China's Laofengxiang Reported Profit Of CNY911 Million

Shanghai Laofengxiang Company, a Chinese jewelry brand established in 1848, has published its latest operating statistics, stating that its operating revenue for 2011 reached CNY21.126 billion; its total profit was CNY911 million; and its profit attributable to shareholders was CNY523 million.

According to the published information, by the end of 2011, Laofengxiang had developed 2,015 sales sites across China, including 139 owned stores and specialty counters; 621 franchised chain stores; and 1,255 other sales sites.

During the year 2011, its sales of major products such as emerald, bead, and jade reached CNY432 million, a year-on-year increase of 69.40%. For details, the sales of its emerald accessories were CNY356 million, a year-on-year increase of 71.15%; its sales of ivory and white jade products were CNY39.62 million, a year-on-year increase of 65.08%; and the sales of various silver accessories and gifts were CNY150 million.

During Laofengxiang's general meeting of shareholders, the company set operating goals for 2012, saying that it aims at the operating revenue of CNY22.553 billion, a year-on-year increase of 6.75%; it will realize total profit of CNY999 million, a year-on-year increase of 9.66%; and it will realize net profit of CNY566 million, a year-on-year increase of 8.22%.

In addition, the company's financial report showed that by 2011, its total assets were CNY7.277 billion, a year-on-year increase of 32.16%; its current assets were CNY6.206 billion, a year-on-year increase of 36.74%; and its accounts receivable were CNY295 million, a year-on-year increase of 40.83%.