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| Profit and Total Comprehensive Income Attributable to Owners of the Company Expected to increase no less than 75% |
HONG KONG, Feb 15, 2017 - (ACN Newswire) - China Art Financial Holdings Limited ("China Art Financial" or the "Company", together with its subsidiaries, the "Group", stock code: 1572.HK), the leading art finance service provider in China is pleased to announce that, the Group expects to record an increase by not less than 75% in its profit and total comprehensive income attributable to owners of the Company for the year ended 31 December 2016.
The significant increase was primarily attributable to significant increase in revenue from art auction business and steady increase in revenue from art pawn loan business. Thriving on its unique geographical advantages and market leading position, the Company has achieved significant increase in revenue and profit attributable to owners of the Company in recent years. In the same period of 2015, the Company's profit attributable to owners of the Company amounted to RMB46.9 million and revenue amounted to RMB107.6 million. From 2013 to 2015, the CAGR of profit attributable to owners of the Company and the revenue reached approximately 69.1% and 64.2% respectively.
Mr. Fan Zhijun, Chairman, Executive Director and Chief Executive Officer of China Art Financial, said: "2016 is a crucial year for us. China Art Financial has successfully listed on the Main Board of The Stock Exchange of Hong Kong Limited and we have achieved boosting business development as well as a rapid growth. The spring auction, autumn auction and pure online auctions last year have gained enthusiastic reactions from the market and the aggregate hammer price also hit the Group's new record high. Meanwhile, our art pawn loan business also achieved stable development. The synergy of the art auction and art pawn loan business performed very well. With our good reputation in the industry as well as superior and professional service, we will be able to enhance our clients' loyalty and expand client base, so that we can further consolidate our leading position in the art finance industry and spare no effort to become the largest integrated art finance service provider in China. We believe that we will achieve sustainable growth in our business, so as to bring about growth of market share and profitability. We are committed to maximize the investment value for our shareholders."
About China Art Financial Holdings Limited
China Art Financial Holdings Limited ("China Art Financial" or the "Company") is the leading art finance service provider in China. The Company is principally engaged in the art pawn loan business and art auction business. According to F&S Report, in 2015, the Company was the largest art pawn loan service provider in China in terms of revenue; the second largest art pawn loan service provider in China in terms of the size of the art pawn loan portfolio and registered capital; the second largest art auction house in Jiangsu province in terms of aggregate art auction revenue and the largest auction house for Zisha Artworks in China in terms of Zisha Artworks auction revenue. The Company is headquartered in Yixing, Jiangsu, which is the only origin of Zisha clay, the major raw material for producing Zisha Artworks, and where some of famous Zisha Artworks masters are based.
Topic: Press release summary
Source: China Art Financial Holdings Limited
Sectors: Daily Finance, Daily News
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From the Asia Corporate News Network
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