What differentiate us from Wall Street is we don't have to live by quarter and keep revising our forecast quarterly. What we need to do is to ensure our company's intrinsic grows at reasonable rate.
Six month YoY comparisons. Profit from operations improved from 23% to 26%. Sales revenue increased by 25%, 1.8 to 2.2 billion. Profit before tax excluding gain from dilution of retail operation increased by 35%.
The management is a bit cautious about its Vietnam operations due to recent financial turbulence at the macro level.
On China operations, 1H 08 same stores sales slowed from last year's 18.4% to 14.4%. They were affected by closure of Beijing Haidan and Changsha stores and also earthquake in Sichuan.
Pace of acquisition slows down slightly.
Let's hope for better earnings growth from Sichuan stores re-open, newly acquired contributions from Tianjin and Nanjing stores and four new stores.
Have a nice weekend.
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