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RAPAPORT... Kingold Jewelry Inc. reported that sales fell 6.9 percent year on year to $1.11 billion in 2014. The integrated manufacturer cited lower gold prices for the decline in revenue; however, Kingold processed 17.6 percent more gold product during the year. Gross profit increased to $76.3 million in 2014 compared with $47 million in 2013 and gross margin as a percentage of sales rose to 6.9 percent from 3.9 percent one year earlier. Company profit surged 67.1 percent to $47.3 million or 72 cents per share.
Zhihong Jia, the chairman and CEO of Kingold, said, "We are pleased with our 2014 financial and operating results as we continued to improve our 24-karat gold manufacturing and designing capability and distribution network throughout China. In 2014, China's gold industry was impacted by a weaker economy and overall decline in gold prices. Despite these challenges, Kingold processed 60.1 metric tons of gold products during the year and sold them to its 300 major customers from 25 provinces."
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