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.”