Snowbird revenues soar 37.2 percent at nine months end

REPORT_ Snowbird announcing its financial results for the nine months ending September 30, 2014 said that the Group sales revenues increased 37.2 percent to 125.9 million euros (157.1 million dollars) compared to 91.8 million euros (114.5 million dollars) during the nine months period last year. All products registered a double digit growth. Earnings before taxes (EBT) amounted to 33.6 million euros (41.9 million dollars).

The company continues to expand its production capacity by constructing new and modern sewing plant. Company’s production capacity now stands at 6.3 million pieces per year. The operations at the new plant ate expected to commence at the end of 2014. The company also registered its Initial Public Offering (IPO) in the Prime Standard segment of the Frankfurt Stock exchange on September 29, 2014.

“Beside growing our group sales revenues at continuing high margins, the successful IPO in Frankfurt was the most important event in the third quarter,” opined Changzai Yan, Chief Executive Officer of Snowbird AG, adding, “With the IPO we have expanded our range in Asia as well as created a sound basis for new sales possibilities in Europe.”

In the third quarter of 2014, the Company generated revenues in the amount of 47.8 million euros (59.6 million dollars), compared to 46.1 million euros (57.5 million dollars) in the same quarter of 2013. Earnings before Tax (EBT) amounted to 12.3 million euros (15.3 million dollars) compared to 12.5 million euros (15.6 million dollars) in the third quarter, last year.