Divine Skin net revenues rise by 50% in Q2 2012

Personal care products manufacturer Divine Skin has reported 50% rise in net revenues to $3.5m for the second quarter ended 30 June 2012, up from $2.33m during the same quarter in 2011.

The firm said revenue growth was primarily owing to increase in sales and continued demand for products through its continued expansion of sales to salon outlets.

Divine Skin’s gross profit increased to $1.45m, an increase of 7.6% for the current quarter, from $1.34m in the corresponding quarter of the previous year.

The company widened its net loss to $368,085 for the second quarter, compared to loss of $54,980 in the same period of the prior year, due to increased non-cash expenses.

Divine Skin reported total current assets of $6.08m and total shareholders’ equity of $4.78m for the current quarter period ended 30 June 2012.

According to the company, the loss primarily occurred due to the increases in sales promotions and travel along with rise in corporate public relations and legal expenses.

Divine Skin is a US-based global hair, skin and personal care product development and marketing company, whose portfolio includes DS Laboratories a personal care brand, the Sigma Skin brand, the Pure Guild botanical compounds brand and Polaris Research Laboratories that makes high-potency minoxidil-based hair-growth formulas.