China Wood Optimization (Holding) Limited has announced its FY2016 interim results. The Group’s businesses continued to show rapid growth during the period and its net profit surged nearly 50% year-on-year.
For the six months ended 30 June 2016, the Group’s revenue increased by approximately 22.5% year-on-year to about RMB 294.3 million ($37.9 million), mainly attributable to the rise in revenue of less-shaved processed wood panels.
During the period, there was a general increase in the average selling price (ASP) across all product segments of the Group, with the ASP of less-shaved processed wood panels increasing by around 2.5% to about RMB 3,421 ($0.44) per cubic meter, boosting the Group’s overall gross profit margin by 2.8 percentage points to 25.7%.
Accordingly, profit from operations soared 65.9% year-on-year to RMB 50.6 million ($6.5 million) and profit attributable to equity shareholders grew by about 49.8% to approximately RMB 36.7 million ($4.7 million).
Ms. Yim Tsun, Chairman of China Wood Optimization, said, “The Group’s business has continued to grow steadily in the first half of 2016, recording a year-on-year increase in revenue, gross profit margin and net profit. Looking ahead, we intend to continue to increase production capacity, extend the application spectrum and improve the quality of our products. We will also hire more research and development specialists to strengthen
our expertise and know-how for product development, while expanding sales volume through leveraging our sales offices and the Huai’an Factory. These initiatives will help us further promote the application of processed wood products, in particular the less-shaved processed wood panels, in the PRC.”
China Wood Optimization (Holding) Limited is an advanced new technology group engaged in processing, manufacturing and sales of wood products.