DGAP-News: Asian Bamboo reports strong Q1-Q3 earnings
(firmenpresse) - Asian Bamboo AG / Key word(s): Quarter Results
12.11.2010 06:00
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Hamburg, 12 November 2010 - Asian Bamboo AG ('Asian Bamboo', 'the Company',
ISIN: DE000A0M6M79, ticker symbol: '5AB', ADR ticker symbol 'ASIBY'), a
world-leading integrated bamboo company, is pleased to announce strong
Q1-Q3 earnings.
The performance in Q3 was negatively affected by the rainstorms, which hit
Fujian Province and the southern parts of China in June. While the
plantations remained intact, the flooding temporarily paralysed transport
networks and disrupted industrial activity, leading many factories to
suspend production for a period of time. In this context the Management
Board is pleased with the performance in Q3. Excluding non-recurrent items,
and in rounded up numbers, revenue was slightly down by EUR 0.7 million
(4%) to EUR 14.3 million (2009: EUR 14.9 million) and the gross profit
margin was 35% (2009: 46%) during the quarter. The adjusted net profit
decreased by EUR 2.2 million to EUR 5.8 million (2009: EUR 8.1 million) and
the adjusted net profit margin was 41% (2009: 54%).
In Q3, the Company leased 6,960 ha of plantations, which takes the total
plantation size leased year-to-date to 16,075 ha. In addition, the
Management Board launched three key projects; bamboo trading centre, new
processing plants for bamboo shoots and bamboo fibre production, which are
explained in more detail in separate press releases.
Year-to-date the numbers remain solid. Excluding non-recurrent items, the
Company recorded the following year-on-year performance:
* Revenue: up by EUR 12.2 million (30%) to EUR 52.9 million (2009: EUR 40.7
million)
* Gross profit margin: one percentage point lower at 47% (2009:48%)
* Adjusted net profit: up by EUR 6 million (29%) to EUR 26.9 million (2009:
EUR 20.9 million)
* Adjusted net profit margin: unchanged at 51% (2009: 51%)
* Cash balance: EUR 56.6 million
The solid increase in revenue and adjusted net profit was the result of the
additional income derived from a larger plantation size, increased sales to
our partner companies and price inflation.
Lin Zuojun, CEO and founder of Asian Bamboo, commented: 'We expect sales
and profits to improve in the fourth quarter as industrial activity and
demand for bamboo trees gradually return to normal. However taking the
recent weakness of the RMB versus the EUR into account, and to be on the
conservative side, we are reversing our guidance back to the estimate at
the beginning of the year of revenues of more than EUR 75 million and an
adjusted net profit margin, excluding non-recurrent items, of at least 45%.
The Management Board and Supervisory Board will propose a dividend for FY
2010 of EUR 36 cents to be confirmed by the AGM and paid in 2011.
For 2011 the outlook remains very positive. We expect to start harvesting
from at least an additional 17,000 ha of plantations from now until the end
of next year. In addition, the fibre processing business is expected to
start generating revenue in the second half of the year.'
For enquiries, please contact:
Asian Bamboo AG:
Peter Sjovall +852-9385 3868
Chief Financial Officer
Anja Holst +49-(0)40 37644 798
Investor Relations Manager
12.11.2010 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,
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Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Asian Bamboo AG
Stadthausbrücke 1-3
20355 Hamburg
Deutschland
Phone: +49 40 37644 798
Fax: +49 40 37644 500
E-mail: info(at)asian-bamboo.de
Internet: www.asian-bamboo.de
ISIN: DE000A0M6M79, DE000A0M6M79
WKN: A0M6M7, A0M6M7
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in München, Berlin, Düsseldorf, Stuttgart
End of Announcement DGAP News-Service
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Datum: 12.11.2010 - 06:00 Uhr
Sprache: Deutsch
News-ID 32576
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Kategorie:
Business News
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