omniture

Good Friend International Announces 2007 Annual Results

Good Friend International Holdings Inc.
2008-04-18 19:46 713

Profit Attributable to Equity Holders Rose 59.9% to RMB 84.9 Million

CNC Machine Tools and Forklift Trucks Fuelled Strong Revenue Growth

HONG KONG, April 18 /Xinhua-PRNewswire/ --

Financial Highlights

For the year ended 31 December

RMB ‘000 2007 2006 Change

Revenue 821,367 611,003 +34.4%

Gross Profit 214,351 153,158 +40%

Gross Profit Margin 26.1% 25.1% +1% pt

Profit Attributable to Equity Holders 84,885 53,082 +59.9%

Basic Earnings per Share (RMB) 0.25 0.16 +56.3%

Final Dividend per Share (RMB) 0.06 0.05 +20.0%

Good Friend International Holdings Inc. (“Good Friend International” or the “Group”; stock code: 2398), which is engaged in the design and production of computer numerical control (“CNC”) machine tools, parking garage structures, as well as forklift trucks in the PRC, today announced its annual results for the year ended 31 December 2007.

The Group recorded strong revenue and profit growth during the period under review. Revenue grew 34.4% year-on-year to RMB821.4 million. Gross profit margin stayed at a stable level of 26.1%, an increase of 1 percentage point as compared to the previous year. Profit attributable to equity holders increased 59.9% to RMB 84.9 million, while basic earnings per share rose 56.3% to RMB0.25. The Board proposed payment of final dividend of RMB 0.06 per share.

Mr. Chu Chih-Yaung, Chairman and Executive Director of Good Friend International Holdings Inc., said, “Sales of CNC machine tools, parking garage structures and forklift trucks recorded strong growth in 2007. China is the largest CNC machine tools in the world with sustainable growth in the past eight years where demand outnumbered supplies. Benefitting from this macro backdrop, Good Friend is expected to achieve continued growth. The Group will actively expand its capacity to seize growth opportunities. The new plant in Xiasha owned by Hangzhou Global Friend Precision Machinery Co., Ltd of the Group has commenced production of forklift trucks in 2007, while the production plant in Xiaoshan will continue to focus on the production of CNC machine tools and parking garage structures. These initiatives will increase the Group’s production capacities and efficiencies to drive our overall sales.”

Going forward, Mr. Zhu commented, “Good Friend will focus on three major aspects, namely capacity expansion, increasing its market shares in the PRC domestic market and overseas markets, and enhancement of R&D capabilities. As the machine tools market offers immense growth potential, the Group will continue to expand its production capacity to meet market demand. The Group has commenced construction of the Phase I of production base of Hangzhou Ever Friend in Xiasha in the year end of 2007, and completion is scheduled in the second half of 2008.

The Group has also acquired the land use right of a piece of land occupying a GFA of 67,000 sq.m. located in Hangzhou Jiangdong Industrial Park for the construction of a new production plant. In addition to the manufacture of large-scale CNC machine tools, these two plants will also serve the production of components for the Group’s internal use as well as for external sales.”

For more information, please contact:

Ada Leung

Tel: +852-3150-6732

Fax: +852-3150-6728

Email: ada@pordafinance.com.hk

Source: Good Friend International Holdings Inc.
Keywords: Transportation
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