×
315
Fashion Jobs
LOVISA
Regional Manager
Permanent ·
THE JUST GROUP
Office Administrator
Permanent · Auckland
ESTEE LAUDER
bb/cl/el/jm/lm/Mac/tf - Freelance Consultant - Auckland - on-Call/Freelance
Permanent · Auckland
H&M
Christmas Sales Advisor - Commercial Bay
Permanent · AUCKLAND
H&M
Christmas Sales Advisor - Sylvia Park
Permanent · AUCKLAND
H&M
Christmas Sales Advisor - New Market
Permanent · AUCKLAND
JACQUI E
Sales Assistant - Part Time - Jacqui e nz - Riccarton
Permanent · Christchurch
JUST JEANS
Sales Assistant - Part Time - Just Jeans nz - Botany
Permanent · Auckland
JUST JEANS
Sales Assistant - Part Time - Just Jeans nz - Botany
Permanent · Auckland
JAY JAYS
Assistant Store Manager - Jay Jays nz- Hamilton
Permanent · Waikato
JD SPORTS
3ic - Sylvia Park
Permanent · Auckland
JAY JAYS
Christmas Casual - Jay Jays nz - Porirua
Permanent · Wellington
JAY JAYS
Christmas Casual - Jay Jays nz - Lower Hutt
Permanent · Wellington
JUST JEANS
Christmas Casual - Just Jeans nz - Porirua
Permanent · WELLINGTON
JUST JEANS
Christmas Casual - Just Jeans nz - Lambton Quay
Permanent · Wellington
JUST JEANS
Christmas Casual - Just Jeans nz - Lower Hutt
Permanent · Wellington
JUST JEANS
Christmas Casual - Just Jeans nz - Napier
Permanent · Wellington
JUST JEANS
Christmas Casual - Just Jeans nz - Masterton
Permanent · Wellington
JUST JEANS
Sales Assistant - Casual - Just Jeans nz- Porirua
Permanent · Wellington
JUST JEANS
Sales Assistant - Part Time - Just Jeans nz - Porirua
Permanent · Wellington
JD SPORTS
Supervisor - New Store Opening - Hamilton
Permanent · Hamilton
JD SPORTS
Back of House Supervisor - New Store Opening - Hamilton
Permanent · Hamilton
By
Reuters
Published
Nov 14, 2008
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

China's Fuqi Q3 beats Street; ups '08 view, shares rise

By
Reuters
Published
Nov 14, 2008

* Fuqi Q3 EPS 31 cents beats Street by 5 cents

* Q3 sales up 159 pct driven by wholesale business

* Raises 2008 outlook fourth time this year

* Shares rise as much as 33 pct

Nov 14 (Reuters) - Chinese jewelry maker Fuqi International Inc posted better-than-expected quarterly results, driven by increase in the wholesale business and raised its 2008 outlook fourth time this year, sending its shares up as much as 33 percent.


Fuqi Jewelry

The company, whose design database has more than 28,000 items made from platinum, gold, karat gold, diamonds and other precious metals and stones, said it continues to see increasing demand for its products and larger orders from existing customers.

"We also believe that recent government stimulus policies can motivate additional consumer spending," Chairman Yu Kwai Chong said in a statement.

Earlier this week, China approved a 4 trillion yuan ($586 billion) government spending package to give fillip to its slowing economy.

For the full year, the company now expects earnings of $1.17 to $1.20 a share and total revenue of about $345 million to $350 million.

It had earlier forecast a profit of $1.07 to $1.09 a share on revenue of about $325 million to $333 million for the year.

Fuqi posted net income of $6.5 million, or 31 cents a share, for the third quarter ended Sept. 30. It earned $2.7 million, or 21 cents a share, a year earlier.

Revenue at the company, which sells its products directly to distributors, retailers and other wholesalers, surged 159 percent to $93.7 million.

Wholesale business contributed $90.5 million.

Analysts on average expected a profit of 26 cents a share, before special items, on revenue of $79.0 million, according to Reuters Estimates.

The latest quarter's results included a $149,000 expense for equity based compensation, a $209,000 retail barter revenue gain and a $23,000 non-operating income derivative gain associated with gold futures.

Shares of the Shenzhen, China-based company, were trading up $1.17 at $6.45 in morning trade Friday on Nasdaq. They hit a high of $7 earlier in the session. Fuqi went public in October 2007 at $9 per share.

For the alerts, please double-click . For the press release, double-click . (Reporting by Dilipp S. Nag in Bangalore; Editing by Anil D'Silva)

© Thomson Reuters 2022 All rights reserved.