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Jade Art Group Full Year Financial Results

Jade Art Group, an exporter of raw jade from China, has announced decreased profits in the year to December 2009. The company transports the semi-precious stone for use in construction and high-end jewellery. The key figures were as follows:

  • Revenue of $25.3 million represents a 17% decrease from $30.5 million in 2008.
  • Gross profit was $20.6 million, compared to $25.3 million in 2008.
  • Income from continuing operations was $18.7 million, compared to $22.5 million in 2008.
  • Net income in 2009 was $13.2 million, compared to $15.4 million in 2008, excluding the gain in 2008 from discontinued operations of $55.4 million.
  • Fully diluted earnings per share decreased to $0.16 from $0.19, excluding the gain from discontinued operations of $0.69 in 2008.

However, decreased profits were broadly proportional to decreased revenues which the company blamed on the decrease in demand for luxury goods during the recession. Hua-Cai Song, Chief Executive Officer of the Company said the company was: “well positioned to take advantage of opportunities when economic conditions improve.”

 

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Business Desk
Editors and staff from the Business Desk at The Global Herald.

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