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| Thursday, 23 January 2014, 08:00 HKT/SGT | |
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HONG KONG, Jan 23, 2014 - (ACN Newswire) - Merry Garden Holdings Limited ("Merry Garden" or the "Company"; stock code:1237.HK) is pleased to announce that a gain has been recognised by Zhangping Kimura, a wholly owned subsidiary of the Company, for the year ended 31 December 2013 in relation to the consideration received from Zhangping Land Reserve Centre for the Land Resumption, and accordingly, it is expected that the net profit of the Company and its subsidiaries (collectively, the "Group") for the year ended 31 December 2013, would record a significant increase as compared with the net profit for the corresponding period of the previous year.
As of 31 December 2013, the production facilities of Merry Garden on Zone B of the Land located at Fushan Industrial Zone, East Waihuan Road, Jingcheng Jiedao, Zhangping, have already been relocated to a new land located at Hechun Village and Heping Village, Heping Town, Zhangping City (the "New Land"), this enable a more efficient and reasonable deployment and management of resources and production facilities, and also enabled the production costs to be controlled more effectively. Nevertheless, other additional production facilities of the Group on the New Land have been in full operation since December 2013. Together with the production facilities that had already been relocated from Zone B, they will significantly increase the Group's overall production capabilities and give great momentum to the continual growth of the Group's business and revenue.
Merry Garden's comprehensive utilization rate of raw materials has been enhanced through consolidating production facilities, which is beneficial to the recycling of production residuals such as sawdust. A biomass fuel production line has been built recently and is expected to commence production this month, with a objective to achieving a 100% utilization rate during the wood production process and enhancing economic efficiency.
As China's economy shifts from being investment-led to becoming consumption-driven, the Group will maintain the stable growth of business and at the same time actively expand its network of domestic sales (currently 19 self-operated stores in operation) in the future, seizing the business opportunities in China's leisure tourism industry. As for the overseas market, benefiting from the recovery of the U.S. economy, the property market would continue to recover and Merry Garden would continue to maintain and expand its overseas sales network, pushing ahead with the development of own-brand products of Merry Garden. Also, the Group will step up consolidating and optimizing resources in line with the direction of market development. It will sharpen up its overall competitiveness and continue to make strides in establishing Merry Garden as the most influential brand in the industry.
About Merry Garden Holdings Limited
Merry Garden Holdings Limited ("Merry Garden" or the "Company"; stock code: 1237.HK) is a fast-growing wooden leisure product enterprise in the PRC. The Group designs and manufactures a wide product range of leisure household products including recreational, landscape & garden products, outdoor & indoor furniture and pet-home designs, together with timber villas, sheds, and their related parts and structures. The Company introduced its "Merry Garden" own-branded products to the PRC market in 2010. Merry Garden is a company possessed with high and new technologies and sources wood supplies from all around the world. The Company has obtained accreditations from the Forest Stewardship Council (FSC) and the Programme for the Endorsement of Forest Certification Scheme (PEFC). Established with postdoctoral research centres and provincial enterprise technology centres, it is an industry leader in terms of scientific innovation in wood protection and modification, enhancement of comprehensive production utilization rate and value adding measures as well as original designs. It has participated in the drafting and formulating of 3 sets of national standards and 3 sets of industry standards. It owned 87 registered patents, 8 of which are on its core technology. Merry Garden captures vast markets both at home and abroad. With 19 years of experience of international business operation, it has maintained sound long-term cooperation relationships with major supermarket chains and well-known brand operators in more than 30 foreign countries.
Topic: Press release summary
Sectors: Daily Finance, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
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