Shanghai-based jewelry store operator Laofengxiang has published its annual financial report for 2009, and has posted a year on year growth in net profit of 85%.
The report shows that Laofengxiang made operating revenues of CNY10.85 billion in 2009, a year-on-year increase of 17.76%; its total profit was CNY309 million, a year-on-year increase of 75.78%; its net profit was CNY129 million, a year-on-year increase of 85.08%; and its profit per share was CNY0.47, a year-on-year increase of 85.08%.
The company said the main reason for the large growth in 2009 was because the good performance of its core industry, sales of jewelry and accessories, which was over CNY10 billion. At the same time, the company opened 170 new franchised specialty stores last year.
By the end of 2009, Laofengxiang's total assets had reach CNY3.65 billion, an increase of 23.31% compared with the previous year, while its net asset per share was CNY3.54, an increase of 29.94%.