Kingold 2Q Revenue, Profits Soar



Kingold, a Chinese
manufacturer and designer of 24k gold jewelry and ornaments,
announced Aug. 10 that revenues for the second quarter of 2011 totaled $252.1
million, a 134 percent increase from 2010.

Some highlights from Kingold’s second quarter financial
statement (ended June 30):

  • 2Q revenue: $252.1 million, up 134%
  • 2Q gross profit: $12.5 million, up 78%
  • 2Q net income attributable to common stockholders: $8.4
    million, 95%
  • First
    half of 2011 revenue:
    $409.8 million, up 143 percent
  • First
    half of 2011 gross profit:
    $21.4 million, 65 percent
  • First
    half of 2011 net income attributable to common stockholders: $13.7 million, up 66%

The company also opened a new showroom and distribution
center in Shenzhen in April, and in Beijing in May that will serve as its
primary distribution hub in Northern China. 

“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” said Zhihong Jia, Kingold’s chairman and CEO, in a statement.