Jubilee Enterprise Public Company Limited Announces Audited Earnings Results for the Fourth Quarter and Year Ended December 31, 2016
February 22, 2017 at 02:53 am EST
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Jubilee Enterprise Public Company Limited announced audited earnings results for the fourth quarter and year ended December 31, 2016. For the year, the company reported net profit of THB 157,281,348.31 against THB 131,122,875.13 a year ago. The major reasons of the increase were mainly due to the improvement of the inventory management, particularly for the main raw material cost, and the management of sales mix in each product category efficiently, which reflected to an increase in the company's gross profit from THB 595.73 million in 2015 to THB 607.96 million in 2016, increased by THB 12.23 million or 2.05%, and also reflected to the improvement of gross profit margin from 40.5% to 44.06%; though the sales decreased from THB 1,487.50 million in 2015 to THB 1,380.00 million in 2016 of which due to the decreasing in same store sales of the company by 7.82% which affected by the delay of purchase from some segment of consumers in Bangkok and the suburbs. Basic earnings per share were THB 0.90 against THB 0.75 a year ago. Revenue from sales was THB 1,379,990,797.91 against THB 1,487,499,119.99 a year ago. Profit before income tax was THB 196,290,098.87 against THB 164,477,584.54 a year ago. Net cash provided by operating activities was THB 128,444,898.27 against THB 119,314,800.70 a year ago. Purchases of equipment were THB 9,607,941.14 against THB 21,138,704.32 a year ago. Purchase of intangible assets was THB 5,776,000.00 against THB 166,054.13 a year ago.
For the quarter, net profit increased THB 48.62 million, from the same period of the year 2015 by THB 2.43 million or 5.26%. The major reasons of the increase were mainly due to a decrease in selling and administrative expenses of THB 7.40 million, which resulted from a strictly control by the company in fourth quarter of 2016; offset by the decreasing of gross profit of THB 5.47 million, which resulted by a decreasing in same store sales by 8.18%. A decrease in same store sales was mainly due to the delay of purchase from some segment of consumers in October and November 2016 as affected by the important event in the country during such period. Due to the adaptation of sales strategies and economic stimulation by the government and the management of sales mix in each product category efficiently in December 2015, it led the net profit of fourth quarter of 2016 increased from the same period of prior year.
Jubilee Enterprise Public Company Limited is a Thailand-based company that is engaged in the retail and wholesale of jewelry. The Company is involved in manufacturing and distributing diamond jewelry, Carat Diamond, under the trademark Jubilee Diamond. The Companyâs collections include carats, luxury necklaces, diamond lines, weddings, and men's collections. It imports diamond raw materials from Belgium. The company has branches in Thailand with branches covering all regions nationwide. It distributes its products through its distribution channels in the form of diamond counters in department stores. It has approximately 130 branches. Its stores include Jubilee of Siam and Jubilee Diamond Outlet stores. Its Jubilee Diamond Outlet stores offers diamond jewelry, carat diamonds, and diamond necklace sets in more than 1,000 items.