Kingold Jewelry, Inc. Reports Unaudited Consolidated Earnings and Production Results for the First Quarter Ended March 31, 2019; Reiterates Production Guidance for the Year 2019
May 15, 2019 at 04:06 pm EDT
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Kingold Jewelry, Inc. reported unaudited consolidated earnings and production results for the first quarter ended March 31, 2019. For the quarter, the company reported net sales of $453,539,100 compared to $539,524,055 a year ago. Income from operations was $52,570,830 compared to $61,578,286 a year ago. Net income was $6,380,579 or $0.10 per basic and diluted share compared to $13,234,924 or $0.20 per basic and diluted share a year ago
For the quarter, the company processed a total of 22.0 metric tons of gold, of which branded production was 11.2 metric tons, representing 50.9% of total gold processed, and customized production was 10.8 metric tons, representing 49.1% of total gold processed in the first quarter of 2019. In the first quarter of 2018, the Company processed a total of 23.3 metric tons, of which branded production was 13.0 metric tons, or 55.8% of the total gold processed, and customized production was 10.3 metric tons, or 44.2% of total gold processed.
For the year 2019, the company based on its existing resources and capacity along with strong demand for 24-karat gold products in China, the company reiterates its expectation that gold processed will be between 110 metric tons and 120 metric tons during 2019.
Kingold Jewelry Inc designs and manufactures 24-karat gold jewelry and Chinese ornaments. The Company develops, promotes and sells a range of products to the jewelry market across the People's Republic of China (PRC). The Company offers a range of in-house designed products, including, but not limited to, gold necklaces, rings, earrings, bracelets and pendants. The Company also sells investment gold products through banks in China. The Company sells its products directly to distributors, retailers and other wholesalers, who then sell its products to consumers through retail counters located in both department stores and other traditional stand-alone jewelry stores.
Kingold Jewelry, Inc. Reports Unaudited Consolidated Earnings and Production Results for the First Quarter Ended March 31, 2019; Reiterates Production Guidance for the Year 2019