Rapaport News



Rapaport Broadcast
Martin Rapaport’s Webinar on Estate Jewelry
October 30 2019

Advanced search
Latest Articles
Rough Markets
Polished Markets

Kingold's FY11 Sales +51%, Profit +44%

Fourth-Quarter Sales Weaken
Mar 27, 2012 10:47 AM   By Ricci Dipshan
Print Print Facebook Facebook Twitter Twitter Share Share
RAPAPORT... Fiscal-year sales for China-based Kingold Jewelry rose 51  percent year on year to $789 million, while cost of sales increased 52 percent to $747 million, for the period that ended on December 31. Net income attributable to shareholders jumped 44 percent to $26.2 million.

Despite reporting sales growth for the full year, Kingold Jewelry noted a weaker fourth-quarter as revenue dropped 9.8 percent year on year to $168.5 million and cost of sales dropped 8.6 percent to $161.3 million. Net income plunged 40 percent to $3.2 million. The company noted that the fourth quarter revenue was impacted by  lower prices of gold during the period. 

Zhihong Jia, the chairman of Kingold, said,  "We were pleased to report solid operating results in 2011. Our focus has been on improving all aspects of our operations, including creating more sophisticated designs of our 24-karat gold products, wider distribution, quality control, and building a diversified customer base.”

Jia concluded that even though the volatile gold market led to a drop in pricing at the  end of 2011,  the demand for gold and jewelry in China remained strong.
Tags: kingold, Mr. Zhihong Jia, Ricci Dipshan
Similar Articles
ABN Amro branch Capelle aan den IJsselABN Amro Restricts Rough-Sector Lending
Jul 15, 2019
ABN Amro has scaled back its financing of rough-diamondpurchases, citing...
India Differentiates Synthetics Imports
India Hikes Import Tax on Precious Metals
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First

Call Us: 1-702-893-9400
Member License Agreement   RapNet Trading Rules & Code of Conduct    Privacy Policy  
twitter twitter
About Rapaport
Advertise with us