Earnings call transcript: Jerash Holdings’ Q3 FY2025 revenue rises 28.6%

Jerash Holdings US Inc (NASDAQ:JRSH) reported a significant increase in revenue for the third quarter of fiscal year 2025, reaching $35.4 million, a 28.6% rise from the same quarter last year. Despite this growth, the company posted a net income of only $6,000, or $0.00 per share, compared to $232,000, or $0.02 per share, last year. The stock price reacted with a slight decrease of 0.86% in pre-market trading, reflecting mixed investor sentiment. According to InvestingPro, analysts anticipate sales growth to continue, with a projected 32% increase for FY2025. The company’s current market capitalization stands at $44 million.

Key Takeaways

• Revenue increased by 28.6% year-over-year.
• Gross margin declined slightly to 15.2%.
• Factories are fully booked through August 2025.
• Expansion plans are underway to increase production capacity.
• Geopolitical tensions impacted shipping, causing delays.

Company Performance

Jerash Holdings demonstrated robust revenue growth in Q3 FY2025, driven by increased demand and expansion efforts. The decline in net income and gross margin highlights challenges in maintaining profitability amidst rising costs, with InvestingPro data showing last twelve months gross profit margin at 13.56%. The company’s strategic location in Jordan provides a competitive advantage due to tariff-free manufacturing, attracting international apparel brands. InvestingPro analysis indicates the stock is currently trading near its Fair Value, with 12 additional ProTips available for subscribers.

Financial Highlights

• Revenue: $35.4 million, up from $27.5 million last year.
• Gross Profit: $5.4 million, up from $4.5 million.
• Gross Margin: 15.2%, down from 16.2%.
• Net Income: $6,000, down from $232,000.
• Cash and Restricted Cash: $14.8 million.
• Net Working Capital: $34.8 million.

Outlook & Guidance

Jerash Holdings anticipates strong revenue growth of 50–53% for Q4 FY2025, with gross margins projected between 15–16%. The company is expanding its manufacturing facilities by 15% and exploring further capacity increases to meet rising demand. Management remains cautiously optimistic about regional stability and market conditions.

Executive Commentary

Eric Tang, Head of Operations, emphasized the company’s operational capacity, stating, "Our factories are fully booked through August." CFO Gilbert Lee noted the strategic advantage of their location, saying, "We anticipate more and more brands are looking for production in tariff-free countries."

Risks and Challenges

• Geopolitical tensions affecting shipping routes.
• Potential cost increases impacting margins.
• Dependency on key international markets.
• Delays in logistics and supply chain disruptions.
• Competitive pressures from other manufacturing hubs.

Q&A

During the earnings call, analysts inquired about the company’s capacity expansion and financing plans. Management highlighted a high conversion rate from test orders to full production and discussed potential financing through the World Bank or equity markets to support growth initiatives.

Full transcript - Jerash Holdings US Inc (JRSH) Q3 2025:

Jenny, Conference Operator: Good morning. Welcome to Gerash Holdings Fiscal twenty twenty five Third Quarter Financial Results. At this time, all participants are in a listen only mode. Please note this conference is being recorded. I will now turn the conference over to your host, Roger Pondell, Investor Relations of Jirash Holdings.

The floor is yours.

Roger Pondell, Investor Relations, Pondell Wilkinson: Thank you, Jenny. Good morning, everyone, and welcome to Jirash Holdings’ fiscal twenty twenty five third quarter conference call. I’m Roger Pondell with Pondell Wilkinson, Juraish Holdings’ Investor Relations firm. On the call today from the company are Chairman and Chief Executive Officer, Sam Choi Chief Financial Officer, Gilbert Lee Eric Tang, who leads the company’s operations in Jordan and Ringo Inc, Head of Marketing. Before I turn the call over to Sam, I want to mention or remind our listeners that today’s call may include forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

Such forward looking statements are subject to numerous conditions, many of which are beyond the company’s control, including those set forth in the Risk Factors section of Jirash’s most recent Form 10 ks is filed with the Securities and Exchange Commission, copies of which are available on the SEC’s website at www.sec.gov, along with other company filings made with the SEC from time to time. Actual results could differ materially from these forward looking statements, and Juraish Holdings undertakes no obligation to update any forward looking statements, except of course as required by law. And with that, it’s my pleasure to turn the call over to Sam Choi. Sam?

Sam Choi, Chairman and Chief Executive Officer, Jirash Holdings: Thank you, Roger. Our business is continuing to gain traction. With increasing inquiries from new and existing customers. They are looking to add manufacturing partners in territory countries such as Jordan. Our fiscal third quarter revenue increased by nearly 30%, yet results were lower than originally anticipated.

Sales were impacted by congestion at Israel Hyperport due to further geopolitical turmoil in the region, which caused long delays in shipments. We estimated that close to 6,000,000 of finished goods were not shipped until early in the fiscal fourth quarters. Nevertheless, we are pleased to report that export traders since late January have markedly improved, and ocean containers are being shipped in a more timely manner. We are hopeful that stability in our operating environment will continue, and we are eager to resume our focus on growth. On the new business front, we are encouraged by growing interest from international apparel companies, including well recognized brands in Europe and the Persian Gulf region.

This supports the rash goal of diversifying our customer base and expanding product mix. Our optimism further reflects new possibilities in today’s environment based on the competitive advantage for companies doing business in Jordan, combined with Jarek’s long history and reputation for quality built over the past twenty plus years in the industry. We do believe we are in an excellent position to capture greater opportunities in the years ahead. To support anticipated growth, we recently started expanding two of our existing manufacturing facilities with expectations of being completed by June of this year. The expansions will increase our production capacity by 15%.

Separately, we are actively working with the Jordanian government to expand our existing facilities in Alhassa, which by the end of this calendar year could add an additional 5% to 10% of production capacity. And we also are assessing long term larger scale expansion plans. Eric Tang, who is in charge of our operations in Jordan, will share more about that shortly. And I will now turn the call over to him. Eric?

Eric Tang, Head of Operations in Jordan, Jirash Holdings: Thank you, Sam. Jordan remains secure and stable at the country. But the broader geopolitical situation in the region has impacted our business since October 2023, especially with regard to both import and export shipping logistics. During the past quarter, we again experienced export shipping delays of up to four weeks at the Haifa Port. By late January, however, the port congestion had much improved.

And today, conditions are essentially back to normal and ocean containers are being shipped without undue delay. I’m also happy to report that our factories are fully booked through August year as orders from our global brand customers are increasing steadily. We are receiving a growing number of new business inquiries in part because of the tariff free advantage of exporting to The U. S, EU and other countries from Jordan. As Sam mentioned, we are hearing from both existing customers as well as prospects from international apparel companies.

Currently, we are working on sample orders and pricing for several well known brands in Europe and the Persian Gulf region, along with leading manufacturers in Asia. This is all positive news, but as a reminder, securing large orders from high profile global brands takes time. We are confident that Gerard’s history and reputation for developing and producing quality garments will ensure trust among new customers and position us as a reliable and responsible manufacturing partner. Now, I’d like now to provide a few details on our expansion plans to accommodate the growth that we see ahead. In addition to the current expansion underway at two of our existing primary manufacturing facility that would add 15% of production capacity by mid year, we are working closely with the Jordanian Ministry of Labor to finalize a land grant adjacent to our existing facility in Alhasa.

This operation began as a joint venture project between Durash and Jordan Ministry of Labor in 2018 to create employment opportunities for women in remote areas, where unemployment rates were as high as 70%. We are planning to enlarge the facility in Ahazakh to double its size and increase local hiring of women from four fifty to 800. According to our current plan, upon completion of this project by the end of twenty twenty five, production capacity is expected to increase by another 5% to 10%. We also are assessing longer term larger scale expansion plans to construct manufacturing, warehousing and housing facilities on land that we purchased several years ago. At this point, we have commenced engineering site studies to review various options.

With that, I will now turn the call over to Gilbert to discuss our financial results.

Gilbert Lee, Chief Financial Officer, Jirash Holdings: Thank you, Eric. Revenues for our fiscal twenty twenty five third quarter increased 28.6% to $35,400,000 from $27,500,000 for the same quarter last year. The quarter’s revenue reflected an increase in shipments to Jirash’s major U. S. Customers.

As Sam mentioned, due to congestion at Israel’s HyperPort, which caused the delays in shipments, revenue for the quarter was impacted by approximately $6,000,000 We estimated $3,800,000 of finished apparel was kept at the port, along with incurring more than $100,000 of port storage fees. Additionally, we held back another $2,000,000 of finished product in our warehouse for the same reason. Gross profit for the fiscal twenty twenty five third quarter increased 20.6% to $5,400,000 from $4,500,000 in the same quarter last year. Gross margin was 15.2% in the fiscal twenty twenty five third quarter compared with 16.2% in the same quarter last year. The decrease was primarily driven by higher logistics costs arising from the geopolitical turmoil in the Middle East region.

Operating expenses for the fiscal twenty twenty five third quarter totaled $4,700,000 compared with $4,100,000 in the same period last year. SG and A expenses were $4,200,000 in this fiscal third quarter compared with $3,800,000 in the same quarter last year. The increase was primarily due to higher export logistics costs. Stock based compensation expenses for the fiscal twenty twenty five third quarter were $474,000 compared with $243,000 for the same quarter last year. Operating income increased 88.3% to $708,000 in the fiscal twenty twenty five third quarter from $376,000 in the same quarter last year.

Total (EPA:TTEF) audit expenses were $252,000 in the fiscal twenty twenty five third quarter compared with $105,000 in the same quarter a year ago. The increase was primarily due to higher interest expenses from supply chain financing programs provided by the two major customers. Income tax expenses for the fiscal twenty twenty five third quarter were approximately $450,000 compared with $39,000 for the same period in fiscal twenty twenty four. The increase was mainly due to a prior year tax provision adjustment of approximately $274,000 The effective tax rate amounted to 98.6% for the fiscal twenty twenty five third quarter compared with 14.2% for the same period in fiscal twenty twenty four. Net income was $6,000 in the fiscal twenty twenty five third quarter or zero per share versus 232,000 or $0.02 per diluted share in the same quarter last year.

As of 12/31/2024, Jirash had $14,800,000 in cash and restricted cash and net working capital was $34,800,000 Inventory was $19,100,000 and $7,200,000 in accounts receivable. Net cash used by operating activities was approximately $581,000 for the nine months ended 12/31/2024, compared with net cash provided by operating activities of $7,900,000 for the same period last year. As Sam and Eric mentioned, we are optimistic about Jiraj’s growing business and our factories are fully booked through August. Revenue for the fiscal twenty twenty five fourth quarter is expected to increase by 50% to 53% from the prior year quarter. Revenue for the fiscal twenty twenty six first quarter is expected to be in line with the fiscal twenty twenty five first quarter, which was a record and included $3,000,000 to $4,000,000 in delayed shipments from the fiscal twenty twenty fourth quarter.

Our gross margin goal for the fiscal twenty twenty five fourth quarter is expected to be approximately 15% to 16% subject to logistics and shipping charges and product mix. On 02/05/2025, Terasys Board of Directors approved a regular quarterly dividend of $0.05 per share on its common stock payable on 02/25/2025 to stockholders of record as of 02/18/2025. We will now open up the call for questions and I will turn the call back to the operator.

Jenny, Conference Operator: Thank you very much. We will now be conducting our question and answer session. Thank you. Your first question is coming from Mark Argento of Lake Street. Mark, your line is live.

Mark Argento, Analyst, Lake Street: Hey, good morning guys. A quick question given all the talk about this morning, can you guys hear me alright? Yes. Yes. Given all the talk about tariffs recently with the new administration, can you has that benefited or increased the number of conversations you’re having?

It sounds like it has, but maybe you could help quantify that. And then maybe talk a little bit about the timing of the new capacity coming on, and how quickly you can see that impact the business?

Gilbert Lee, Chief Financial Officer, Jirash Holdings: Well, as we said at the call, we are already fully booked through the summer, through the August for this fiscal for this calendar year actually 2025. And new orders are still in the pipeline and we anticipate that the growth opportunities that we have in this fourth quarter as well as the 2026 fiscal year are all going to be limited by how fast we can grow our capacity. And we are already expanding our internal capacity at the existing facilities and that will add 10% to 15% after we expand the facility adding more lines and we anticipate that to be finished by June. Is it by June? By June.

By June. Yes, by the June, so which is very quick. And then the other project that we’re working on is to expand our satellite factory in Elhasa, which we will add more workers from four fifty people to 800 people. And even though that is a smaller facility, so the overall increase in capacity is we are looking at maybe 5% to 10%, I mean, comparing to the overall capacity. So those two are very realistic.

And but the longer term increase will come from that piece of land that we have had for over five years now. And we are doing engineering study looking at different options on how to build and what kind of costs. So once that is done and once we make a decision on what to do, then we will be able to quantify the increase in capacity and the timing of it. But as of now, because of the tariff situation getting really heated up, We anticipate more and more brands and buyers are going to well, it has already started maybe four to five years ago that people are looking for production and manufacturing facilities in the tariff free countries, but now it is just getting more urgent. And so that is a great opportunity for us.

Mark Argento, Analyst, Lake Street: Yes, that makes sense. Just another quick follow-up. In terms of if you run kind of a test order for a customer, what’s the typical conversion rate from test run to more of a full production run? Is it 50%, twenty five %, seventy five %? Maybe you could help us better understand that kind of sales cycle conversion rate.

Gilbert Lee, Chief Financial Officer, Jirash Holdings: I’m sorry, what conversion rate are you referring to?

Mark Argento, Analyst, Lake Street: New customer task to new customer full production.

Gilbert Lee, Chief Financial Officer, Jirash Holdings: New customer test

Eric Tang, Head of Operations in Jordan, Jirash Holdings: and

Mark Argento, Analyst, Lake Street: Typically, the customer gives you a test order, Gilbert. Typically, the customer gives you a test order before they give you a full production order. And I’m just wondering, do you convert 100% of the time or 50% of the time? What’s your conversion?

Gilbert Lee, Chief Financial Officer, Jirash Holdings: Oh, okay. So you mean

Mark Argento, Analyst, Lake Street: from test to full production?

Gilbert Lee, Chief Financial Officer, Jirash Holdings: From a test order to a full blown order? Correct. The timing well, Eric said the timing is going to take a long time. It’s going to take at least nine months to convert. But the conversion rate that you are looking for, I think the rate is pretty high.

Once we start a test order, in most cases, I don’t know how many percent, but in most cases, the customer will issue the long term orders from us.

Eric Tang, Head of Operations in Jordan, Jirash Holdings: Yes. According to my past year experience with Suresh and Merit, So once the customer places with a trial order, okay, maybe after six months, okay, they will place us the bulk quantity orders. We have never failed any customer for the past ten years.

Mark Argento, Analyst, Lake Street: Great. Appreciate the additional color. Good luck guys. Thank you.

Eric Tang, Head of Operations in Jordan, Jirash Holdings: Okay. Thank you. Thanks

Jenny, Conference Operator: Mark. Your next question is coming from Michael Baker of D. A. Davidson. Michael, your line is live.

Michael Baker, Analyst, D.A. Davidson: Great. Thanks. I’m just wondering outside of the increased demand that you’re seeing just because of tariffs and people wanting to get out of Asia, any comment on what you’re seeing in terms of demand as it relates to The U. S. Consumer and apparel inventories and buying?

It seems to be that apparel inventories are starting to tick up a little bit, consumer spending has been good. What are you hearing from your customers in terms of overall apparel demand?

Gilbert Lee, Chief Financial Officer, Jirash Holdings: Eric, have you heard any comments from customers about the demand on the products on the apparel overall in the market?

Eric Tang, Head of Operations in Jordan, Jirash Holdings: Yes. I have a lot of response from different kinds of customer. Some of the customers say they are still, I mean, trying to absorb the high level of inventories, but 60% of the customer told us that most of the inventories they already absorbed during the past two years, they are going to place new orders to Giraj. This is what I heard from the buyers, yes.

Michael Baker, Analyst, D.A. Davidson: Great. And the delayed shipments, the $6,000,000 when does that flow through the P and L? Does that come in, in the fiscal fourth quarter? Is that part of that growth plan of 50% to 53%?

Gilbert Lee, Chief Financial Officer, Jirash Holdings: Yes, that’s part of the 53% growth. The fourth quarter, those unshipped apparel products, most of them were shipped in January already. So, but with those delayed shipments, that’s how we anticipate that the growth is going to be 50% to 53%. It is still a relatively conservative estimate that we have right now, but we’re still kind of being conservative due to even though the situation in The Middle East is kind of calming down the ceasefire, we don’t know whether it’s going to hold or not. But it seems like it’s heading to the right direction, but we there’s still a lot of uncertainty that we’re looking at.

And then usually the fourth quarter is a slow quarter for us, especially in March, it’s Ramadan. And last year, last fiscal year in 2024, we spent a lot of money trying to catch up the production to ship out the products to our customers. So we spend like close to $1,000,000 in overtime because in Ramadan if you want people to work because normally they will work a full shift or work like eight or nine hours, but in order for Ramadan they don’t want to work. So we have to motivate them to work and offer them overtime. This year we want to control our cost.

And even though our customers, we’re going to work with our customers to really plan out our production, so that we don’t incur too much overtime labor costs and still be able to meet our customers’ delivery time. So that’s why we forecast a lower fourth quarter, but it is still a pretty healthy growth from last year.

Michael Baker, Analyst, D.A. Davidson: That makes perfect sense. If I could follow-up on that then, understanding that overtime issue as well as some of the costs incurred at the ports, that $100,000 first of all, was that incurred in the third quarter? But really the larger question is how should we think about the SG and A costs going forward? Is that sort of low $4,000,000 a good run rate?

Gilbert Lee, Chief Financial Officer, Jirash Holdings: Yes. The low $4,000,000 would be a good run rate. I mean SG and A, a lot of it depends on the sales volume, the sales revenue. And we incur significant amount in the first quarter because we have to airfreight some of the shipments due to the delay of production because of the raw material containers didn’t get into Jordan, if you remember the Red Sea crisis. So we’re trying to control our costs as much as we could, but it is still higher than what it was before.

But a low four would be a good estimate.

Mike Dessler, Analyst, AMX Holdings: Understood. Perfect. Thank you.

Gilbert Lee, Chief Financial Officer, Jirash Holdings: Thank you.

Jenny, Conference Operator: Thank you very much. Your next question is coming from Igor Novgorodsev of Laz Capital. Igor, your line is live.

Igor Novgorodsev, Analyst, Laz Capital: Hello, and thank you for taking my question. So you mentioned the situation in January now with a ceasefire and much better situation in The Middle East has remarkably improved. Could you just break it down a little bit more in detail, especially in terms of the logistics of getting things through the Red Sea? Are you getting them now from the Red Sea? And also how this improved logistics would impact your gross margins, which if I recall correctly, were as high as nineteen percent during COVID.

So maybe just not necessarily quantitative, but at least qualitative.

Gilbert Lee, Chief Financial Officer, Jirash Holdings: Well, we are getting container through the Red Sea. Before the Red Sea was blocked because of the blockage and but now we are getting our importing raw material containers through the Red Sea to Dordon. But we do have to pay slightly higher container shipment costs, but not as high as the first two quarters. So we are doing a very diligent job in controlling our costs. So and that is reflected in the gross margin.

And then on the export side, we had to pay, let’s say, $100,000 in the third quarter because of the port storage fee, because there are containers that were stuck at the port for four weeks. So we incur additional costs in there. But now it is getting back to normal. So the exporting part of it is going to be much improved in this quarter, in the fourth quarter as well as the first quarter of twenty twenty six. Does that answer your question?

Igor Novgorodsev, Analyst, Laz Capital: Yes. And maybe just not to push it too hard, but what would you consider your normalized good gross margin for your like the busiest Q2 and Q3?

Gilbert Lee, Chief Financial Officer, Jirash Holdings: Q2 and Q3 of twenty twenty five?

Igor Novgorodsev, Analyst, Laz Capital: Yes. Just in general, even if you don’t provide the guidance, what kind of gross margins would you consider be happy and you say this is my normalized gross margins because you had them very high during the COVID, obviously, because there was a huge demand And then there was an issue of oversupply, so they fell drastically. So now are they normalizing now? What would be your last target gross margin where you would say, okay, this is a gross margin given our competition and the market pricing that we’d be happy with?

Gilbert Lee, Chief Financial Officer, Jirash Holdings: Well, we anticipate this fiscal year, the 2025, the year we will end up around 15% to 16%. And going forward, we still would try to target somewhere between 15% to 16% because let me tell you why, because we are bringing in a lot of new customers and new products on an FOB process. And because of new customers, the margin at the beginning is usually not that good, because there’s a lot of sampling, there’s a lot of inefficiency trying to learn. And so when the volume is low, but the styles are many, it is hard to have a very efficient production. But once the volume gets ramped up, then we will be able to realize a better margin.

So we anticipate that 2026, we still want to play the gross margin in around 15% to 16%.

Igor Novgorodsev, Analyst, Laz Capital: Okay. My other question is about your joint venture with BOSANA. How is it going? Could you just tell us a little bit more details about it?

Gilbert Lee, Chief Financial Officer, Jirash Holdings: Well, the Busana joint venture, it is still we’re still working on that and the growth is relatively flat, but that was because there were turmoils in the region last year or in the past twelve months. And some of the new buyers, new customers, people like Macy, like Brooks Brothers, they are kind of cautious. They sent us test order, trial orders, but we finished it and they are satisfied, but we’re still waiting for them to really jump into the high volume bulk orders.

Igor Novgorodsev, Analyst, Laz Capital: I see. Does Bussan make a lot of products and like traditional textile manufacturing countries such as apparel manufacturing countries such as Indonesia and Vietnam and Bangladesh, which do have tariffs on U. S, if U. S. Semicircle tariffs?

Or what are they do you expect that they might consider moving some of their factories and their joint venture to Jordan? Is that a potential play?

Mike Dessler, Analyst, AMX Holdings: So

Eric Tang, Head of Operations in Jordan, Jirash Holdings: I’m Eric. I can answer you this question. Because Busan have a lot of customers, okay, and dealing with different kinds of pricing and also different kind of style. They have manufacturing bases in Indonesia,

Michael Baker, Analyst, D.A. Davidson: also

Eric Tang, Head of Operations in Jordan, Jirash Holdings: in Africa and also our joint venture in Jordan and Bangladesh also recently. I think nine months ago, they started another joint venture in Bangladesh. But that’s what doesn’t affect to us because usually the customer, okay, they would try to tailor make those higher FOB where you orders, okay, which the buyer can enjoy more tariff savings, they will place the order to Jordan. While for the low end products, maybe they don’t need too much duty savings, they will place in Bangladesh. So for Vuzana, we are working with them like to with orders like from Vuzana, like Hugo Boss (ETR:BOSSn), like Brooks Brothers, these are the high end customers and high FOB value orders.

Igor Novgorodsev, Analyst, Laz Capital: Okay. Thank you. That’s interesting to know.

Eric Tang, Head of Operations in Jordan, Jirash Holdings: Thank you.

Igor Novgorodsev, Analyst, Laz Capital: I don’t have any more questions. Thank you.

Jenny, Conference Operator: Thank you very much. Your next question is coming from Mike Dessler of AMX Holdings. Mike, your line is live.

Mike Dessler, Analyst, AMX Holdings: Yes. Good day, gentlemen.

Igor Novgorodsev, Analyst, Laz Capital: This question

Mike Dessler, Analyst, AMX Holdings: is how are you all doing? This question is for Gilbert. No disrespect, Sam or Eric. I was just wondering if you anticipate that you would have to tap the credit markets to fund that longer term large scale expansion plan that you’re planning with the property you already have?

Gilbert Lee, Chief Financial Officer, Jirash Holdings: We did consider having the debt market. Actually, maybe twelve months ago, we were talking to the World Bank and looking at maybe borrowing some money through the World Bank. And we’re right now, we’re open to any financing opportunities. Maybe we can go to the equity market and maybe we’ll borrow some money, but we definitely need to raise some capital to support our expansion plan, especially the larger scale expansion. But right now, we haven’t really decided which way to go.

Maybe it’s a combination of both.

Mike Dessler, Analyst, AMX Holdings: Right. Sounds prudent. I suspect and you need not comment. I suspect that the Jordanian commissioner labor will be part of that plan based on the ownership responsibilities. And towards that, I know that you’re maintaining your dividend has been a fairly high priority since inception, since you went public.

And I suspect it will remain so only because it provides a floor for the stock price among other reasons. So in the grand scheme of things that really is important, but the reality of just figuring out the prudent way to approach the markets, the credit markets now, for that long term build out sounds like you’re on the right track. So thank you very much for the update.

Gilbert Lee, Chief Financial Officer, Jirash Holdings: Thank you. Thank you.

Mike Dessler, Analyst, AMX Holdings: All right. Yes, be well guys.

Jenny, Conference Operator: Thank you very much. I will now hand back over to Sam as we have reached the end of our question and answer session. Over to you.

Sam Choi, Chairman and Chief Executive Officer, Jirash Holdings: Okay. Thank you, Jenny. And thanks to all of you for joining us today and for your continued support. We look forward to speaking with you next quarter. Thank you very much.

Thank you.

Jenny, Conference Operator: Thank you very much. This does conclude today’s conference. You may disconnect your phone lines at this time and have a wonderful day. Thank you for your participation.

Sam Choi, Chairman and Chief Executive Officer, Jirash Holdings: Thank you very much.

Eric Tang, Head of Operations in Jordan, Jirash Holdings: Thank you very much. Have a good day.

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