NVC suffered a net profit of 84% in the first half of the year
On August 28, NVC Lighting released the 2012 semi-annual report. During the reporting period, NVC Lighting's revenue was US$256 million, down 4.1% year-on-year; net profit fell sharply by 83.7% to US$6.468 million; gross profit was US$57.57 million, down 18.1% year-on-year; basic earnings per share was 0.20 US cents per share. .
Among them, in the first half of 2012, NVC lighting products revenue was US$126 million, gross profit was US$30.28 million; light source product revenue was US$109 million, gross profit was US$23.91 million; lighting electrical products revenue was US$20.52 million, and gross profit was 338. Ten thousand U.S. dollars.
However, in the performance report, Wu Changjiang’s latest destination has not been explained. In the list of report executives, Wu Changjiang’s name did not appear. Only NVC’s sales in China fell by 17.4% compared with the same period. It was related to Wu Changjiang’s resignation as chairman and chief executive officer, and the slowdown in domestic economic growth.
The market once spread. Yesterday, NVC held a board meeting to discuss the issue of Wu Changjiang's return to the DPRK. As of the deadline, the company has not disclosed any further relevant information. The company only pointed out in the interim results report issued last night that Wu Changjiang's resignation incident affected the company's production and operation, and there was a strike and order suspension. The company will pay close attention to the development of such events and make timely announcements.
However, whether the performance of NVC's sharp retreat in the first half of the year can be stabilized, Wu Changjiang's return to the DPRK is the key. After Wu Changjiang left the company, 36 exclusive regional dealers suspended orders from the company, dragging down the domestic market's turnover in the first half of the year by 14.7%. Although the overseas market still has more than 30% growth, it still fails to make up for the overall turnover and still recorded a retrogression.
At the same time, the company's two factories in Chongqing Wanzhou and Huizhou, Guangdong, as well as the Chongqing office, also had employee strikes. In the first half of the year, due to rising labor costs and a decline in capacity utilization, gross profit margin fell 3.8 percentage points to 22.5%.
During the period, the management expenses also increased by more than 90%, mainly due to the company's provision for bad debts for some of the receivables and prepayments, reaching US$9.884 million. Among them, the accounts receivable of related persons with Wu Changjiang accounted for US$7.854 million. As of the end of June, the inventory turnover days increased by 31.5 days to 106.5 days, but the cash level remained stable, with cash holdings of $153 million, an increase of $6.202 million from the end of last year.
Among them, in the first half of 2012, NVC lighting products revenue was US$126 million, gross profit was US$30.28 million; light source product revenue was US$109 million, gross profit was US$23.91 million; lighting electrical products revenue was US$20.52 million, and gross profit was 338. Ten thousand U.S. dollars.
However, in the performance report, Wu Changjiang’s latest destination has not been explained. In the list of report executives, Wu Changjiang’s name did not appear. Only NVC’s sales in China fell by 17.4% compared with the same period. It was related to Wu Changjiang’s resignation as chairman and chief executive officer, and the slowdown in domestic economic growth.
The market once spread. Yesterday, NVC held a board meeting to discuss the issue of Wu Changjiang's return to the DPRK. As of the deadline, the company has not disclosed any further relevant information. The company only pointed out in the interim results report issued last night that Wu Changjiang's resignation incident affected the company's production and operation, and there was a strike and order suspension. The company will pay close attention to the development of such events and make timely announcements.
However, whether the performance of NVC's sharp retreat in the first half of the year can be stabilized, Wu Changjiang's return to the DPRK is the key. After Wu Changjiang left the company, 36 exclusive regional dealers suspended orders from the company, dragging down the domestic market's turnover in the first half of the year by 14.7%. Although the overseas market still has more than 30% growth, it still fails to make up for the overall turnover and still recorded a retrogression.
At the same time, the company's two factories in Chongqing Wanzhou and Huizhou, Guangdong, as well as the Chongqing office, also had employee strikes. In the first half of the year, due to rising labor costs and a decline in capacity utilization, gross profit margin fell 3.8 percentage points to 22.5%.
During the period, the management expenses also increased by more than 90%, mainly due to the company's provision for bad debts for some of the receivables and prepayments, reaching US$9.884 million. Among them, the accounts receivable of related persons with Wu Changjiang accounted for US$7.854 million. As of the end of June, the inventory turnover days increased by 31.5 days to 106.5 days, but the cash level remained stable, with cash holdings of $153 million, an increase of $6.202 million from the end of last year.
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