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.

Contacts:
Grand Power Logistics
Alan Chan
CFO
(403) 237-8211
(403) 228-3013 (FAX)
alanchan@grandpowerlogistics.com
www.grandpowerlogistics.com

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
The modern software development landscape consists of best practices and tools that allow teams to deliver software in a near-continuous manner. By adopting a culture of automation, measurement and sharing, the time to ship code has been greatly reduced, allowing for shorter release cycles and quicker feedback from customers and users. Still, with all of these tools and methods, how can teams stay on top of what is taking place across their infrastructure and codebase? Hopping between services a...
Niagara Networks exhibited at the 19th International Cloud Expo, which took place at the Santa Clara Convention Center in Santa Clara, CA, in November 2016. Niagara Networks offers the highest port-density systems, and the most complete Next-Generation Network Visibility systems including Network Packet Brokers, Bypass Switches, and Network TAPs.
Zerto exhibited at SYS-CON's 18th International Cloud Expo®, which took place at the Javits Center in New York City, NY, in June 2016. Zerto is committed to keeping enterprise and cloud IT running 24/7 by providing innovative, simple, reliable and scalable business continuity software solutions. Through the Zerto Cloud Continuity Platform™, organizations can seamlessly move and protect virtualized workloads between public, private and hybrid clouds. The company’s flagship product, Zerto Virtual...
WebRTC is about the data channel as much as about video and audio conferencing. However, basically all commercial WebRTC applications have been built with a focus on audio and video. The handling of “data” has been limited to text chat and file download – all other data sharing seems to end with screensharing. What is holding back a more intensive use of peer-to-peer data? In her session at @ThingsExpo, Dr Silvia Pfeiffer, WebRTC Applications Team Lead at National ICT Australia, looked at differ...
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service. In his session at 19th Cloud Exp...
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
"Plutora provides release and testing environment capabilities to the enterprise," explained Dalibor Siroky, Director and Co-founder of Plutora, in this SYS-CON.tv interview at @DevOpsSummit, held June 9-11, 2015, at the Javits Center in New York City.
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. 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 June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
Security, data privacy, reliability and regulatory compliance are critical factors when evaluating whether to move business applications from in-house client hosted environments to a cloud platform. In her session at 18th Cloud Expo, Vandana Viswanathan, Associate Director at Cognizant, In this session, will provide an orientation to the five stages required to implement a cloud hosted solution validation strategy.
SYS-CON Events announced today that CA Technologies has been named "Platinum Sponsor" of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and 21st International Cloud Expo, which will take place in November in Silicon Valley, California.
The security needs of IoT environments require a strong, proven approach to maintain security, trust and privacy in their ecosystem. Assurance and protection of device identity, secure data encryption and authentication are the key security challenges organizations are trying to address when integrating IoT devices. This holds true for IoT applications in a wide range of industries, for example, healthcare, consumer devices, and manufacturing. In his session at @ThingsExpo, Lancen LaChance, vic...
SYS-CON Events announced today that delaPlex will exhibit at SYS-CON's @CloudExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. delaPlex pioneered Software Development as a Service (SDaaS), which provides scalable resources to build, test, and deploy software. It’s a fast and more reliable way to develop a new product or expand your in-house team.
Wooed by the promise of faster innovation, lower TCO, and greater agility, businesses of every shape and size have embraced the cloud at every layer of the IT stack – from apps to file sharing to infrastructure. The typical organization currently uses more than a dozen sanctioned cloud apps and will shift more than half of all workloads to the cloud by 2018. Such cloud investments have delivered measurable benefits. But they’ve also resulted in some unintended side-effects: complexity and risk. ...
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
When you focus on a journey from up-close, you look at your own technical and cultural history and how you changed it for the benefit of the customer. This was our starting point: too many integration issues, 13 SWP days and very long cycles. It was evident that in this fast-paced industry we could no longer afford this reality. We needed something that would take us beyond reducing the development lifecycles, CI and Agile methodologies. We made a fundamental difference, even changed our culture...