Kingold Jewelry, Inc. Announces Unaudited Consolidated Earnings and Production Results for First Quarter Ended March 31, 2017; Provides Production Guidance for the Year 2017
May 11, 2017 at 02:45 am IST
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Kingold Jewelry, Inc. announced unaudited consolidated earnings results for first quarter ended March 31, 2017. For the quarter, the company reported net sales of $292,264,077, income from operations of $13,243,518, loss from operations before taxes of $23,593,768, net loss attributable to company of $21,305,819 or basic and diluted per share of $0.32, net cash used in operating activities of $54,677,306, purchases of property and equipment of $506,991 compared to the net sales of $282,188,057, income from operations of $25,608,792.00, income from operations before taxes of $20,263,891.00, net income attributable to company of $15,198,410.00 or basic and diluted of $0.23, net cash used in operating activities of $148,016,197, purchases of property and equipment of $42,449 for the same quarter a year ago.
Based on its existing resources and capacity along with strong demand for 24-karat gold products in China, the company reiterates its expectation that gold processed will be between 70 metric tons and 80 metric tons during 2017.
For the quarter, the company processed a total of 16.0 metric tons of 24-karat gold products, increased 8.1% from 14.8 metric tons.
Kingold Jewelry Inc designs and manufactures 24-karat gold jewelry and Chinese ornaments. The Company develops, promotes and sells a range of products to the jewelry market across the People's Republic of China (PRC). The Company offers a range of in-house designed products, including, but not limited to, gold necklaces, rings, earrings, bracelets and pendants. The Company also sells investment gold products through banks in China. The Company sells its products directly to distributors, retailers and other wholesalers, who then sell its products to consumers through retail counters located in both department stores and other traditional stand-alone jewelry stores.
Kingold Jewelry, Inc. Announces Unaudited Consolidated Earnings and Production Results for First Quarter Ended March 31, 2017; Provides Production Guidance for the Year 2017