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Christine International Holdings Ltd Comments On FY 2012 Profit Guidance


Friday, 8 Feb 2013 03:52am EST 

Christine International Holdings Ltd announced that for fiscal 2012 the results the are expected to decrease significantly as compared to that for fiscal 2011. The Group’s annual results were mainly affected by an increase in expenses at the beginning of the second quarter of 2012 as a result of higher salaries which were paid in compliance with the revised requirements in minimum wages and social security regulations in Jiangsu, Zhejiang and Shanghai in China, in addition, constant increased rentals for old- and newly-opened-stores in various regions boosted sales expenses up; operating results of the Group’s old stores receded and the performance of newly opened stores fell below expectation due to weak domestic consumption and fiercer competition from diversified players in the baking industry, which led to lingeringly weak sales growth of individual stores in 2012 although overall operating income remained basically flat; an increase in sales expenses, including but not limited to salaries for new employees as well as additional costs for rental and reserve packaging materials, for newly opened stores as part of the rapid expansion of the Group’s business after the listing of the Group. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report revenues of CNY(17.20) million for fiscal 2012. 

Company Quote

0.48
0.0 +0.00%
27 Jan 2015