Kingold Jewelry, Inc. Announces Unaudited Consolidated Earnings and Production Results for the Second Quarter and Six Months Ended June 30, 2017; Reiterates Production Guidance for the Year 2017
August 11, 2017 at 01:57 pm
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Kingold Jewelry, Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2016. For the quarter, net sales were $475,891,200 compared to $390,260,645 a year ago. Income from operations was $44,612,837 compared with $42,869,497 a year ago. Income from operations before taxes was $6,136,805 compared with $26,743,520 a year ago. Net income attributable to common stockholders was $8,033,618 or $0.12 per basic and diluted share, compared to net income of $19,893,944 or $0.30 per basic and diluted share in the prior-year period. The increase in Net Sales were primarily driven by the higher sales volume and the higher average selling price for branded production which increased from RMB 238.42 per gram in the three months ended June 30, 2016 to RMB 264 per gram in three months ended June 30, 2017.
For the six months, net sales were $768,155,277 compared to $672,448,702 a year ago. Income from operations was $57,856,355 compared with $68,478,289 a year ago. Loss from operations before taxes was $17,456,963 compared with income of $47,007,411 a year ago. Net loss attributable to common stockholders was $13,272,201, or $0.20 per basic and diluted share, compared to net income of 35,092,354, or $0.53 per basic and diluted share in the prior-year period. Net cash used in operating activities was $257,032,435 compared with net cash provided by operating activities of $185,456,376 a year ago. Purchases of property and equipment was $1,141,219 compared with $334,586 a year ago. The increase in Net Sales were mainly due to the higher sales volume and the higher average selling price for branded production which increased from RMB 231.34 per gram in the six months ended June 30, 2016 to RMB 256.66 per gram in six months ended June 30, 2017.
For the quarter, the company proceeded a total of 26.0 metric tons of 24-karat gold products, increased 28.1% from 20.3 metric tons
For the six months, the company processed 42.1 metric tons of 24-karat gold products compared with 35.2 metric tons a year ago.
The company reiterates guidance of between 70 metric tons and 80 metric tons of 24-karat gold products in 2017.
Kingold Jewelry Inc designs and manufactures 24-karat gold jewelry and Chinese ornaments. The Company develops, promotes and sells a range of products to the jewelry market across the People's Republic of China (PRC). The Company offers a range of in-house designed products, including, but not limited to, gold necklaces, rings, earrings, bracelets and pendants. The Company also sells investment gold products through banks in China. The Company sells its products directly to distributors, retailers and other wholesalers, who then sell its products to consumers through retail counters located in both department stores and other traditional stand-alone jewelry stores.
Kingold Jewelry, Inc. Announces Unaudited Consolidated Earnings and Production Results for the Second Quarter and Six Months Ended June 30, 2017; Reiterates Production Guidance for the Year 2017