Shanghai Jahwa United Co reports slowdown in growth

Shanghai-based cosmetic and household goods maker Shanghai Jahwa United Co Ltd reported its slowest annual revenue growth in three years on Wednesday.

The company made 4.47 billion yuan ($732.8 million) in revenue in 2013, up 11.74 percent year-on-year, according to its annual report. Net profit grew 28.76 percent from 2012 to 800 million yuan.

Based on the numbers, 2013 saw the slowest growth in three years. Net profit surged by 70 percent year-on-year in 2012, and 31.06 percent year-on-year in 2011.

Jahwa said the company experienced a "special" year, and was affected by the gloomy global economy and China's economy slowing down.

Shanghai Jahwa share prices fluctuated drastically last year due to leadership restructuring and illegal information disclosure charges.

Shanghai Jahwa shares dropped 10 percent to 62.99 yuan, the most since May 2007 in mid May, when Ge Wenyao stepped down as the company parent's chairman.

Xie Wenjian, the new chairman of Shanghai Jahwa, said in an earlier board meeting that the company will focus on running the two super brands "Herborist" and "Liushen", and the two major brands "Maxam" and "GF".

The annual report said Jahwa's target for 2014 is to make about 5.1 billion yuan in revenue, with 15 percent growth in sales income.