Welcome!

News Feed Item

Grand Power Logistics Reports Financial Results for Q1 2014

CALGARY, ALBERTA and HONG KONG, CHINA -- (Marketwired) -- 05/30/14 -- 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 quarter ended March 31, 2014. All amounts are expressed in the US dollar (US$) except where noted.

Selected Q1 2014 Financial Highlights


----------------------------------------------------------------------------
(in thousands except per share or                                           
 % data)                           Mar. 31, 2014   Mar. 31, 2013     Change 
----------------------------------------------------------------------------
Revenue                            $      15,873   $      12,441     +25.59%
Gross profits                      $       1,211   $         983     +23.22%
Gross margins                               7.63%           7.90%     -0.27%
Net profit (loss) for the period   $         437   $        (131)   +433.59%
Net profit (loss) (owners of the                                            
 Corporation)                      $         433   $        (128)   +438.28%
Earnings (loss) per share          $       0.006   $      (0.002)   +$0.008 
----------------------------------------------------------------------------
                                        Mar. 31,        Dec. 31,            
                                            2014            2013     Change 
----------------------------------------------------------------------------
Total assets                       $      27,653   $      31,638     -12.59%
Working capital                    $       2,535   $       2,908     -12.83%
Total liabilities                  $      14,966   $      19,331     -22.58%
Shareholders' Equity (owners of                                             
 Corporation)                      $      12,518   $      12,142      +3.10%
----------------------------------------------------------------------------

"We are very satisfied with the company's operating results for the first quarter of 2014. The company experienced a significant increase in revenue primarily due to improvement in its ocean freight business. As well, the company also experienced a significant increase in net profit for the quarter. Its net profit for the quarter was $436,683 compared to a net loss of $130,995 for the first quarter in 2013," said Mr. Ricky Chiu, President and CEO of Grand Power.

Q1 2014 Financial Results

Sales revenue for the three months ended March 31, 2014 increased by $3,431,824 (27.59%) to $15,872,571 from $12,440,747 in 2013. The increase in sales revenue is primarily due to the improvement in ocean freight business.

Gross profit for the three months ended March 31, 2014 increased by 23.22% to $1,211,401 compared to $983,082 in 2013, and gross profit margin decreased to 7.63% compared to 7.90% for 2013. The increase in gross profit is primarily due to the increase in revenue.

Operating expenses for the three months ended March 31, 2014 increased by 16.72% to $1,325,169 compared to $1,135,316 in 2013. The increase in operating expenses was primarily due to the increase in business development and marketing expenses.

The net profit for the three months ended March 31, 2014 was $436,683 compared to a net loss of $130,995 in 2013. The net profit attributable to the owners of the Corporation for the three months ended March 31, 2014 was $432,539 compared to a net loss of $127,754 in 2013. The increase in net profit was primarily due to the increase of non-operating income and the gain from disposal of company's non-core assets.

Tonnage shipped increased by 1,227 tonnes (21.05%) to 7,057 tonnes for the three months ended March 31, 2014 compared to 5,830 tonnes in 2013. The increase was primarily due to the increase in ocean freight business.

For the three months ended March 31, 2014, the Corporation generated $11,715,561 (73.8%) of its revenue from its traditional co-loading air freight business, $641,945 (4.0%) of revenue from its direct sales air freight business and $3,515,064 (22.1%) of revenue from its ocean freight business. During the corresponding period of 2013, the Corporation generated $11,005,900 (88.5%) of its revenue from its traditional co-loading air freight business, $672,181 (5.4%) of revenue from its direct sales air freight business and $762,666 (6.1%) of revenue from its ocean freight business.

Hong Kong is still the Corporation's largest operating centre during the first quarter of 2014, generating $14,159,752 (89.2%) of the Corporation's total revenue whereas China and other regions accounted for $1,384,237 (8.7%) and $328,582 (2.1%) respectively. For the corresponding period in 2013, Hong Kong, China and other regions accounted for $10,752,189 (86.4%), $1,379,808 (11.1%), and $308,750 (2.5%), respectively, of the Corporation's total revenue.

Outlook

"With the significant gain in the value of the company's non-core holdings in the past two years, the company has been 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.

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
SoftLayer operates a global cloud infrastructure platform built for Internet scale. With a global footprint of data centers and network points of presence, SoftLayer provides infrastructure as a service to leading-edge customers ranging from Web startups to global enterprises. SoftLayer's modular architecture, full-featured API, and sophisticated automation provide unparalleled performance and control. Its flexible unified platform seamlessly spans physical and virtual devices linked via a world...
18th Cloud Expo, taking place June 7-9, 2016, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises are using some...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, will provide an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life ...
SYS-CON Events announced today that BMC Software has been named "Siver Sponsor" of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. BMC is a global leader in innovative software solutions that help businesses transform into digital enterprises for the ultimate competitive advantage. BMC Digital Enterprise Management is a set of innovative IT solutions designed to make digital business fast, seamless, and optimized from mainframe to mo...
Join us at Cloud Expo | @ThingsExpo 2016 – June 7-9 at the Javits Center in New York City and November 1-3 at the Santa Clara Convention Center in Santa Clara, CA – and deliver your unique message in a way that is striking and unforgettable by taking advantage of SYS-CON's unmatched high-impact, result-driven event / media packages.
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, will explore the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences betwee...
SYS-CON Events announced today that Isomorphic Software will exhibit at SYS-CON's [email protected] at Cloud Expo New York, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, high-productivity enterprise web applications for any device. SmartClient couples the industry’s broadest, deepest UI component set with a java server framework to deliver an end-...
SYS-CON Events announced today that Tintri Inc., a leading producer of VM-aware storage (VAS) for virtualization and cloud environments, will exhibit at the 18th International CloudExpo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that ContentMX, the marketing technology and services company with a singular mission to increase engagement and drive more conversations for enterprise, channel and SMB technology marketers, has been named “Sponsor & Exhibitor Lounge Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York. “CloudExpo is a great opportunity to start a conversation with new prospects, but what happens after the...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York and Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty ...
What a difference a year makes. Organizations aren’t just talking about IoT possibilities, it is now baked into their core business strategy. With IoT, billions of devices generating data from different companies on different networks around the globe need to interact. From efficiency to better customer insights to completely new business models, IoT will turn traditional business models upside down. In the new customer-centric age, the key to success is delivering critical services and apps wit...
SYS-CON Events announced today the Docker Meets Kubernetes – Intro into the Kubernetes World, being held June 9, 2016, in conjunction with 18th Cloud Expo | @ThingsExpo, at the Javits Center in New York, NY. Register for 'Docker Meets Kubernetes Workshop' Here! This workshop led by Sebastian Scheele, co-founder of Loodse, introduces participants to Kubernetes (container orchestration). Through a combination of instructor-led presentations, demonstrations, and hands-on labs, participants learn ...
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discuss how businesses can gain an edge over competitors by empowering consumers to take control through IoT. We'll cite examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He'll also highlight how IoT can revitalize and restore outdated business models, making them profitable...
Designing IoT applications is complex, but deploying them in a scalable fashion is even more complex. A scalable, API first IaaS cloud is a good start, but in order to understand the various components specific to deploying IoT applications, one needs to understand the architecture of these applications and figure out how to scale these components independently. In his session at @ThingsExpo, Nara Rajagopalan is CEO of Accelerite, will discuss the fundamental architecture of IoT applications, ...
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in Embedded and IoT solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/Big Data, HPC and ...