Kingsun released their 2013 revised earnings forecast on January 14th. In the company’s earlier 3Q13 report, they originally estimated net profit for market listed company shareholders in 2013 to reach RMB 105-136 million (US $17.4-22.5 million).
After revisions, net profit for market listed company shareholders was estimated to reach between RMB 89.44 million and RMB 121 million, a variation range of -15%-15% compared to last year.
The reasons for revisions to the financial reports by Kingsun are as follows:
1) New product projects were started in 4Q13, increasing R&D costs.
2) Escalating competition in the LED market led to decrease in company 4Q13 profit margin levels
3) Company increased spending in market development and promotion in 4Q13 in order to make headway in the LED market and take advantage of business opportunities.
4) Payment remittance was not as the company anticipated, leading to an increase in bad debt provision which reduced profits.
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