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Grand Concord International Holdings Ltd Comments On H1 2013 Earnings Guidance


Friday, 19 Jul 2013 08:06am EDT 

Grand Concord International Holdings Ltd announced that the profit attributable to the Shareholders for the first half of 2013 is expected to decrease substantially as compared to the first half of 2012. The Board considers that the expected decrease in profit is principally due to the increase in cost of sales as a result of installation of new production equipment to improve the Group’s production capacity. As a portion of the Group’s revenue denominated in US dollars while substantial operating expenses are denominated in Renminbi, which is also the functional currency of the Group, the depreciation of US dollars against Renminbi adversely affected the profitability of the Group’s export products. The depreciation of US dollars and Japanese yen against Renminbi has also lowered the Group’s price competitiveness in major export markets in Japan and the United States. 

Company Quote

0.75
-0.01 -1.32%
27 Aug 2014