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Dynasty Fine Wines Group Ltd Comments On FY 2012 Profit Guidance

Monday, 4 Feb 2013 09:00am EST 

Dynasty Fine Wines Group Ltd announced that it expects to record a loss for fiscal 2012 as compared to an audited consolidated profit for fiscal 2011. Based on the preliminary review of the information currently available, such decrease is mainly attributable to: a decrease in sales volume compared to the previous year’s as a result of (1) the impact of reform on the Group’s sales and distribution model as disclosed in the Company’s 2012 interim report. The reform continues to progress on track but the pace of reform was slower than expected, especially in Zhejiang province and Shanghai city, and will take time to implement; and (2) weaker demand of domestic wine products amidst the underperformed economic environment in the People’s Republic of China and impact of imported wines and an increase in distribution costs as a percentage of revenue compared to the previous year’s because of continuous increase in investment in brand building, sales and marketing in order to ensure sustainable development of the Group and optimize the product mix. 

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