10th Feb 2014 10:45
LONDON (Alliance News) - China Chaintek United Co. Ltd said Monday that it expects a pretax profit more than 10% ahead of the previous year, as it saw trading ahead of expectations in the year ended December 31 2013.
The Chinese sports shoe and apparel manufacturers said it had a cash position at year-end of RMB319.3 million, down from RMB342.7 million in the previous year, despite having paid RMB221.0 million in land use rights for its planned logistics park. China Chaintek expects to begin construction on the logistics park in the second-half of 2014.
The company said that it expects its dividend payments for the year to be weighted towards its final dividend, which it will announce with its full-year results.
China Chaintek said its Logistics Services business had performed well, adding 16 new customers during the year. The company continued to shift the divisions customer base, with food and building materials now comprising 22% of the divisions revenue, up from 19% in the previous year, and shoes and apparel reducing to 69% from 72%, it said.
It expects to see revenues rise by 3% in its Inventory Solutions business on a reported basis, as it added an additional customer in the shoes sector at its regional distribution centre.
Shares in China Chaintek were trading up 8.6% at 156.43 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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