GMG turnover for 2Q 2011 was $288.4 mil (47,409 tons sold) compared with $80.7mil for 2Q 2010 (19,069 tons sold).
For the six months ended 30 June 2011, turnover was $571.2mil with 92,856 tons sold compared with $288.4mil with 40,273 tons sold in the corresponding six months of 2010.
Increase in tonnage sold was due to (1) maiden contribution from the Group’s new subsidiary, Teck Bee Hang, (2) net increase in external purchases from its factories and (3) increase in trading tonnage.
However in its Hevecam plantation, the prolong heavy rainfalls had impacted production in the first six months ended 30 June 2011.
Gross profit for 2Q 2011 was $31.9 mil (GP margin 11.1%) compared with $17.4mil for 2Q 2010 (GP margin 21.5%).
For the six months ended 30 June 2011, gross profit was $73.9mil (GP margin 12.9%) compared with $39.3mil (GP margin 24.0%) in the corresponding six months of 2010.
The decrease in gross profit percentage was due to the increase in the Group’s tonnage sold from its processing facilities in 1H 2011 compared with 1H 2010. Rubber produced and sold from its plantation operations has a higher gross profit margin compared to rubber purchased from third parties for processing operations. The increase in sales revenue and tonnages sold in 1H 2011 over 1H 2010 was due to the 44,153 tons from its new subsidiariy, Teck Bee Hang, which currently has five processing factories.
For the six months ended 30 June 2011, turnover was $571.2mil with 92,856 tons sold compared with $288.4mil with 40,273 tons sold in the corresponding six months of 2010.
Increase in tonnage sold was due to (1) maiden contribution from the Group’s new subsidiary, Teck Bee Hang, (2) net increase in external purchases from its factories and (3) increase in trading tonnage.
However in its Hevecam plantation, the prolong heavy rainfalls had impacted production in the first six months ended 30 June 2011.
Gross profit for 2Q 2011 was $31.9 mil (GP margin 11.1%) compared with $17.4mil for 2Q 2010 (GP margin 21.5%).
For the six months ended 30 June 2011, gross profit was $73.9mil (GP margin 12.9%) compared with $39.3mil (GP margin 24.0%) in the corresponding six months of 2010.
The decrease in gross profit percentage was due to the increase in the Group’s tonnage sold from its processing facilities in 1H 2011 compared with 1H 2010. Rubber produced and sold from its plantation operations has a higher gross profit margin compared to rubber purchased from third parties for processing operations. The increase in sales revenue and tonnages sold in 1H 2011 over 1H 2010 was due to the 44,153 tons from its new subsidiariy, Teck Bee Hang, which currently has five processing factories.
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