Wednesday, May 28, 2008

Atlas South Sea Pearl reiterates profit forecast


28/05/2008 By: Niraj Shah

Atlas South Sea Pearl reiterates profit forecastAtlas South Sea Pearl Limited (ATP) has reaffirmed its 2008 net profit forecast of $5.7 million, down from $8 million in 2007. The pearl farmer said cash earnings excluding any fair market adjustments for the Agriculture assets were $3.6 million compared to a profit of $3.3 million in the previous financial year. The increase in profit in 2008 was mainly attributed to a one off adjustment relating to the fair market value of its pearls and oysters, resulting from a change in the adoption of AASB 141, the company said.

In addition, Atlas said revenue from retail operations had increased substantially in 2007 and was expected to grow strongly again in 2008 to around $1 million.

However, the 2008 forecasts did not take into consideration any gains or losses which may flow from the revaluation of pearls and oysters under AASB141.

At its AGM today, Atlas said it had continued the expansion of the retail outlets in Bali through the company�s own stores and through exposure in hotel retail facilities, which had increased the profile of its brand.

�Two new stores will be opened in the Bali tourist precincts of Seminyak and Nusa due by the end of 2008,� it said.

�A new site has been identified and local approval granted for the development of a backup juvenile nursery for an expanding oyster population in the event that existing juvenile oyster farm sites shows signs of degradation,� it said.

The company also said it planned to start a program of seeding oysters in Bali and transferring them to sites where faster oyster growth occurs.

Shares in Atlas South Sea Pearl picked up 0.5c to 44.0c .

ATP - 28/05/2008

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Atlas South Sea Pearl profit to fall

May 29, 2008 - 1:04PM

Pearl farmer Atlas South Sea Pearl Ltd has reiterated that its profit this financial year will be down by about 30 per cent but says a one-off accounting adjustment the previous year explains the fall.

The Indonesia-focused pearl group said its 2008 net profit is forecast at $5.7 million, down from $8 million in 2007.

However, it said the 2007 net profit was attributed mainly to a one-off adjustment relating to the fair market value of the company's pearls and oysters resulting from a change in the accounting standard.

The company said the projected forecast of $5.7 million was therefore an increase on a like-for-like basis from the previous year when fair market adjustments from a change in accounting policy were excluded from the profit result.

"Today, we presented the expected result for the year as we normally accounted it for in terms of the cash-profit position, or underlying profit," managing director Joseph Taylor told AAP after the company's annual general meeting.

"The accounting process and bringing in the agricultural assets, will increase that profit in a reporting sense quite significantly, but because of the way that (accounting standard) system works," Mr Taylor said.

"We don't really want to announce anything on that until a bit later in the year."

Revenue from retail operations increased in 2007 to about $700,000 and is expected to grow in 2008 to just under $1 million.

"The company's retail operations have continued to grow with an increase in revenue from the two showrooms and numerous hotel presentation cabinets in various Bali tourist hot-spots," the company said in a statement.

"The number of retail outlets will be increased to four by the end of the year."

The Perth-headquartered company, which produces pearls primarily at Alyui Bay in West Papua, is diversifying geographically.

It has identified a new juvenile nursery site in North Bali and plans a new hatchery at its existing site in East Bali, to be commissioned in October.

"The establishment of geographically diverse hatchery and farms sites has resulted in significantly higher productivity and survival rates of oysters," the company said.

"Increased seeding activities have commenced in Bali where it is cheaper to farm the oysters."

© 2008 AAP

Monday, May 05, 2008

Freeform Pearls take centrestage at Paspaley


Exquisitely crafted jewels feature dramatic Keshi pearls and pave diamonds set in 18kt white gold.

Paspaley, the purveyor of the world's finest pearls, presents rare, one-off pieces from its latest collection. It combines large Keshi pearls and pave diamonds in 18kt white gold settings to offer elegant colliers, necklaces, stud and drop earrings, and rings. Bold and dramatic, these creations exude a charming air that defies expectations, emerging as extraordinary options for the discerning jewellery lover.

"Freeform pearls have always posed a unique challenge to jewellery designers. Known as Keshi pearls, they come in a variety of charming shades and are known for their lustre and uncommon orient. In its 2007-2008 collection, Paspaley displays its design innovation through singular and marvelous pieces that focus on the natural beauty of the non-traditional shapes of these treasures", said Tawhid Abdullah, Managing Director of Damas, the exclusive partner of Paspaley in the UAE.

Paspaley's visionary excellence is highlighted with delectable effect in a sumptuous collier of large flowers created from Keshi pearls. White gold leaves encrusted with pave diamonds are interspersed with the pearl blossoms for maximum drama. This produces an organic piece resembling a garland of wild flowers that was casually strung together! It is matched with huge blossoms for stud earrings and an eye catching ring, all designed to put its wearer in the limelight.

In another set, large, hollow white gold ovals are lined by a sparkling row of diamonds with each oval nestling one sumptuous Keshi pearl. Paspaley then strings these enchanting settings to form necklaces, drop earrings and rings with seeming nonchalance.

Keshi pearls, also popularly known as seed pearls, are cultured in both freshwater and saltwater. Made up purely of nacre, this type of pearl does not have the nuclei present in round pearls as the oyster expels it. Their shapes evolve into highly unusual and interesting forms whose lustre is brighter.

Each Paspaley pearl is nurtured for up to 6 years in remote pearl farms on the Northwest coast of Australia, home to the largest beds of the world's most prized pearl oysters. The pearling pioneer's extraordinary partnership with nature began over 60 years ago when its founder Nicholas Paspaley discovered the first South Sea pearl, and has seen it present the world some of the finest gems from the sea. In these one-off pieces featuring Keshi pearls, Paspaley once again demonstrates its exceptional touch and mastery in pearl jewellery design.

Adorn yourself with finely crafted jewels featuring Keshi pearls now available at Paspaley boutiques at Saks Fifth Avenue - Burjuman Centre, Mall of the Emirates and Abu Dhabi Mall.

Notes and contacts

About Paspaley

Paspaley is the world's leading South Sea pearl company, growing the finest quality pearls in the world. Behind the simplicity and singular beauty of Paspaley South Sea pearls is a journey that began more than 70 years ago on the remote and unspoiled coastline of northern Australia.

Paspaley's involvement in pearling dates back to 1935 when Nicholas Paspaley's father, Nicholas Paspaley Senior MBE, first collected mother-of-pearl shell in Australia's northern waters. He established a family concern that has evolved to become the world's leading South Sea pearling company. Paspaley is still proudly family-owned and operated.

Paspaley nurtures its pearls on a remote network of over 20 farms, stretching more than 2500km across the pristine waters off the northwest coast of Australia - about the same distance as London to Moscow.

Paspaley's pioneering techniques have been widely acknowledged as world's best practice, positioning the company name at the forefront of the pearling industry. Consistent quality and supply are the hallmarks of Paspaley - a reputation achieved only through an unwavering commitment to the pursuit of excellence and the principles of quality.

These standards have ensured Paspaley South Sea pearls are much sought after by the world's leading jewellery houses and has made the Paspaley name synonymous with the most beautiful pearls in the world.