Symax Lift (Holdings) Co. Ltd. Announces Second Quarter 2012 Financial Results
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 08/28/12 -- Symax Lift (Holdings) Co. Ltd. (TSX VENTURE: SYL) ("Symax" or the "Company") announces its financial results for the three-month period ending June 30, 2012.
Highlights
"With our Dingati and new Green elevator products, Symax is continuing to grow its market position in government housing developments and the domestic Tier 3 and 4 cities marketplace," stated Ms. Sabrina Zhang, CEO of Symax. "Continued investment in our sales and service network together with the expansion at Wanzhou will enable the Company to continue to expand and service our growing customer base in China."
With the launch of the Green product line, the company experienced an increase in exports during this quarter to 8% of sales compared with 6% in the same period of 2011. This higher level of exports contributed to higher margins during the quarter.
Symax maintains a strong balance sheet with $4.5 million in cash and total loans of $7.1 million.
Expansion Initiatives
Symax has undertaken an expansion of its domestic Chinese business with a new manufacturing facility located in Wanzhou. The land use rights for this facility have been acquired and construction has commenced since June, 2012. Upon completion, this facility is expected to double the Company's production capacity by 2014.
The Company has also undertaken an expansion of its service network in support of its geographic expansion.
About Symax Lift Holdings
Symax is in the business of the development, manufacturing, and sale of elevators, as well as the provision of after-sales services in China and worldwide. Symax's products and services are classified into two separate offerings; a main line of standardized products which include passenger elevators, goods/freight elevators, villa elevators, panorama elevators, hospital elevators, residential and commercial escalators and moving walkways; and customized elevator products.
This news release contains certain statements that may be deemed "forward-looking statements". Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements, except as required by law, in the event that management's beliefs, estimates or opinions, or other factors, should change.
Contacts:
Symax Lift (Holdings) Co. Ltd.
Mary Ma
CFO
604.601.8224
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Datum: 28.08.2012 - 13:20 Uhr
Sprache: Deutsch
News-ID 178216
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contact information:
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TORONTO, ONTARIO
Kategorie:
Machinery & Tools
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