SYS-CON MEDIA Authors: AppDynamics Blog, Skytap Blog, Carmen Gonzalez, Pat Romanski, Kevin Jackson

News Feed Item

Grand Power Logistics Reports Financial Results for the Year of 2013

CALGARY, ALBERTA and HONG KONG, CHINA -- (Marketwired) -- 04/30/14 -- Grand Power Logistics Group Inc. ("Grand Power" or the "Corporation") (TSX VENTURE: GPW), a leading international logistics provider based in Hong Kong, today announced its consolidated financial results for the year ended December 31, 2013. All amounts are expressed in the US dollar (US$) except where noted.

Selected 2013 Financial Highlights


----------------------------------------------------------------------------
(in thousands except per share or % data)      FY 2013     FY 2012    Change
----------------------------------------------------------------------------
Revenue                                    $    62,534 $    61,336    +1.95%
Gross profits                              $     4,665 $     4,667    -0.05%
Gross margins                                    7.46%       7.61%    -0.15%
Net profit (loss) for the period           $     1,512 $       689  +119.66%
Net profit (loss) (owners of the
 Corporation)                              $     1,488 $       718  +107.28%
Earnings (loss) per share                  $     0.020 $     0.010   +$0.010
----------------------------------------------------------------------------
                                              Dec. 31,    Dec. 31,
                                                  2013        2012    Change
----------------------------------------------------------------------------
Total assets                               $    31,638 $    27,480   +15.13%
Working capital                            $     2,908 $     2,362   +23.13%
Total liabilities                          $    19,330 $    16,750   +15.41%
Shareholders' Equity (owners of
 Corporation)                              $    12,141 $    10,590   +14.65%
----------------------------------------------------------------------------

"The company's sales revenue in 2013 increased slightly in comparison to that of 2012 as the company focused primarily in its existing markets. The sales revenue in the year increased by 1.95% to $62,533,671 compared to $61,336,069 in 2012. In 2013, the company had a net profit of $1,512,444 compared to a net profit of $688,529 for 2012," said Mr. Ricky Chiu, President and CEO of Grand Power. "During the year, the company experienced a significant gain in the value of its real estate holdings and captured a portion of this gain in the first quarter of 2014."

2013 Financial Results

Sales revenue for the year ended December 31, 2013 increased by $1,197,602 (1.95%) to $62,533,671 from $61,336,069 in 2012. The sales revenue for the year remained at approximately the same level as last year as the Company focused in its existing markets after experienced significant growth in 2012.

Gross profit for the year ended December 31, 2013 decreased by 0.05% to $4,665,301 compared to $4,667,428 in 2012, and gross profit margin remained relatively stable with a gross profit margin of 7.46% for 2013 compared to 7.61% for 2012.

Operating expenses for the year ended December 31, 2013 increased by 17.88% to $5,574,240 compared to $4,728,755 in 2012. The increase in operating expenses was primarily due to the increase in development expense as the Company expanded its operating team in China.

The net profit for the year ended December 31, 2013 was $1,512,444 compared to $688,529 in 2012. The net profit attributable to the owners of the Corporation for the year ended December 31, 2013 was $1,487,768 compared to $717,759 in 2012. The increase in net profit was primarily due to the increase of non-operating income, particularly on the gain on share dilution in associate company.

For the year ended December 31, 2013, the Company generated $55,655,242 (89.0%) of its revenue from its traditional co-loading air freight business, $2,607,480 (4.2%) of revenue from its direct sales air freight business and $4,270,948 (6.8%) of revenue from its ocean freight business. During the corresponding period of 2012, the Corporation generated $53,076,370 (86.5%) of its revenue from its traditional co-loading air freight business, $5,303,827 (8.6%) of revenue from its direct sales air freight business and $2,955,872 (4.8%) of revenue from its ocean freight business.

Hong Kong is still the Corporation's largest operating centre in 2013, generating $53,144,424 (85.0%) of the Company's total revenue whereas China and other regions accounted for $7,252,466 (11.6%) and $2,136,782 (3.4%) respectively. For the corresponding period in 2012, Hong Kong, China and other regions accounted for $48,129,942 (78.5%), $11,654,007 (19.0%), and $1,552,120 (2.5%), respectively, of the Corporation's total revenue.

Tonnage shipped decreased by 2,248 tonnes (8.27%) to 24,936 tonnes for the year ended December 31, 2013 compared to 27,184 tonnes in 2012.

Outlook

"With the substantial gain in the value of its real estate holdings in 2013, the company is now evaluating the potential of diversifying its business into other sectors with higher potential for growth and capital appreciation while maintaining its core logistics business," said Ricky Chiu, President and CEO of Grand Power. "With our strong financial position and exciting opportunities available for growth and expansion, we look forward to the year ahead. We believe that the company is poised to advance to new levels in its business development."

About Grand Power Logistics Group Inc.

Grand Power operates principally through its wholly owned Hong Kong based subsidiary, Grand Power Express International Limited (GP Express), and provides air-freight forwarding and sea-freight services, customs brokerage, logistics, warehousing and distribution, as well as other value added services. GP Express has established operations in various regions, particularly in the Greater Pearl River Delta (GPRD), China's largest economic region. GP Express' Subsidiaries or Branch Offices in this region are located in Macau, Shenzhen and Guangzhou. GP Express also operates in other regions through Subsidiaries and Branch Offices or Supporting Offices in Shanghai, Beijing, Tianjin and Xiamen. For more information, please visit http://www.grandpowerlogistics.com .

Forward-looking Information

Statements included in this press release that are not historical facts may be considered "forward looking statements." All estimates and statements that describe the Company's objectives, goals or future plans are forward looking statements. Forward-looking statements involve inherent risks and uncertainties where actual results could differ materially from those currently anticipated.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Datapipe has acquired GoGrid, a provider of multi-cloud solutions for Big Data deployments. GoGrid’s proprietary orchestration and automation technologies provide 1-Button deployment for Big Data solutions that speed creation and results of new cloud projects. “GoGrid has made it easy for companies to stand up Big Data solutions quickly,” said Robb Allen, CEO, Datapipe. “Datapipe customers will achieve significant value from the speed at which we can now create new Big Data projects in the clou...
“DevOps is really about the business. The business is under pressure today, competitively in the marketplace to respond to the expectations of the customer. The business is driving IT and the problem is that IT isn't responding fast enough," explained Mark Levy, Senior Product Marketing Manager at Serena Software, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
“The year of the cloud – we have no idea when it's really happening but we think it's happening now. For those technology providers like Zentera that are helping enterprises move to the cloud - it's been fun to watch," noted Mike Loftus, VP Product Management and Marketing at Zentera Systems, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Code Halos - aka "digital fingerprints" - are the key organizing principle to understand a) how dumb things become smart and b) how to monetize this dynamic. In his session at @ThingsExpo, Robert Brown, AVP, Center for the Future of Work at Cognizant Technology Solutions, outlined research, analysis and recommendations from his recently published book on this phenomena on the way leading edge organizations like GE and Disney are unlocking the Internet of Things opportunity and what steps your o...
The Industrial Internet revolution is now underway, enabled by connected machines and billions of devices that communicate and collaborate. The massive amounts of Big Data requiring real-time analysis is flooding legacy IT systems and giving way to cloud environments that can handle the unpredictable workloads. Yet many barriers remain until we can fully realize the opportunities and benefits from the convergence of machines and devices with Big Data and the cloud, including interoperability, ...
In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect at GE, and Ibrahim Gokcen, who leads GE's advanced IoT analytics, focused on the Internet of Things / Industrial Internet and how to make it operational for business end-users. Learn about the challenges posed by machine and sensor data and how to marry it with enterprise data. They also discussed the tips and tricks to provide the Industrial Internet as an end-user consumable service using Big Data Analytics and Industrial C...
SYS-CON Media announced that Splunk, a provider of the leading software platform for real-time Operational Intelligence, has launched an ad campaign on Big Data Journal. Splunk software and cloud services enable organizations to search, monitor, analyze and visualize machine-generated big data coming from websites, applications, servers, networks, sensors and mobile devices. The ads focus on delivering ROI - how improved uptime delivered $6M in annual ROI, improving customer operations by minin...
Today’s enterprise is being driven by disruptive competitive and human capital requirements to provide enterprise application access through not only desktops, but also mobile devices. To retrofit existing programs across all these devices using traditional programming methods is very costly and time consuming – often prohibitively so. In his session at @ThingsExpo, Jesse Shiah, CEO, President, and Co-Founder of AgilePoint Inc., discussed how you can create applications that run on all mobile ...
“This win means a great deal to us because it is decided by the readers – the people who understand how use of our technology enables new insights that drive the business,” said Matt Davies, senior director, EMEA marketing, Splunk. “Splunk Enterprise enables organizations to improve service levels, reduce operations costs, mitigate security risks, enhance DevOps collaboration, create new product and service offerings and obtain deeper insight into customer behavior. Being named Best Business App...
SYS-CON Media announced today that PagerDuty has launched a popular blog feed on DevOps Journal. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. DevOps Journal brings valuable information to DevOps professionals who are transforming the way enterprise IT is done.
Things are being built upon cloud foundations to transform organizations. This CEO Power Panel at 15th Cloud Expo, moderated by Roger Strukhoff, Cloud Expo and @ThingsExpo conference chair, addressed the big issues involving these technologies and, more important, the results they will achieve. Rodney Rogers, chairman and CEO of Virtustream; Brendan O'Brien, co-founder of Aria Systems, Bart Copeland, president and CEO of ActiveState Software; Jim Cowie, chief scientist at Dyn; Dave Wagstaff, VP ...
SYS-CON Events announced today that CodeFutures, a leading supplier of database performance tools, has been named a “Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. CodeFutures is an independent software vendor focused on providing tools that deliver database performance tools that increase productivity during database development and increase database performance and scalability during production.
SYS-CON Events announced today Isomorphic Software, the global leader in high-end, web-based business applications, will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Isomorphic Software is the global leader in high-end, web-based business applications. We develop, market, and support the SmartClient & Smart GWT HTML5/Ajax platform, combining the productivity and performance of traditional desktop software ...
SYS-CON Events announced today that ActiveState, the leading independent Cloud Foundry and Docker-based PaaS provider, has been named “Silver Sponsor” of SYS-CON's DevOps Summit New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. ActiveState believes that enterprises gain a competitive advantage when they are able to quickly create, deploy and efficiently manage software solutions that immediately create business value, but they face many challenges that ...
Companies today struggle to manage the types and volume of data their customers and employees generate and use every day. With billions of requests daily, operational consistency can be elusive. In his session at Big Data Expo, Dave McCrory, CTO at Basho Technologies, will explore how a distributed systems solution, such as NoSQL, can give organizations the consistency and availability necessary to succeed with on-demand data, offering high availability at massive scale.