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Dana Group International Investments Ltd - Interim Results to 31st December 2018

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03/21/2019 | 08:58am EDT

CHAIRMAN’S INTERIM STATEMENT

DANA GROUP INTERNATIONAL INVESTMENTS LIMITED

(“the Group” or the “Company”)

I am pleased to present Dana Group International Investments Limited’s consolidated, unaudited interim financial results for the six months’ period from 1st July 2018 to 31st December 2018. These consolidated financial statements have not been reviewed by the Group’s auditors.   

Financial results

The results for the first half of the current year were positive with profit of USD 95,000. The comprehensive loss for the six months’ period ended 31st December 2018 was USD 1.44 million (2017: comprehensive income of USD 4.02 million) and the net profit for the period was USD 0.09 million (2017: net loss of USD 0.13 million), giving rise to basic earnings per share of US cents 0.04 (2017: basic loss per share of US cents 0.05).

At 31st December 2018, the Company’s net assets stood at USD 50.46 million (2017: USD 89.85 million); or US cents 20 per share (2017: US cents 36 per share). The decrease in net assets for the comparable period is attributable to the decrease in fair value of available for sale financial asset (i.e., Bonyan International Investment Group (Holding) LLC (“Bonyan”) in which the Company holds a 21.68 per cent interest).

This decline in the value of Bonyan and hence of the Company’s interest in it was attributable to the reduction in fair value of investment properties held by Bonyan and the dilution of Bonyan’s shareholding in one of its investee companies during the last financial year and was discussed in the announcement of the results for the year ended 30th June 2018.

Board changes

During the period under review, at the annual general meeting in respect of the financial year ended 30th June 2018, Mr. Muin El-Saleh retired by rotation and did not offer himself for re-election.

Current Trading

Trading from 1st January 2018 to date remains consistent with the Directors’ expectations at the beginning of the current financial period.

Outlook

The performance of Bonyan, in which the Company has an investment, during the second half of 2018 to date is in accordance with the Directors' expectations.

Conclusion

The Group will continue to explore further opportunities and to work towards the improvement of shareholders’ value. I look forward to informing shareholders of any significant developments as these crystallise.  

Firas Baba

Chairman

Dubai, 21st March 2019

Important: the Notes numbered 1 to 7 which appear after the condensed, consolidated statement of cash flows below are an integral part of the condensed, consolidated interim financial information, which should be read in the context of these Notes.

Condensed, consolidated statement of profit or loss and comprehensive income

for the six months’ period ended 31st December 2018

Note Six months’ period ended
31 December
2018
(unaudited)
Six months’ period ended
31 December
2017
(unaudited)
USD USD
Revenue - 18,047
Employee costs (78,822) (84,268)
Other operating expenses (52,431) (41,801)
Legal and professional expenses (49,907) (43,064)
Other income 276,177 -
Depreciation - (701)
Operating profit/(loss) 95,017 (151,787)
Finance income - net 298 22,753
Profit / (loss) for the period 95,315 (129,034)
Other comprehensive income
Items that are or may be reclassified subsequently to profit or loss
Fair value changes in available for sale financial asset 6 (1,538,228) 4,154,931
Total comprehensive (loss) / income for the period (1,442,913) 4,025,897
Earnings / (loss) per share attributable to the equity holders of the parent during the period
Basic earnings /(loss) per share for the period 5 0.0004 (0.0005)

Condensed, consolidated statement of financial position

as at 31st December 2018

Note 31 December
2018
(unaudited)
31 December
2017
(unaudited)
USD USD
ASSETS
Non-current assets
Available for sale financial asset 6 51,081,859 90,691,221
Total non-current assets 51,081,859 90,691,221
Current assets
Loans and advances - 4,700,000
Prepayments, advances and other receivables 41,455 638,847
Cash and cash equivalents 2,389 8,626
Total current assets 43,844 5,347,473
Total assets 51,125,703 96,038,694
LIABILITIES AND SHAREHOLDERS’ EQUITY
EQUITY
Share capital 2,010,490 2,010,490
Share premium 83,862,586 83,862,586
Available for sale fair valuation reserve 7 (27,099,645) 12,509,717
Accumulated losses (8,313,198) (8,533,980)
Total capital and shareholders’ equity 50,460,233 89,848,813
LIABILITIES
Non-current liabilities
Provision for employees’ end of service benefits 27,531 35,130
Total non-current liabilities 27,531 35,130
Current liabilities
Trade and other payables 637,939 6,154,751
Total current liabilities 637,939 6,154,751
Total liabilities 665,470 6,189,881

Total liabilities and shareholders’ equity
51,125,703 96,038,694

Condensed, consolidated statement of changes in equity

for the six months’ period ended 31st December 2018



Share
capital


Share premium
Available for sale fair valuation reserve

Accumulated losses



Total
USD USD USD USD USD
At 1st July 2017 (audited) 2,010,490 83,862,586 8,354,786 (8,404,946) 85,822,916
Total comprehensive income for the period
Loss for the period - - - (129,034) (129,034)
Other comprehensive income for the period - - 4,154,931 - 4,154,931
Balance at 31st December 2017 (unaudited) 2,010,490 83,862,586 12,509,717 (8,533,980) 89,848,813
At 1st July 2018 (audited) 2,010,490 83,862,586 (25,561,417) (8,408,513) 51,903,146
Total comprehensive income for the period
Profit for the period - - - 95,315 95,315
Other comprehensive loss for the period - - (1,538,228) - (1,538,228)
Balance at 31st December 2018 (unaudited) 2,010,490 83,862,586 (27,099,645) (8,313,198) 50,460,233

Condensed, consolidated statement of cash flows

for the six months’ period ended 31st December 2018

Six months’ period ended
31 December
2018 (unaudited)
Six months’ period ended 31 December
2017
(unaudited)
USD USD
Cash flows from operating activities
Net profit / (loss) for the period 95,315 (129,034)
Adjustments for:
Finance income - net - (23,693)
Depreciation - 701
Provision for employees’ end of service benefits 1,992 2,472
Operating cash flow before working capital changes
Working capital changes:
Trade and other receivables 603 162,918
Trade and other payables                                (110,002) (47,269)
Net cash flow from operating activities (12,092) (33,905)
Net decrease in cash and cash equivalents (12,092) (33,905)
Cash and cash equivalents at beginning of the period 14,481 42,531
Cash and cash equivalents at end of the period 2,389 8,626

Notes to the condensed, consolidated interim financial information

for the six months’ period ended 31st December 2018

1.      Legal status and activity

Dana Group International Investments Limited (“the Company”) was incorporated on 29th May 2007 under the International Business Companies Act, 2000, in the Commonwealth of the Bahamas under registration number 148728 (B).

The registered office address of the Company is Ocean Centre, East Bay Street, P.O. Box SS19084, Nassau, Bahamas.

The unaudited, condensed, consolidated interim financial information of the Company for the period ended 31st December 2018 comprises the Company and its subsidiaries (collectively referred to as “the Group”). There have been no changes in the Group structure since the date of most recent annual consolidated financial statements for the year ended 30th June 2018.

The principal activities of the Group are property and real estate investments, development and advisory services for projects related to the real estate and infrastructure sectors.

2.      Basis of preparation

The unaudited, condensed, consolidated interim financial information for the six months ended 31st December 2018 has been prepared in accordance with IAS 34, ‘Interim Financial Reporting’. The condensed, consolidated interim financial information should be read in conjunction with the annual audited, consolidated financial statements for the year ended 30th June 2018, which have been prepared in accordance with International Financial Reporting Standards.

3.      Estimates and assumptions

The preparation of condensed, consolidated interim financial information requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates.

In preparing the condensed, consolidated interim financial information, the significant judgements made by the management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those that were applied to the consolidated financial statements for the year ended 30th June 2018.

4.      Significant accounting policies

The accounting policies adopted in the preparation of the condensed, consolidated interim financial information are consistent with those followed in the preparation of the Group’s annual consolidated financial statements for the year ended 30th June 2018.

5.      Earnings / (loss) per share

 Basic earnings / (loss) per share

Basic loss per share is calculated by dividing the profit attributable to equity holders of the parent by the weighted average number of ordinary shares in issue during the period.

Period ended 31 December
2018
Period ended 31 December
2017
(unaudited) (unaudited)
Profit/(loss) attributable to equity holders of the parent (USD)
95,315

(129,034)
Weighted average number of ordinary shares in issue (No.)
249,289,747

249,289,747

6.     Available for sale financial asset

2018 2017
USD USD
Balance at 1st July (audited) 52,620,087 86,536,290
Change in fair value – refer note (i) below (1,538,228) 4,154,931
Balance at 31st December (unaudited) 51,081,859 90,691,221

(i)    Change in fair value represents the difference in the fair value of Bonyan during the period of six months from 1st July 2018 to 31st December 2018.

7.    Available for sale fair valuation reserve

At 31st December 2018, available for sale fair valuation reserve represented the change in fair value of Group’s investment in Bonyan which was classified as available for sale financial asset.

This announcement has been made after due and careful enquiry; the directors of the Group accept responsibility for its content.

Enquiries:

Dana Group International Investments Ltd:
Contact: tel: +971 (0)4 350 3530; e-mail: ir@dana-investments.com; further information on Dana Group International Investments Limited is available from the Company’s website: www.dana-investments.com 

Keith, Bayley, Rogers & Co. Limited:
Graham Atthill-Beck: tel: +44 (0)20 7464 4091; mobile: +971 (0)50 856 9408/+44 (0)750 643 4107; e-mail: Graham.Atthill-Beck@kbrl.co.uk; blackpearladvisers@gmail.com
Brinsley Holman: tel: +44 (0)20 7464 4098; e-mail: Brinsley.Holman@kbrl.co.uk


© PRNewswire 2019
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