Kingold Jewelry, Inc. Announces Financial Results for the Fourth Quarter and Year Ended December 31, 2016; Provides Operating Guidance for the Year 2017
March 29, 2017 at 05:11 pm
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Kingold Jewelry, Inc. announced financial results for the fourth quarter and year ended December 31, 2016. For the quarter, the company's net sales were $357.6 million, compared to $280.8 million a year ago. Net income was $42.0 million, or $0.63 per diluted share, compared to $5.6 million, or $0.09 per diluted share a year ago.
For the year, Net sales were $1.42 billion compared to $1.00 billion; the 42% increase was mainly due to an increase in total sales volume and gold price. Net income was $92.9 million, or $1.40 per diluted share, compared to $21.6 million, or $0.33 per diluted share a year ago. Book value per diluted share was $4.26 at December 31, 2016 compared to $4.03 at December 31, 2015.
The company expects to process between 70 metric tons and 80 metric tons of 24-karat gold products in 2017.
Kingold Jewelry Inc designs and manufactures 24-karat gold jewelry and Chinese ornaments. The Company develops, promotes and sells a range of products to the jewelry market across the People's Republic of China (PRC). The Company offers a range of in-house designed products, including, but not limited to, gold necklaces, rings, earrings, bracelets and pendants. The Company also sells investment gold products through banks in China. The Company sells its products directly to distributors, retailers and other wholesalers, who then sell its products to consumers through retail counters located in both department stores and other traditional stand-alone jewelry stores.
Kingold Jewelry, Inc. Announces Financial Results for the Fourth Quarter and Year Ended December 31, 2016; Provides Operating Guidance for the Year 2017
KINGOLD JEWELRY, INC. 
