Kingold Jewelry, Inc. Reports Unaudited Consolidated Earnings and Operating Results for the Second Quarter and Six Months Ended June 30, 2018; Reiterates Operating Guidance for 2018
August 09, 2018 at 04:06 pm EDT
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Kingold Jewelry, Inc. reported unaudited consolidated earnings and operating results for the second quarter and six months ended June 30, 2018. For the quarter, net sales were $678,796,263 against $475,891,200 a year ago. Income from operations was $61,067,288 against $44,612,837 a year ago. Income from operations before taxes was $18,211,964 against $6,136,805 a year ago. Net income was $13,563,797 against $8,033,618 a year ago. Earnings per diluted share were $0.20 against $0.12 per basic and diluted share a year ago.
For six months, net sales were $1,218,320,318 against $768,155,277 a year ago. Income from operations was $122,645,574 against $57,856,355 a year ago. Income from operations before taxes was $36,049,371 against loss of $17,456,963 a year ago. Net income was $26,798,721 against loss of $13,272,201 a year ago. Earnings per diluted share were $0.40 against loss of $0.20 per basic and diluted share a year ago. Net cash provided by operating activities was $446,251,148 against cash used in operating activities of $257,032,435 a year ago. Purchases of property and equipment were $453,522 against $1,141,219 a year ago.
For the quarter, total Gold processed was 27.6 metric tons against 26 metric tons a year ago.
For six months, total Gold processed was 50.9 metric tons against 42.1 metric tons a year ago.
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 100 metric tons and 110 metric tons during 2018.
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 Operating Results for the Second Quarter and Six Months Ended June 30, 2018; Reiterates Operating Guidance for 2018