DGAP-News: China BPIC Surveying Instruments AG: Financial figures indicate flattened financial performance due to full production capacity; yet strengthening of corporate governance in the first half of 2013
(firmenpresse) - DGAP-News: China BPIC Surveying Instruments AG / Key word(s): Half
Year Results
China BPIC Surveying Instruments AG: Financial figures indicate
flattened financial performance due to full production capacity; yet
strengthening of corporate governance in the first half of 2013
23.09.2013 / 18:22
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- Revenue drop of 1.3% to EUR 3.34 million
- Gross profit drop of 1.7% to EUR 1.92 million with a gross profit
margin to 57.4%
- Profit before tax drop 8.0% to EUR 1.72 million with Profit before tax
margin of 51.6%
- Net profit drop 15.6% EUR 1.22 million with net profit margin of 36.3%
Frankfurt a. Main, 23 September 2013 - China BPIC Surveying Instruments AG
('BPIC AG or BPIC'), one of the leading Chinese surveying instruments
manufacturers, today announced its interim results for the first six months
of fiscal year 2013. Due to the slowdown of general economic growth in
China and the domestic construction industry since the end of 2012, added
by the reach of full capacity of its production facilities, BPIC recorded a
flattened result for the first six months of fiscal year 2013.
In the first six months of fiscal year 2013, BPIC's major business segment
'BPIC' Branded Product Business, which had showed a very strong growth in
FY 2012, was only able to maintain roughly the same performance compared to
the same period last year. This was due to the fact that its production
facilities have already reached full capacity in the reporting period. As
such, BPIC was not able to produce more products as it would have liked to
meet its product demand. While the increased sales from ODM Business
(providing of designing and manufacturing service of whole surveying
instruments equipment and component systems to other surveying instruments
companies) was offset as no software sales was recorded this year, the
total revenue of BPIC was EUR 3.34 million in the reporting period,
representing a slight decrease of 1.3% (2012 1H: EUR 3.39 million).
The overall gross profit margin of the Company remained stable at 57.4% in
the reporting period (2012 1H: 57.6%), the company's gross profit was down
1.7% correspondingly to the decrease of revenue to EUR 1.92 million (2012
1H: EUR 1.95 million). The selling price of all 'BPIC' branded products
kept unchanged in the reporting period.
BPIC's profit before tax dropped by 8.0% to EUR 1.72 million (2012 1H: EUR
1.87 million) with a profit before tax margin of 51.6% (2012 1H: 55.3%).
BPIC's net profit decreased by 15.6% to EUR 1.22 million (2012 1H: EUR 1.44
million) with a net profit margin of 36.3% (2012 1H: 42.4%). The decrease
in profit before tax margin and net profit margin in the first six months
of fiscal year 2013 compared to 2012 1H was mainly due to the additional
annual audit fees connected with the ongoing obligation of BPIC as a listed
company.
Mr. Wei XIE, the founder, Chairman and General Manager of BPIC AG, comments
on the 6 months figures of BPIC: 'The financial results from the first
six-month period of 2013 are not up to our satisfaction. However, other
than what is reflected in the financials, we have also enhanced our
corporate governance and investor relations by appointing Mr. Matthias
Schroeder, a German who can speak Chinese and is also a lawyer by
profession, as the new Supervisory Board Chairman. We believe that Mr.
Schroeder can help to bridge the cultural differences between both
countries and can guide the company towards higher transparency and better
two-way communication with our shareholders and the investment public.'
BPIC remains positive on FY 2013
Mr. XIE remains confident for the current financial year: 'With China's
economy showing signs of revival in the third quarter, the operating
environment is widely expected to be on an improving trend. We will also
make our first stride in the overseas market by participating in the
INTERGEO, the largest industry trade fair which to be held in Essen,
Germany in October 8-10. We believe this experience would help us to
explore the best way to develop the overseas market. And to solve our
production problems, we have ordered two semi-automatic assembly lines
which are expected to be delivered in the late second half of 2013.'
BPIC AG will publish its full interim report for the financial year 2013 on
30 September 2013, which will be available for download under
http://www.bpicsurvey.com in the investor relations section.
About China BPIC Surveying Instruments AG (CSY)
BPIC AG is principally engaged in designing, manufacturing and selling of
surveying instruments under its own 'BPIC' brand in China. BPIC sells 4
types of products with a total of 6 different models, namely, Electronic
Total Station, Electronic Theodolite (including 2 models), Laser Electronic
Theodolite and Construction Cross-Liner Laser (including 2 models) to
domestic and overseas construction and engineering companies through
distributers. BPIC also takes orders from other surveying instruments
manufacturers in China including the designing and manufacturing of whole
surveying instruments equipment and component systems, sub-contracting
components manufacturing to third parties on behalf of customers, selling
of software etc. in accordance with the specification and requirements from
clients. BPIC's production facilities are located in Changping District,
Beijing, China.
End of Corporate News
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Language: English
Company: China BPIC Surveying Instruments AG
Schopenstehl 22
20095 Hamburg
Germany
E-mail: info(at)bpicsurvey.com
Internet: www.bpicsurvey.com
ISIN: DE000A1PG508
Listed: Freiverkehr in Stuttgart; Frankfurt in Open Market (Entry
Standard)
End of News DGAP News-Service
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Datum: 23.09.2013 - 18:22 Uhr
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