Thursday, 1st April 2004 (4361 views)

Chinese jewellery giant LJ International has reported a 26 per cent leap in revenue growth for 2003.

Net income rose to $593,000 in the fourth quarter of last year, sales were up by 36 per cent and the company recorded its sixth profitable quarter in a row.

LJ International, one of the fastest growing fine jewellery companies in the world, attributed the hike in profits to the success of success of new product lines and orders from top US and Australian TV shopping channels.

The company plans to make a strong push into the Chinese jewellery market this year, after receiving approval from the Chinese government.

LJI chairman and CEO Yu Chuan Yih said: "The double digit growth realized in 2003 meets our internal growth expectations for 2003, while our aggressive expansion plan into new markets such as China and Australia puts us on the right path towards maintaining this growth rate in both sales and earnings through 2004 and beyond."

"Thus far in 2004," he continued. "we have seen tremendous success in our aggressive expansion efforts in developing new product lines, opening our first showroom in Hong Kong's jewellery district and, perhaps most important for our big push into China, receiving the approval of the Chinese government to expand our product line into China."

 

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