Symax Lift (Holding) Co., Ltd. 2011 First Quarter Financial Results
June 08 2011 - 9:20AM
Marketwired
Symax Lift Holding Co. Ltd. ("Symax" or the "Company") (TSX
VENTURE: SYL), a developer, manufacturer and servicer of elevators
and escalators globally with a manufacturing base in China, today
reported its financial results for the quarter ended March 31,
2011.
Sales increased to $3,255,000 for the quarter ended March 31,
2011 from $1,505,000 in the same quarter in 2010, a significant
increase of 116%. The increase was primarily driven by the
continued benefits of an standardized elevator model which is
specially suited to Chinese government funded housing development
projects and Chinese Tier 2 and Tier 3 city developments; as well
as the sales increase from overseas. This growth in sales
illustrates the growing opportunities in the Chinese elevator
market as government sponsored housing development projects
continue.
Gross profit increased to $817,000 for the quarter ended March
31, 2011 from $396,000 in the same quarter in 2010, a 107%
increase, consistent with the sales increase.
Selling, general and administrative expenses for the quarter
ended March 31, 2011 increased by 33% to $919,000 from $694,000 in
the same quarter in 2010, yet significantly decreased as a
percentage of sales to 28% from 46% in the same quarter in
2010.
Net loss for the quarter ended March 31, 2011 was $199,000
compared to net loss $394,000 in the same quarter of 2010, which
excluded the effect of gain of $58,000 on disposal of a subsidiary
recorded in January, 2010, an improvement of 49% due to the
aforementioned factors.
Cashflow from operations was an outflow of funds of $183,000
compared to an outflow of $1,060,000 in the same period ended March
31, 2010. This improvement was primarily as a result of decreases
in accounts receivable and inventories partially offset by decrease
to accounts payable.
"We are excited with our record year-over-year quarterly growth
of 116%, the largest quarterly increase in Symax history" noted
Xiaoyan (Sabrina) Zhang, Chief Executive Officer. "We look forward
to continuing substantial sales increase while containing costs to
deliver improved bottom line results for the remainder of the
year."
About Symax Lift (Holding) Co. Ltd.
Symax is in the business of the development, manufacturing, and
sale of elevators, as well as the provision of after-sales services
in China and worldwide. Symax's products and services are
classified into two separate offerings; a main line of standardized
products which include passenger elevators, goods/freight
elevators, villa elevators, panorama elevators, hospital elevators,
residential and commercial escalators and moving walkways; and
customized elevator products.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts: Symax Lift (Holding) Co. Ltd. Zu (Michael) Zheng +1
416-238-5001 michael.zheng@eternefinance.com Symax Lift (Holding)
Co. Ltd. Meng (Matty) Li +1 604-601-8224 meng.li@symax.ca