Man Sang Holdings, Inc. Earnings Announcement
13 Noviembre 2007 - 9:25AM
Marketwired
NEW YORK, NY (AMEX: MHJ) announced today the following, with
regards to its 10Q filing which was filed this morning:
Business Review
For the six months ended September 30, 2007, the net sales of
the Company increased by 8.7% to HK$210.1 million as compared to
the same period last year. The increase in net sales was mainly due
to an increase in sales of assembled pearl and jewelry finished
products by 19.0% and increase in sales of South Sea pearls by 5.2%
when compared with the same period in 2006. The Company expects the
growth in the pearl segment will continue. For the six months ended
September 30, 2007, net sales in the United Sates market increased
by 27.7% compared to the same period in 2006.
Gross Profit
Gross profit margin had slightly increased from 30.9% to 34.9%
when compared with the same period last year. It was mainly due to
the efforts of the Company in controlling processing cost and
attained production efficiency.
During the quarter ended September 30, 2007, the Company
acquired additional interests in the Zhuji Project located in
Zhuji, Zhejiang province, the PRC. Before this acquisition, the
Company owned 49% of the Zhuji project. After the acquisition, the
Company owned 55% of the Zhuji project. The Company expects the
Zhuji project, which is a major trading platform for pearls and
jewelry in the PRC, to broaden its customer base.
Future Trends
Defaults in sub prime mortgages triggered a global aversion to
risk. In the face of economic uncertainty, the customers of the
Company in the United States appeared to slow-down their purchasing
decisions. As a result, the growth of net sales in the United
States market slowed down in the second quarter compared with the
first quarter. However, the Company does not expect this slowdown
to spread to other regions. In the tradeshow of September 2007 held
in Hong Kong, the Company received a positive response from
customers of different regions.
The Company expects demand for luxury products to continue to
increase along with continued improvement in global economic
conditions. These factors should benefit the core business segment
of South Sea pearls and assembled jewelry products of the
Company.
The Company expects that the phase one of the Zhuji project will
be completed in 2008 as planned. The tenants of approximately 600
units which previously occupied the existing old jewelry market in
Zhuji have agreed to move into our newly built Zhuji's jewelry city
("Jewelry City"), and will occupy approximately 30% of the total
units of the Jewelry City. The Company expects it will help push
forward the attraction of its market.
The Company expects its property development segment will
continue to be one of the core businesses of the Company and will
contribute sustainable growth.
Complete filing can be found on the SEC website at:
http://www.sec.gov/cgi-bin/browse-edgar?company=man+sang+holdings&CIK=&type=&owner=include&count=40&action=getcurrent
About Man Sang Holdings, Inc.
Man Sang Holdings, Inc. and its subsidiaries (together the "Man
Sang Group") are one of the world's largest purchasers and
processors of Chinese cultured and freshwater pearls. The Man Sang
Group is principally engaged in the purchasing, processing,
assembling, merchandising and wholesale distribution of pearls,
pearl jewelry and other jewelry products. In addition, the Man Sang
Group owns and operates the Man Sang Industrial City, an industrial
complex, located in Gong Ming Zhen, Shenzhen Special Economic Zone,
PRC.
*This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, which are, by their nature, subject to risks and
uncertainties. This Act provides a "safe harbor" for
forward-looking statements to encourage companies to provide
prospective information about themselves so long as they identify
these statements as forward-looking and provide meaningful
cautionary statements identifying important factors that could
cause actual results to differ from the projected results. All
statements, including statements regarding industry prospects and
future results of operations or financial position, made in this
press release are forward looking. Words such as "anticipates,"
"believes," "expects," "future" and "intends" and similar
expressions may identify forward-looking statements. These
forward-looking statements include, without limitation, statements
relating to: the Company's future performance, the Company's
expansion efforts, the state of economic conditions and the
Company's market. These forward-looking statements are based on
assumptions and analyses made by the Company in light of its
experience and perception of historical trends, current conditions
and expected future developments, as well as other factors the
Company believes to be appropriate in particular circumstances.
However, whether actual results and developments will meet the
Company's expectations and predictions depends on a number of known
and unknown risks and uncertainties and other factors, any or all
of which could cause actual results, performance or achievements to
differ materially from the Company's expectations, whether
expressed or implied by such forward-looking statements (which may
relate to, among other things, the Company's sales, costs and
expenses, income, inventory performance, and receivables).
Primarily engaged in the processing and trading of pearls and pearl
jewelry products, and in real estate investment, the Company's
ability to achieve its objectives and expectations are derived at
least in part from assumptions regarding economic conditions,
consumer tastes, and developments in its competitive environment.
The following assumptions, among others, could materially affect
the likelihood that the Company will achieve its objectives and
expectations communicated through these forward-looking statements:
(i) that low or negative growth in the economies or the financial
markets of its customers, particularly in the United States and in
Europe, will not occur and reduce discretionary spending on goods
that might be perceived as "luxuries"; (ii) that the Hong Kong
dollar will remain pegged to the US dollar at US$1 to HK$7.8; (iii)
that customer's choice of pearls vis-�-vis other precious stones
and metals will not change adversely; (iv) that the Company will
continue to obtain a stable supply of pearls in the quantities, of
the quality and on terms required by the Company; (v) that there
will not be a substantial adverse change in the exchange
relationship between the renminbi ("RMB") and the Hong Kong or US
dollar; (vi) that there will not be substantial increase in tax
burden of subsidiaries of the Company operating in the PRC; (vii)
that there will not be substantial change in climate and
environmental conditions at the source regions of pearls that could
have material effect on the supply and pricing of pearls; and
(viii) that there will not be substantial adverse change in the
real estate market conditions in the PRC and in Hong Kong. This
press release should be read in conjunction with the financial
statements and the notes thereto included elsewhere in this Form
10-Q and with the Company's annual report on Form 10-K for the year
ended March 31, 2005. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the date of this release. The Company will not publicly release
any revisions to these forward-looking statements after the date
hereof. Readers are urged, however, to review the factors set forth
in reports that the Company files from time to time with the
Securities and Exchange Commission.
CONTACTS: Man Sang Holdings, Inc. Mr. Sonny Hung (852) 2317 9369
E-mail: Email Contact