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
SYS-CON Events announced today that delaPlex will exhibit at SYS-CON's @ThingsExpo, 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.
SYS-CON Events announced today that Tappest will exhibit MooseFS at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. MooseFS is a breakthrough concept in the storage industry. It allows you to secure stored data with either duplication or erasure coding using any server. The newest – 4.0 version of the software enables users to maintain the redundancy level with even 50% less hard drive space required. The software func...
Most technology leaders, contemporary and from the hardware era, are reshaping their businesses to do software in the hope of capturing value in IoT. Although IoT is relatively new in the market, it has already gone through many promotional terms such as IoE, IoX, SDX, Edge/Fog, Mist Compute, etc. Ultimately, irrespective of the name, it is about deriving value from independent software assets participating in an ecosystem as one comprehensive solution.
SYS-CON Events announced today that EARP will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. "We are a software house, so we perfectly understand challenges that other software houses face in their projects. We can augment a team, that will work with the same standards and processes as our partners' internal teams. Our teams will deliver the same quality within the required time and budget just as our partn...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
SYS-CON Events announced today that Systena America will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Systena Group has been in business for various software development and verification in Japan, US, ASEAN, and China by utilizing the knowledge we gained from all types of device development for various industries including smartphones (Android/iOS), wireless communication, security technology and IoT serv...
SYS-CON Events announced today that Outscale will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Outscale's technology makes an automated and adaptable Cloud available to businesses, supporting them in the most complex IT projects while controlling their operational aspects. You boost your IT infrastructure's reactivity, with request responses that only take a few seconds.
Regardless of what business you’re in, it’s increasingly a software-driven business. Consumers’ rising expectations for connected digital and physical experiences are driving what some are calling the "Customer Experience Challenge.” In his session at @DevOpsSummit at 20th Cloud Expo, Marco Morales, Director of Global Solutions at CollabNet, will discuss how organizations are increasingly adopting a discipline of Value Stream Mapping to ensure that the software they are producing is poised to o...
DevOps at Cloud Expo – being held October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real r...
Cloud applications are seeing a deluge of requests to support the exploding advanced analytics market. “Open analytics” is the emerging strategy to deliver that data through an open data access layer, in the cloud, to be directly consumed by external analytics tools and popular programming languages. An increasing number of data engineers and data scientists use a variety of platforms and advanced analytics languages such as SAS, R, Python and Java, as well as frameworks such as Hadoop and Spark...
Interested in leveling up on your Cloud Foundry skills? Join IBM for Cloud Foundry Days on June 7 at Cloud Expo New York at the Javits Center in New York City. Cloud Foundry Days is a free half day educational conference and networking event. Come find out why Cloud Foundry is the industry's fastest-growing and most adopted cloud application platform.
Cloud promises the agility required by today’s digital businesses. As organizations adopt cloud based infrastructures and services, their IT resources become increasingly dynamic and hybrid in nature. Managing these require modern IT operations and tools. In his session at 20th Cloud Expo, Raj Sundaram, Senior Principal Product Manager at CA Technologies, will discuss how to modernize your IT operations in order to proactively manage your hybrid cloud and IT environments. He will be sharing bes...
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.
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
Five years ago development was seen as a dead-end career, now it’s anything but – with an explosion in mobile and IoT initiatives increasing the demand for skilled engineers. But apart from having a ready supply of great coders, what constitutes true ‘DevOps Royalty’? It’ll be the ability to craft resilient architectures, supportability, security everywhere across the software lifecycle. In his keynote at @DevOpsSummit at 20th Cloud Expo, Jeffrey Scheaffer, GM and SVP, Continuous Delivery Busine...