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
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
I wanted to gather all of my Internet of Things (IOT) blogs into a single blog (that I could later use with my University of San Francisco (USF) Big Data “MBA” course). However as I started to pull these blogs together, I realized that my IOT discussion lacked a vision; it lacked an end point towards which an organization could drive their IOT envisioning, proof of value, app dev, data engineering and data science efforts. And I think that the IOT end point is really quite simple…
Aspose.Total for .NET is the most complete package of all file format APIs for .NET as offered by Aspose. It empowers developers to create, edit, render, print and convert between a wide range of popular document formats within any .NET, C#, ASP.NET and VB.NET applications. Aspose compiles all .NET APIs on a daily basis to ensure that it contains the most up to date versions of each of Aspose .NET APIs. If a new .NET API or a new version of existing APIs is released during the subscription peri...
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
Identity is in everything and customers are looking to their providers to ensure the security of their identities, transactions and data. With the increased reliance on cloud-based services, service providers must build security and trust into their offerings, adding value to customers and improving the user experience. Making identity, security and privacy easy for customers provides a unique advantage over the competition.
Qosmos has announced new milestones in the detection of encrypted traffic and in protocol signature coverage. Qosmos latest software can accurately classify traffic encrypted with SSL/TLS (e.g., Google, Facebook, WhatsApp), P2P traffic (e.g., BitTorrent, MuTorrent, Vuze), and Skype, while preserving the privacy of communication content. These new classification techniques mean that traffic optimization, policy enforcement, and user experience are largely unaffected by encryption. In respect wit...
Kubernetes, Docker and containers are changing the world, and how companies are deploying their software and running their infrastructure. With the shift in how applications are built and deployed, new challenges must be solved. In his session at @DevOpsSummit at19th Cloud Expo, Sebastian Scheele, co-founder of Loodse, will discuss the implications of containerized applications/infrastructures and their impact on the enterprise. In a real world example based on Kubernetes, he will show how to ...
Using new techniques of information modeling, indexing, and processing, new cloud-based systems can support cloud-based workloads previously not possible for high-throughput insurance, banking, and case-based applications. In his session at 18th Cloud Expo, John Newton, CTO, Founder and Chairman of Alfresco, described how to scale cloud-based content management repositories to store, manage, and retrieve billions of documents and related information with fast and linear scalability. He addres...
Is the ongoing quest for agility in the data center forcing you to evaluate how to be a part of infrastructure automation efforts? As organizations evolve toward bimodal IT operations, they are embracing new service delivery models and leveraging virtualization to increase infrastructure agility. Therefore, the network must evolve in parallel to become equally agile. Read this essential piece of Gartner research for recommendations on achieving greater agility.
SYS-CON Events announced today that Hitrons 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. Hitrons Solutions Inc. is distributor in the North American market for unique products and services of small and medium-size businesses, including cloud services and solutions, SEO marketing platforms, and mobile applications.
Smart Cities are here to stay, but for their promise to be delivered, the data they produce must not be put in new siloes. In his session at @ThingsExpo, Mathias Herberts, Co-founder and CTO of Cityzen Data, will deep dive into best practices that will ensure a successful smart city journey.
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...