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| Thursday, 20 December 2012, 08:00 HKT/SGT | |
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HONG KONG, Dec 20, 2012 - (ACN Newswire) - The Board of Directors of Bolina Holding Co., Ltd. ("Bolina" or the "Company") and its subsidiaries (the "Group") hereby provides an update on the Company's performance in 2012:
Based on the latest preliminary management account of the Group and other relevant information, it is estimated that the revenue of the Group for 2012 will increase, as compared to the previous year, to no less than RMB780 million and as a result, the profits of the Group for 2012 will increase substantially. Other than the effort made by the management and staff of the Group, this profit increase is also attributable to several favourable factors. The Group has achieved a higher sales volume, compared to the previous year, as a result of continuing increase in the number of orders placed by the existing and new customers as well as the Points of Sale newly opened during the year. In addition, the Group also adopted various measures for purpose of saving cost.
In view of possible change of market environment in the PRC, the Company has adjusted the pace of expansion of third-party distributors points of sale by adopting a prudent approach. As of the date hereof, 129 new Points of Sale have been added to the third-party distribution network of the Group in the PRC, which is less than the expected increase of Points of Sale as disclosed in the prospectus dated 29 June 2012 issued by the Company.
Mr. Xiao Zhiyong, the Chairman of Bolina, says, "Based on the information currently available, the management of the Company finds the Company's performance in 2012 satisfactory. Looking ahead, the management of the Group is confident about the prospects of the Group. The Group will closely monitor the market changes and continue to increase the input for its production and continues to promote strategic innovation and improve production capacity. Based on the management philosophy of achieving excellent quality, attaching importance to environment protection and ensuring product quality and customer satisfaction, in reliance upon its strong research and development capabilities and outstanding product quality, and the Company will continue to make use of its advantages to grow rapidly to the leading sanitary ware brand in the PRC and achieve its goal of becoming the first-rate brand with its output ranking first as well in the PRC sanitary ware industry."
About Bolina Holding Co., Ltd.
Bolina Holding Co., Ltd. is one of the leading domestic ceramic sanitary ware players in the PRC and the Company's Bolina brand ranked second and fifth among domestic brands and all brands, respectively, in China's mid-to-high end ceramic sanitary ware market in terms of retail sales value in 2011. Bolina Holding is primarily engaged in the design, development, production, marketing and distribution of sanitary ware branded products marketed under its own brand in the PRC and under third parties' brands on an OEM and ODM basis to its international customers. Bolina Holding was one of the awardees for the Top 10 Bathroom Sanitary Ware Brand Names in China in 2010 and was designated as the 2008 Beijing Olympic Games Recommended Building Engineering Materials and Equipment due to its successful brand positioning and high quality products. Bolina was listed in Hong Kong in July 2012.
Topic: Press release summary
Sectors: Daily Finance
https://www.acnnewswire.com
From the Asia Corporate News Network
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