In the end of April 2009 Walcom Group Ltd., the British Virgin Islands-based company, manufacturing, distributing and selling animals chemical feed and additive products, announced the final results for the year ended December 31 2008. According to the results published, turnover and gross profit results in the year 2008 improved considerably compared to the year 2007. However, the gross profit margin has fallen to 56.5 per cent, from 64.8 per cent in 2007 – due to the effect of escalating raw material and production costs.
For the year ended December 31 2008, the company reported turnover in the amount of HK$26,027′000, gross profit HK$14,707,269. Other summarized results for the period included net finance income of HK$2,475, total assets of HK$24,490,407, share capital of HK$688,344. Total equity amount was 18,768,464.
Walcom Group reported that it has relocated its main Hong Kong office to Shanghai, in order to be closer to its operational base and key market, and this move is to cut administration costs and improve company’s efficiency, in view of the global financial crisis and economic climate connected to it. It was also informed about the Annual General Meeting of the company which will be held in Hong Kong, in the office of company’s solicitors, on 29 May 2009.