DGAP-News: KINGHERO AG posts strong earnings
(firmenpresse) - KINGHERO AG / Key word(s): Half Year Results
30.09.2010 08:49
---------------------------------------------------------------------------
- Consolidated Pre-Tax Profit of EUR 8.8 million
- Combined consolidated revenues increase to EUR 33.0 million
Munich, September 30, 2010. KINGHERO AG, the German holding company of a
fast-growing Chinese clothing manufacturer, publishes the half year report
and posts strong earnings for the first 6 months of 2010.
As previously published, the Company continues to grow dynamically, having
posted combined* revenues of EUR 33 million for the first half of 2010. The
gross profit increased from EUR 7.8 million (H1 2009) to EUR 10.8 million
in the accounting period, with a strong gross margin of 33%, slightly down
from 35% (H1 2009), due to strategic pricing and slightly higher costs of
raw materials in the accounting period.
The consolidated EBT increased to EUR 8.8 million compared to EUR 6.3
million in the first 6 months of 2009. Accordingly the net profit for the
accounting period increased to EUR 7.0 million from EUR 5.0 million (H1
2009).
'We grew at a fast pace in the first half of 2010 and succeeded in
enhancing our position in the Chinese market as one of the leading
manufacturers in the fashion industry. We invested into infrastructure and
inventory and raised our revenues as well as our earnings potential.
Despite a somewhat competitive pricing strategy, driving our steep sales
increase, profit margins remained at an attractive level, nicely increasing
the profit of KINGHERO. For the future, we expect the current growth
dynamic to continue', says ZHANG Yu, the founder and CEO.
Outlook
The Chinese retail market is expected to expand over the foreseeable
future, driven by improving economic conditions, population growth and
increased consumption. KINGHERO Group plans to further enhance its unique
brand value for casual wear by expanding into accessories and the business
segment. The Group also plans to take full advantage of the growth of the
domestic consumption in China by rolling out more flagship stores and
further expanding its distribution network. Strengthened by the successful
public float of the Group's shares, the Group expects to deepen nationwide
presence, support new customer growth and enhance product development.
About KINGHERO AG
KINGHERO AG is the German Holding Company of the KINGHERO Group of
companies, mainly active in the Peoples Republic of China (PRC). The Group
is a strongly growing apparel manufacturer and designer, featuring a
leading Chinese fashion brand for the strongly growing urban middle class
in China. The key to the Company's success is a high fashion degree with a
European 'touch and feel' as well as an upscale quality. The high speed of
the design and marketing of new collections ensures a fit to the changing
demands of the growing urban middle class in China. Being in this business
for more than 25 years, the group and its 896 employees produce attire for
all seasons under the KINGHERO brand. The product portfolio includes suits,
jackets, shirts, pants, sweaters for men and women and is divided into a
business casual range and a general casual range.
* The revenues are the combined revenues of all subsidiaries of the
KINGHERO AG for Q1 and the consolidated revenues of the KINGHERO Group for
Q2. Compare the half year report on the company's website for additional
details.
Disclaimer
This publication is not an offer of any securities for sale or a
solicitation of an offer to purchase any securities. The shares have been
sold.
This document is not an offer of securities for sale or a solicitation of
an offer to purchase securities in the United States. The shares of
KINGHERO AG (the 'Shares') have not been registered under the U.S.
Securities Act of 1933, as amended (the 'Securities Act') and may not be
offered or sold in the United States unless registered under the Securities
Act or pursuant to an exemption from such registration. There will be no
public offering of the Shares in the United States and the Shares will not
be registered under the Securities Act.
This document is only being distributed to and is only directed at (i)
persons who are outside the United Kingdom or (ii) to investment
professionals falling within Article 19(5) of the Financial Services and
Markets Act 2000 (Financial Promotion) Order 2005 (the 'Order') or (iii)
high net worth entities, and other persons to whom it may lawfully be
communicated, falling within Article 49(2)(a) to (d) of the Order (all such
persons together being referred to as 'relevant persons'). The Shares are
only available to, and any invitation, offer or agreement to subscribe,
purchase or otherwise acquire such securities will be engaged in only with,
relevant persons. Any person who is not a relevant person should not act or
rely on this document or any of its contents.
Kirchhoff Consult AG
Verena Rauch
Phone: +49 (0)40 60 91 86 0
verena.rauch(at)kirchhoff.de
KINGHERO AG
Montenstr. 11
80639 Munich
Germany
Phone: +49 (0)89 12 71 13 29
xiaoping.zhao-moll(at)kinghero.de
30.09.2010 08:49 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------------
Language: English
Company: KINGHERO AG
Montenstr. 11
80639 München
Deutschland
Phone: 089 - 127 11 329
Fax: 089 - 127 11 313
E-mail: contact(at)kinghero.de
Internet: www.kinghero.de
ISIN: DE000A0XFMW8
WKN: A0XFMW
Listed: Freiverkehr in Hamburg, Düsseldorf, Stuttgart; Open Market
(Entry Standard) in Frankfurt
End of Announcement DGAP News-Service
---------------------------------------------------------------------------
Datum: 30.09.2010 - 08:49 Uhr
Sprache: Deutsch
News-ID 32280
Anzahl Zeichen: 0
contact information:
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 216 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"DGAP-News: KINGHERO AG posts strong earnings"
steht unter der journalistisch-redaktionellen Verantwortung von
KINGHERO AG (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
