Hong Kong, Mar 31, 2009 AEST (ABN Newswire) - Times Ltd (HKG:1832) is one of the leading hypermarket operators in Eastern China.
In FY 2008, the company revenue reached record high of RMB 4,007 million, representing an increase of 18.5% over FY 2007, EPS grew by 37.7% to 0.157. In FY 2008, the company had opened up 10 new retail outlets. Currently they have a total number of 67 retail outlets with total gross floor area of about 870,000 square meters across Jiangsu, Zhejiang, Shandong, Anhui Provinces and Shanghai, with a majority of stores strategically placed in the Jiangsu Province. The company is on track for even more expansion during FY 2009.
The financial crisis has almost no impact to Times Ltd business expansion. It is due to the fact that Times Ltd has a majority of stores opened in the less affected region - Jiangsu Province. In fact, Jiangsu province has experienced a phenomenal growth over the FY 2008, with a GDP growth of 14.8%, where as China as a whole experience only 9% of GDP growth over the FY 2008 period.
The growth of Jiangsu Province is expected to continue for at least a few years to come as the central government announced the "10 measurements" in stimulating the domestic economy. The aim of these policies is to improve the living standards, increase the income level and stimulate domestic consumption.
Times Ltd opened their first store in the Jiangsu Province as early as 1997 and now the company has maintained their leadership in the region. The rapid growth of the region bring along growth to the company, the company grew from 1 supermarket in the region to 53 hypermarkets and 14 supermarkets in Eastern China over a 10 years period.
"Multiple revenue streams" is a part of Times Ltd flexible business model, Times Ltd enjoys profitable rental income by leasing out sections of the shop to local retailers. The local retailers bring along a steady income stream to the company and also a diversification of products to enhance overall customers shopping experience, their tenants including international brand name such as KFC, and also domestic brand name such as Dai Liang Dumpling.
In FY 2009, the company is aiming for further expansion in the region. The company has already confirmed sites for opening 13 additional hypermarkets to cater for the increasing demands in the region. Mr Anthony Cheung also stated that the company will continue to enhance its efficiency to cater for such growing demand. For example, the new distribution centre will provide logistic service to the group's hypermarkets gradually in the second half of 2009 and effectively increase sales floor area in stores over time.
Mr Anthony Cheung stated that although the market will get tougher due to the macroeconomic environment and also the increasing competition from rivals entering into the 2nd and 3rd Tier cities, but he is confident that the company is well position for the challenge ahead and will fare well in the economy. Therefore, amid short term uncertainties of the operating environment, we have every confidence in our business in long term.
About Mr Anthony Cheung
Mr Anthony Cheung is the senior finance manager of Times Ltd. Mr Cheung holds a bachelor degree of Accounting from the HK Polytechnic University. He is also a CPA and FCCA. Mr Cheung has an extensive experience in corporate finance, accounting, auditing and M&A. He also has an extensive knowledge of the local China market through his rich career experience.
Contact
Investor Relations Contact
Anthony Cheung
Tel: +852-2401-6101
Email: info@timesltd.com.hk
Web Site: http://www.timesltd.com.hk
| ||
|
