Shigo Asia AG
Shigo Asia AG: Growth in Sales and Earnings
Shigo Asia AG / Half Year Results 30.09.2009 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. --------------------------------------------------------------------------- - Sales increased by 39% to 22.11 million EUR - EBIT up 56% to 4.4 million EUR - Successfully withstanding the influences of financial crisis Hamburg, 30. September 2009. SHIGO ASIA AG, the largest synthetic blanket supplier in the world, has completed a successful half year of 2009 despite the impact of the financial crisis on the overall blanket industry. SHIGO ASIA achieved a net profit of 3.55 million EUR in the first half year of 2009, which represents an increase of 31%. In the first half of 2009, SHIGO ASIA has benefited from a number of factors such as the significant increase in production capacity and the early investments in meeting strict environmental standards in a market where the Chinese government is continuously increasing environmental requirements. Sales went up 39% to 22.11 million EUR compared to 15.88 million EUR in the reporting period of 2008 and EBIT margin increased to 19.7% (previous year: 17.5%). The profit per share grew by 31% to 1.18 EUR compared to the first half of 2008. Qian Chunsheng, Chairman of the company, is satisfied with the performance of SHIGO ASIA in the first half of 2009: 'Due to strong research and development abilities, which gives as a competitive advantage, we were able to keep stable operations despite the impact of the financial crisis on our market.' Outlook The financial crisis will continue to influence the overall blanket industry in the course of the year 2009. Furthermore, currency issues and the closing of the huge wholesale market in Russia due to political reasons will have an effect on the overall development of SHIGO ASIA. Nevertheless, the company is confident to increase its market share within China due to its direct sales strategy, the increased quality standards and an adjusted product composition. About SHIGO ASIA SHIGO ASIA AG develops, produces and sells household textiles. The company is the largest manufacturer of blankets in the world. SHIGO has more than 1 700 employees and observes the highest international standards in its production operations in China. SHIGO's competitive strengths are the development of innovative products and modern production technology. High-quality workmanship and lavish design are outstanding features of the textile products, which are optimised on an ongoing basis with the focus primarily on health and comfort. Disclaimer concerning prognoses Certain statements in this communication contain formulations or terms referring to the future or future developments, as well as negations of such formulations or terms, or similar terminology. These are described as forward-looking statements. In addition, all information in this communication regarding planned or future results of business segments, financial classification numbers, developments of the financial situation, or other financial or statistical data contains such forward-looking statements. The company cautions prospective investors not to rely on such forward-looking statements as certain prognoses of actual future events and developments. The company is neither responsible nor liable for these forward-looking statements. It is not responsible for updating such information, which only represents the state of affairs on the day of publication. Press inquiries: Kirchhoff Consult AG, Janina Wismar Tel.: +49 40/609186-50, janina.wismar@kirchhoff.de 30.09.2009 Financial News transmitted by DGAP ---------------------------------------------------------------------------
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