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SCMP Reporter

Pearl-processing firm Man Sang International's net profits have grown 27 per cent to $21 million for the six months to September 30.

 Turnover for the period has also risen by 28 per cent to $140 million, helped by successful sales at an international jewellery show in Hong Kong in September.

 Earnings per share were 4.18 cents.

 Man Sang, whose core-business is processing and wholesaling pearls, now plans to expand retailing on the mainland and on the Internet.

 During the six months to last month, the company opened two shops in Beijing, and one each in Nanjing, Shenyang and Hangzhou.

 Corporate development director Sonny Hung Kwok-wing said the stores had been performing well and could break even by year's end.

 'Our long-term target is to open 50 retail outlets in the mainland,' Mr Hung said. 'They will either be in the form of department store counters or 'shops within shops'.'  The outlets would be in northern mainland cities rather than in the richer southern provinces where tastes for jewellery changed quickly and competition was fierce, he said.

 Man Sang is still considering whether to establish a shop for the SAR and will first test the local market through Internet sales.

 He said the company would establish an on-line shop some time after next year, and would also sell its pearls and jewellery through other portals and on-line auctioning.

 Mr Hung said Man Sang was looking to acquire an appropriate brand name for its jewellery, but would continue to develop its own brands in the meantime.

  On the production front, Man Sang's main focus will be on cultivating freshwater pearls.

RESULTS 



Pearl concern adds shops in the mainland