|By Marketwired .||
|May 30, 2014 04:30 PM EDT||
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.
"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.
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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