Posted by Jimmy Song > 2014-08-21 09:00 | Report Abuse

STRONG TRAJECTORY GROWTH FOR KANGER KUALA LUMPUR, 20AUGUST2014 – Kanger International Berhad (“Kanger” or the “Group”), a global integrated bamboo product manufacturer and supplier has announced its second quarter results (“Q2FYE2014”) for the financial year ending 2014, with revenue and profit after tax (PAT) of RM13.16 million and RM2.15 million respectively representing a 3.5% and 52.7% increase in comparison to previous quarter(“Q1FYE2014”). For the Group’s first half(“1H FYE2014”) performance, it has recorded revenue of RM25.88 million and PAT of RM3.56 million. Gross profit margin and profit before tax margin stood at 20.0% and 16.8% respectively. The Group’s revenue were derived from three main products comprising horizontal and vertical bamboo flooring, strand woven bamboo flooring and other strand woven bamboo products with a reported revenue of RM8.1million, RM1.5 million and RM3.6 million respectively. “Our sales have been on the surge since our listing in December last year, and our customer base has also broadened. Listing in Bursa Malaysia has granted us a better future, I must say”, Mr. Leng Xingmin, Group Managing Director commented. Corporate Development KAR ACE project is one of Kanger’s high-end flooring brands with technical support from Krono from Germany and BKB from Malaysia. KAR ACE also acquired rights from Krono and BKB to become their dealer for their products in China. Since July 2014, Kanger has awarded 8 KAR ACE dealerships, and by end of the year the number may increase to 20 dealerships. KAR ACE will also be sold in 39 B&Q outlets by end of the year. Kanger is expecting positive sales in 2H FY2014 for KARACE. The Group will be relocating to their new corporate office in NanShan Chi Yuen, Shenzhen, scheduled to be completed and delivered by end of August 2014. It is an improved working environment with rational layout and fully functional facilities providing staff a more comfortable environment to work in. “Moving forward, we are looking at expanding our market into different regions. Currently, we have our products distributed in several countries around Europe, Middle East, Asia and South America.” Mr. Leng added.  Proposed Bonus Issue The Group has received approval from its shareholders during the EGM for the proposed issuance of 86 million Bonus Shares on the basis of one (1) Bonus Share for every five (5) existing Kanger Shares. The rationale for the Proposed Bonus Issue is to reward existing shareholders for their support and loyalty to Kanger by enabling them to have greater participation in the equity of the Company in terms of number of Shares held and also to enhance the marketability and trading liquidity of Kanger Shares on Bursa Securities by way of a larger share base. In addition, the Group also proposed to increase itsauthorised share capital to facilitate the issuance of the Bonus Shares as well as any future issuances of Kanger Shares. For more information please visit www.krbamboo.com About Kanger International Berhad Kanger International Berhad (“Kanger”) is a global integrated bamboo product manufacturer and supplier covering the industry value chain from conceptualization, R&D, manufacturing and production to sales and distributions of bamboo flooring and related products. They are the sole authorised bamboo flooring supplier of B&Q China.