Man Sang Holdings Pearl Sales Fell 0.6%

Man Sang Holdings, Inc. said sales for the nine months ended Dec. 31, 2006, totaled HK$300.1 ($38.5 million), a decrease of 0.6 percent when compared to the same period of the prior year. The drop in sales was mainly due to a decline in demand of South Seas pearls, partly offset by an increase in sales of assembled pearl and jewelry finished products.

Net sales of assembled finished pearl and jewelry products increased 5.6 percent for the nine-month period. This accounted for 54.1 percent of total sales for the period, compared with 48.5 percent of sales for the prior nine-month period, the company said.

Sales of South Seas pearls declined 4.7 percent to 34.1 percent of total sales, the company said.

Gross profit for the nine-month period was approximately HK$83.4 million ($10.7 million), a 1.2 percent increase over the same period of the prior year. Gross profit margin rose 0.5 percent to 27.8 percent.

Net income for the period totaled HK$14 million ($1.8 million), including one-time gains from sales of securities and compensation expenses. This compares with a net gain of HK$11.2 million ($1.4 million) during the same period of the prior year.

The company also said it is investing in China Pearls and Jewellery City project in Zhuji, Zhejiang, in the People’s Republic of China that is expected to be completed by the end of the year.

“We will continue to adopt prudent measures on controlling costs and in the meantime, continue to emphasize active promotional and marketing efforts in order to further strengthen our market share,” said Cheng Chung Hing, Man Sang chairman.

Man Sang Holdings, Inc. and its subsidiaries (under the “Man Sang Group” name) are one of the largest purchasers and processors of Chinese cultured and freshwater pearls. The Hong Kong-based company, with offices in New York, operates the Man Sang Industrial City, and industrial complex located in Gong Ming Zhen Shenzhen Special Economic Zone.

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