Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited ("Stock Exchange") take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
This announcement, for which the directors ("Directors") of China Technology Solar Power Holdings Limited ("Company", together with its subsidiaries, the "Group") collectively and individually accept full responsibility, includes particulars given in compliance with the Rules Governing the Listing of Securities on GEM of the Stock Exchange ("GEM Listing Rules") for the purpose of giving information with regard to the Company. The Directors, having made all reasonable enquiries, confirm that to the best of their knowledge and belief the information contained in this announcement is accurate and complete in all material respects and not misleading or deceptive, and there are no other matters the omission of which would make any statement herein or this announcement misleading.
CHINA TECHNOLOGY SOLAR POWER HOLDINGS LIMITED ʕ߅ΈཥછٰϞࠢʮ̡*
(Incorporated in the Cayman Islands with limited liability)
(stock code: 8111)
2018 INTERIM RESULTS ANNOUNCEMENT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2018
CHARACTERISTICS OF GEM OF THE STOCK EXCHANGE
GEM has been positioned as a market designed to accommodate small and mid-sized companies to which a higher investment risk may be attached than other companies listed on the Stock Exchange.
Prospective investors should be aware of the potential risks of investing in such companies and should make the decision to invest only after due and careful consideration.
Given that the companies on GEM are generally small and mid-sized companies, there is a risk that securities traded on GEM may be more susceptible to high market volatility than securities traded on the Main Board and no assurance is given that there will be a liquid market in the securities traded on GEM.
*
For identification purpose only
INTERIM RESULTS HIGHLIGHTS
The loss attributable to owners of the Company for the six months ended 30 September 2018 was approximately HK$13.5 million (loss attributable to owners of the Company for the six months ended 30 September 2017 ("2017-1H"): approximately HK$1.4 million).
The revenue of the Group for the six months ended 30 September 2018 was approximately HK$31.5 million, representing a decrease of approximately 1.9 per cent. as compared with approximately HK$32.1 million recorded for 2017-1H.
Gross profit margin of the Group was approximately 22.9 per cent. for the six months ended 30
September 2018, as compared to approximately 36.4 per cent. for 2017-1H.
Basic loss per share for the six months ended 30 September 2018 was approximately HK0.9 cents (2017-1H: basic loss per share of approximately HK0.10 cents).
The Directors do not recommend the payment of a dividend for the six months ended 30 September 2018 (2017-1H: Nil).
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (UNAUDITED)
From | From | From | From | ||
1 July 2018 to | 1 April 2018 to | 1 July 2017 to | 1 April 2017 to | ||
30 September | 30 September | 30 September | 30 September | ||
2018 | 2018 | 2017 | 2017 | ||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | ||
Notes | HK$'000 | HK$'000 | HK$'000 | HK$'000 | |
Revenue | 3 | 30,400 | 31,519 | 14,519 | 32,122 |
Cost of sales | (23,564) | (24,300) | (11,281) | (20,427) | |
Gross profit | 6,836 | 7,219 | 3,238 | 11,695 | |
Other revenue | 3 | 70 | 82 | 103 | 568 |
Selling expenses | (809) | (1,650) | (952) | (1,564) | |
Change in fair value of financial assets | |||||
at fair value through profit or loss | 15 | (140) | (1,404) | (109) | 134 |
Administrative expenses | (3,356) | (7,982) | (3,129) | (6,445) | |
Finance costs | 6 | (1,428) | (3,109) | (1,578) | (3,124) |
Profit (Loss) before taxation | 5 | 1,173 | (6,844) | (2,427) | 1,264 |
Income tax | 7 | (914) | (4,351) | (41) | (861) |
Profit (Loss) for the period | 259 | (11,195) | (2,468) | 403 | |
Other comprehensive (expense) income | |||||
Items that may be reclassified | |||||
subsequently to profit or loss: | |||||
Exchange differences arising on translation of | |||||
financial statements of foreign operations | (4,117) | (8,969) | 2,076 | 3,336 | |
Total comprehensive (expense) income | |||||
for the period | (3,858) | (20,164) | (392) | 3,739 | |
(Loss) Profit attributable to: | |||||
- Owners of the Company | (1,953) | (13,473) | (3,620) | (1,425) | |
- Non-controlling interests | 2,212 | 2,278 | 1,152 | 1,828 | |
Profit (Loss) for the period | 259 | (11,195) | (2,468) | 403 | |
Total comprehensive (expense) income | |||||
for the period attributable to: | |||||
- Owners of the Company | (5,450) | (21,710) | (290) | 1,469 | |
- Non-controlling interests | 1,592 | 1,546 | (102) | 2,270 | |
(3,858) | (20,164) | (392) | 3,739 | ||
Dividend | 24 | - | - | - | - |
Loss per share | |||||
- Basic (HK cents) | 8 | (0.12 cents) | (0.9 cents) | (0.25 cents) | (0.10 cents) |
- Diluted | 8 | (0.12 cents) | (0.9 cents) | N/A | N/A |
- 3 - |
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (UNAUDITED)
As at | |||
30 September | 31 March | ||
2018 | 2018 | ||
(unaudited) | (audited) | ||
Notes | HK$'000 | HK$'000 | |
Non-current assets | |||
Property, plant and equipment | 9 | 64 | 177 |
Available-for-sale financial assets | 10 | - | - |
Goodwill | 11 | 40,676 | 40,676 |
40,740 | 40,853 | ||
Current assets | |||
Inventories | 12 | - | - |
Accounts and bills receivables | 13 | 94,583 | 82,077 |
Other receivables, deposits and prepayments | 14 | 14,683 | 16,069 |
Financial assets at fair value through profit or loss | 15 | 1,140 | 2,544 |
Bank balances and cash | 16 | 16,415 | 29,723 |
126,821 | 130,413 | ||
Current liabilities | |||
Accounts payables | 17 | 28,194 | 19,103 |
Other payables and accruals | 18 | 13,640 | 20,507 |
Other loans | 19 | 9,340 | 26,840 |
Taxation | 1,133 | 1,545 | |
Receipt in advance | 46 | 47 | |
52,353 | 68,042 | ||
Net current assets | 74,468 | 62,371 | |
Total assets less current liabilities | 115,208 | 103,224 | |
Non-current liabilities | |||
Convertible bonds | 20 | 40,602 | 39,808 |
Deferred tax liabilities | 1,798 | 2,760 | |
42,400 | 42,568 | ||
Net assets | 72,808 | 60,656 | |
Capital and reserves | |||
Share capital | 21 | 172,601 | 143,001 |
Reserves | (114,294) | (95,300) | |
Equity attributable to owners of the Company | 58,307 | 47,701 | |
Non-controlling interests | 14,501 | 12,955 | |
Total equity | 72,808 | 60,656 |
As at
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
Share capitalEquity attributable to owners of the Company Reserve
Total comprehensive (expense) income
Issue of shares on exercise of convertibleAt 1 April 2017
(Loss) Profit for the period Exchange differences arising on translation of financial statementsof foreign operations - - - 2,894
Total comprehensive income (expense)
for the period - - - 2,894
At 30 September 2017
At 1 April 2018
(Loss) Profit for the period Equity-settled share-based payments of the Company
Exchange differences arising on translation of financial statementsof foreign operations - - - (8,237)
for the period - - - (8,237)
bonds (Note (d))
Release of deferred tax liabilities on exercise of convertible bonds Issue of shares
Transaction cost on issue of sharesAt 30 September 2018
HK$'000
143,001
143,001
172,601
143,001
29,600
- 28,600 -
1,000
-
- -
premium reorganisation reserve | reserve | (Deficit) |
(Note (a)) (Note (b)) | ||
HK$'000 HK$'000 HK$'000 | HK$'000 | HK$'000 |
27,997 | (304,193) | |
- | (1,425) | |
- | - | |
- | (1,425) | |
27,997 | (305,618) | |
27,997 | (321,772) | |
- | (13,473) | |
- | - | |
- | - | |
- | (13,473) | |
(3,700) | - | |
825 | - | |
- | - | |
- | - | |
(2,875) | - | |
25,122 | (335,245) |
215,968
arising Convertible Retained | Share-based | Non- | |
Share from Exchange bond profits | payment | controlling | |
reserve | Total | interests | Total |
(Note (c)) | |||
HK$'000 | HK$'000 | HK$'000 | HK$'000 |
- | 56,693 | 7,767 | 64,460 |
- | (1,425) | 1,828 | 403 |
- | 2,894 | 442 | 3,336 |
- | 1,469 | 2,270 | 3,739 |
- | 58,162 | 10,037 | 68,199 |
- | 47,701 | 12,955 | 60,656 |
- | (13,473) | 2,278 | (11,195) |
2,382 | 2,382 | - | 2,382 |
- | (8,237) | (732) | (8,969) |
2,382 | (19,328) | 1,546 | (17,782) |
- | 1,300 | - | 1,300 |
- | 825 | - | 825 |
- | 28,600 | - | 28,600 |
- | (791) | - | (791) |
- | 29,934 | - | 29,934 |
2,382 | 58,307 | 14,501 | 72,808 |
(24,317)
(1,763)
-
-
-
215,968 (24,317) 1,131
215,968
(24,317) 6,824
- -
- -
3,209
4,000
- - (791)
- - - - -
219,177 (24,317)
- -
- - - - -
(1,413)
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CTSP - China Technology Solar Power Holdings Ltd. published this content on 09 November 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 09 November 2018 15:18:03 UTC