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Kingold Jewelry Raises FY Guidance

Revenue +134%, Profit +95%
Aug 12, 2011 2:54 PM   By Jeff Miller
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RAPAPORT... Kingold Jewelry Inc.  increased its fiscal-year guidance to a range of  $800 million and $850 million  from earlier guidance of  $720 million and $780 million. The manufacturer, which operates in China, raised its net income guidance by $2 million to a range of $32 million and $34 million.

In a statement, Kingold Jewelry's outlook  assumes relatively stable gold prices for the remainder of the year, no additional capital expenses in 2011, and meaningful contribution from its new line of investment-oriented gold products in the second half of 2011.   

The company reported its second-quarter results earlier this week for the three months that ended on June 30, 2011. Revenue jumped 134 percent to $252.1 million and cost of sales rose 138 percent to $239.3 million. Profit increased 95 percent to $8.79 million.

Zhihong Jia, Kingold's chairman, said, ''This quarter, we continued to achieve robust organic revenue and earnings growth, while working closely with our financial institution clients to conduct successful trials of our investment-oriented gold line, for which we anticipate a strong revenue ramp up in the second half of 2011. During the quarter we also significantly expanded our geographic coverage of China with the launch of distribution hubs in Shenzhen and Beijing.

"Finally, we continue to see healthy demand for our traditional jewelry products and above average performance from our premium branded Mgold jewelry line, reinforcing our optimism for the seasonally strong second half of 2011."

Tags: China, Jeff Miller, jewellery, kingold
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