventing a company's business model. We all agree that collecting relevant IoT data will result in massive amounts of data needing to be stored. However, with the rapid development of IoT devices and ongoing business model transformation, we are not able to predict the volume and growth of IoT data. And with the lack of IoT history, traditional methods of IT and infrastructure planning based on the past do not app...
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, discussed the importance of WebRTC and how it enables companies to focus o...