Shinwa Art Auction Co., Ltd. Reports Consolidated Earnings Results for the Second Quarter Ended November 30, 2016; Provides Earnings Guidance for the Fiscal Year Ending May 31, 2017
February 06, 2017 at 11:30 am
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Shinwa Art Auction Co., Ltd. reported consolidated earnings results for the second quarter ended November 30, 2016. For the quarter, net sales were JPY 1,794 million against JPY 1,726 million a year ago. Operating income was JPY 0 million against JPY 169 million a year ago. Ordinary loss was JPY 36 million against ordinary income of JPY 160 million a year ago. Loss attributable to owners of parent was JPY 37 million against income attributable to owners of parent of JPY 96 million a year ago. Net loss per share was JPY 6.53 against net income per share of JPY 16.95 a year ago. Net loss before income taxes and minority interests was JPY 34,779,000 against net income before income taxes and minority interests JPY 164,196,000 a year ago. Net cash used in operating activities was JPY 1,145,843,000 against net cash provided by operating activities of JPY 374,082,000 a year ago. Purchase of property, plant and equipment was JPY 848,793,000 against JPY 24,108,000 a year ago.
For the fiscal year ending May 31, 2017, the company expects net sales of JPY 4,299 million, operating income of JPY 417 million, ordinary income of JPY 382 million, and income attributable to owners of parent of JPY 225 million, net profit per share of JPY 39.29 million.
Shinwa Wise Holdings Co Ltd is a Japan-based company mainly engaged in auction related business and energy related business. It has two business segments. Art related segment is divided into auction business and private sale and other business. Auction business holds modern art auctions, modern ceramic art auctions and modern art Part II auctions according to the works and price ranges handled. It also holds auctions of postwar and contemporary art, Western art, wine and liquor, MANGA, brand miscellaneous goods, watches, jewelry and others. Private sales and other businesses mainly involve in private sales of asset defense diamonds as well as paintings, which are negotiated transactions other than auctions. The Other Business segment is engaged in the electricity sales business of solar power generation facilities. In Malaysia, the Company is also engaged in the sales business of palm kernel shells (PKS), which are used as fuel for biomass power generation.
Shinwa Art Auction Co., Ltd. Reports Consolidated Earnings Results for the Second Quarter Ended November 30, 2016; Provides Earnings Guidance for the Fiscal Year Ending May 31, 2017