China Ceramics Company is a leading manufacturer of ceramic tiles in China. The company's ceramic tiles are used for exterior siding, interior flooring, and design in residential and commercial buildings. The tiles are distributed through a network of exclusive distributors as well as sold directly to large property developers.
The company today announced fourth quarter financial results for the period ended December 31, 2011. Revenues came in at $63.8 billion, up 48% from $42.5 million in the year ago period. The company attributed the increase in revenue to a 22.8% increase in the sales of ceramic tiles to 12.4 million square meters from 10.1 million square meters in the fourth quarter of 2010. Gross profit for the fourth quarter was $21.9 million, a rise of 52.3% from the $14.2 million in the year ago period. The increase in gross profit was again driven by the higher volume of sales.
China Ceramics also reported preliminary results for the full year of 2011. Revenue for the year ended December 31, 2011, rose by 39.6% to $231.4 million versus 2010 results. Gross profit came in at $72.5 million, up 37.8% from the $50.5 million achieved during 2010. Due to an increase in the number of fully diluted shares, earnings per share in 2011 fell to $2.24 a share versus $2.53 a share in 2010.
The company also gave a positive outlook for the next quarter. Its backlog of orders for the first quarter of 2012 is roughly $59.2 million, a year-over-year increase of 21% from the first quarter of 2011. China Ceramics estimates that its sales volume of ceramic tiles in the first quarter of 2012 will be about 11.7 million square meters.
For additional information about China Ceramics, please visit its website at cceramics.com
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