GA Holdings Ltd. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2016
November 09, 2016 at 05:03 am EST
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GA Holdings Ltd. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2016. For the quarter, the company’s revenue was HKD 118,987,000 against HKD 131,951,000 a year ago. Profit from operating activities was HKD 18,437,000 against HKD 24,485,000 a year ago. Profit before income tax was HKD 17,019,000 against HKD 22,766,000 a year ago. Profit attributable to owners of the company was HKD 12,546,000 or 2.63 cents per basic and diluted share against HKD 18,065,000 or 3.79 cents per basic and diluted share a year ago.
For the nine months, the company’s revenue was HKD 349,526,000 against HKD 378,228,000 a year ago. Profit from operating activities was HKD 40,936,000 against HKD 109,950,000 a year ago. Profit before income tax was HKD 36,839,000 against HKD 104,178,000 a year ago. Profit attributable to owners of the company was HKD 25,359,000 or 5.32 cents per basic and diluted share against HKD 92,601,000 or 19.44 cents per basic and diluted share a year ago. The decrease in revenue was mainly due to the decreases in both technical fee income and revenue from servicing of motor vehicles and sales of auto parts despite of the continuous growth in sales of motor vehicles following the full operation of a dealership store for ultra-luxury automobile brands in the mid of 2014. The decrease in profit attributable to owners of the company was a net result of the decrease in both total revenue and gross profit margin during the current period; the absence of a one-off income from waiver of interest payable of HKD 45,626,000 from a creditor recognized in 2015; and the absence of impairments made on goodwill and inventories in 2015.
G.A. Holdings Limited is a Singapore-based investment holding company. The Company is engaged in the sales of motor vehicles and provision of car-related technical services, servicing of motor vehicles, sales of auto parts and provision of car rental services. The Company's segments include Motor vehicle sales and services business, and Car rental business. Its Motor vehicle sales and services business is engaged in the operations of motor vehicle distribution and dealership business, which includes sales of motor vehicles and provision of after sales services. It is also involved in other motor vehicle related business, which includes operations of motor vehicle service shops, sales of auto parts, provision of car-related technical services and other value-added motor vehicle services. Its subsidiaries include German Automobiles Pte Ltd., German Automobiles Limited (GAL), Xiamen BMW Automobiles Service Co., Ltd., and Fujian Xingbao Automobiles Sales and Service Co., Ltd.