Carpenter Tan Net Profit Up 77.5% In 2009

Carpenter Tan Holdings Limited, the Chinese maker, distributor, and retailer of small wooden products, has published its annual financial report for 2009, stating that its turnover increased by 28.7% from CNY108.7 million in 2008 to CNY139.8 million; and its net profit increased by 77.5% from CNY25.87 million in 2008 to CNY45.92 million.

The report shows that after being listed on the Hong Kong Stock Exchange, its income from its franchise business grew significantly and the franchise fees made by the company reached CNY1.563 million, a year-on-year increase of 84%. During the year of 2009, the number of Carpenter Tan franchised stores increased by 146, reaching a total number of 866 across China.

Carpenter Tan's main products include combs, mirrors, gift packages, and other accessories. Of the company's total sales, those of gift packages accounted for 56%, increasing from 50.1% in 2008.

Carpenter Tan says that it plans to open 60 new stores in China in 2010 and these stores will be opened in large cities such as Chongqing, Beijing, and Shanghai. In addition, the company will open about 30 high-end home supplies stores in Shanghai and Beijing to enter the high-end market of the Chinese mainland. Meanwhile, it plans to open about 25 new stores in overseas markets.