China Flooring (Hong Kong), the self-proclaimed largest wood flooring brand in China in terms of market share by retail sales value of branded wood flooring products, increased revenue 14.5 percent during the six months ended June 30, from ¥609,751,000 during the same period last year to ¥698,045,000; the company's gross profit from sales rose 26.1 percent from ¥186,681,000 to ¥235,317,000.
China Flooring (Hong Kong), the self-proclaimed largest wood flooring brand in China in terms of market share by retail sales value of branded wood flooring products, increased revenue 14.5 percent during the six months ended June 30, from ¥609,751,000 during the same period last year to ¥698,045,000; the company's gross profit from sales rose 26.1 percent from ¥186,681,000 to ¥235,317,000.
As a result of the improved business, China Flooring's basic earnings per share rose from ¥0.03 during the same period in 2010 to ¥0.08, an increase of 166.7 percent. The company attributed the improvements to an increase in consumer demand for its branded flooring products, the addition of authorized manufacturers, the expansion of its distribution network and the enhancement of brand recognition.
"The accelerated recovery of the global economy in 2011 further intensified the demand in the flooring market, and China's flooring industry has begun a new growth cycle," said Se Hok Pan, executive director, chairman and president of China Flooring. "Benefiting from strong domestic consumer demand, the industry has boomed further."
The wholesale volume of the company's engineered flooring and solid flooring sales during the latest six-month period was 1.6 million square meters and 2.2 million square meters, respectively. These figures are an increase of 31.6 percent and 38.7 percent, respectively, compared to the same period in 2010.
China Flooring currently operates nearly 3,000 flooring stores, and it controls 46,347 hectares of forest in Peru and 4,445 hectares in China's Yunan Province. In a 2009 study by Frost & Sullivan, China Flooring's branded engineered and solid flooring products each ranked first in market share with 5.3 percent and 7.4 percent, respectively. In May the company raised $142 million with an IPO.
