Today, the 2008 semi-annual report released by Shellett shows that in the first half of the year, the company achieved operating income of 175 million yuan, an increase of 19.73%; net profit of 18.8544 million yuan, down 26.59%; earnings per share of 0.1 yuan, return on net assets fell 4.88%.
Affected by the appreciation of the renminbi, the US subprime mortgage crisis, and the slowdown in world economic growth, the foreign markets in the lighting industry have shrunk severely, and a large number of domestic lighting products have been converted to domestic sales, leading to increased competition.
In addition, the rising prices of raw materials and labor costs, the downstream industries of lighting such as real estate and building materials were all subject to macro-control restrictions, which led to further deterioration of the company's operating environment. Net profit in the first half of the year decreased by 26.59% year-on-year.
As the cost increased, the product price increase was lower than the cost, and the gross profit margin of each product declined. The operating income of the main product intubation lamp series increased by 50.72%, but the cost increased by 56.64%, causing the gross profit margin to fall by 2.71%. The gross profit margin of the HID lamp series even dropped by 17.44%.
The selling price of export products brought about by the appreciation of the renminbi decreased compared with the previous year, and the exchange loss was 1.9075 million yuan. The company added bank loans and interest expenses of 627,400 yuan, which reduced operating profit. The company expects net profit for the first three quarters of this year to fall by 30% to 60%.
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