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- Further promote the cemetery business in the Yangtze River Delta region
- Create new O2O business models for China's funeral industry |
HONG KONG, June 29, 2014 - (ACN Newswire) - Anxian Yuan China Holdings Limited ("Anxian Yuan China" or "the Group;" stock code:0922), a leading cemetery developer and funeral service operator in Zhejiang and China, today announced its audited consolidated annual results for the 12 months ended 31 March 2014 ("year under review").
For the year under review, the Group's revenue amounted to approximately HK$157.3 million (2013/2014: HK$127.4 million). Gross profit reached HK$62.63 million (2013/2014: HK$69.63 million), while gross margin remained at a high level of 39.82%. During the year under review, the Group has made a series of adjustments to its business and operations and successfully achieved the goal of profit turnaround set in early 2013. Profit attributable to owners of the Company reached HK$5.72 million (2013/2014: loss of HK$20,09 million). Basic and diluted earnings per share were HK$0.09 cents.
According to National Bureau of Statistics of China, in February 2013, the population of mainland China exceeded 1.37 billion, of which the number of people 60 years of age and above was about 193 million. Thus, the demand of the funeral industry is set to be particularly large. As a leading supplier and operator of cemeteries and funeral-related services, the Group has strategically adjusted its business position and structure. This is the first stage in realizing the Board's objectives. During the year under review, the Group's revenue was entirely generated from the cemetery business, with 1,125 tombs sold (2013/2014:1,144).
Mr Shi Jun, Chairman and Chief Executive Officer of Anxian Yuan China, said, "The past year is the first financial year of Anxian Yuan China after we have invested in a 98.38% stake of Zhejiang Anxian Yuan. As the first listed company on the Main Board of the Stock Exchange of Hong Kong which is primarily engaged in cemetery services in China, through the investment the Group has introduced physical assets, sophisticated operations and an experienced management team into Zhejiang Anxian Yuan. The Group has operated beautifully-landscaped and culturally-decorated cemetery gardens as its core business and has resolved to improve the product and services quality with the aim set in early 2013 to achieve a business turnaround. We are highly confident that the Group can continue to operate profitably in the future."
Since its establishment, Hangzhou Anxian Yuan has focused on cemetery development and operations, including operating and managing cemeteries, and providing burial and funeral services, cremation and columbaria along with selling funeral-related products. Anxian Yuan China occupies 647,715 square meters, among which 143,952 square meters has been developed as a cemetery including burial sites, a green zone and amenity areas.
During the year under review, the Group has actively developed a new business model for the cemetery and funeral services industry. Towards that end, it has established a wholly-owned subsidiary Anxian Yuan China (Shanghai) Cemeteries Investment Management Company Limited in the free trade zone in Shanghai and also set up branch offices in Beijing and Guizhou.
According to the Group's strategic planning, through its wholly-owned subsidiary in the free trade zone in Shanghai, the Group will develop its presence in medium and large cities with good market prospects and abundant project investment and service resources for cemetery projects. In addition, the Group will be able to implement a consistent standard in the management of human resources, finance and administration as well as its services through its centralised management of its China business management headquarters in Hangzhou, in order to effectively reduce the management cost through a unified management via internet.
In March 2014, Anxian Yuan China (Shanghai) Cemeteries Investment Management Company Limited, the Group's wholly-owned subsidiary, entered into a strategic investment and cooperation agreement with Shanghai Liontown Hospital Supportive Management Service Company Limited, ("Lion Town"), a company undertakes outsourcing of hospital logistics services in Jiangsu, Zhejiang, Shanghai and other key cities in China. The agreement can enhance the integration of the businesses of Lion Town and the Group, create synergies for funeral products and services and the cemetery business of the Group in Jiangsu, Zhejiang and Shanghai and lay a solid foundation for the rapid expansion of a one-stop funeral services package of Anxian Yuan in China.
Mr. Shi Jun concluded, "Funeral services truly reflect the culture of offering sacrifices to ancestors, as well as being a culture expenditure in memorial and inheritance. Therefore, to upgrade and refine funeral services with modern technology and to enhance customer experience is the mission of the Group and local funeral industry players, and their commitment to upholding tradition to future generations. In the year ahead, through our investment and integration of our business, we will strive to combine the business model of the traditional funeral industry and the modern internet and build an online business consultation platform and offline funeral products and services platform. The resulting user-friendly sophisticated internet technology also enabling cost controls can ultimately enable the Group to establish a brand new funeral services brand. The Group will strive its utmost in order to deliver better services as well as care and compassion to its customers and society and reward our investors and our shareholders for their support."
He further stressed, "We deeply believe that in the near future, the investment and management team of Anxian Yuan China, as well as our funeral services platform in the funeral industry of Greater China Region will present a brand new business model and set a new benchmark for Chinese funeral services."
Contact:
Strategic Financial Relations (China) Limited
Ms. Anita Cheung Tel: (852) 2864 4827 anita.cheung@sprg.com.hk
Ms. Nan Dong Tel: (852) 2864 4811 nan.dong@sprg.com.hk
Ms. Winnie Lau Tel: (852) 2864 4876 winnie.lau@sprg.com.hk
Ms. Melody Jin Tel: (852) 2114 4963 Melody.jin@sprg.com.hk
Topic: Press release summary
Source: Anxian Yuan China Holdings Limited
Sectors: Daily Finance, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
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