Lai Sun Garment (International) Limited Recommends Final Dividend for the Financial Year Ended July 31, 2017; Announces Consolidated Earnings Results for the Full Year Ended July 31, 2017
The company announced consolidated earnings results for the full year ended July 31, 2017. For the year, the company reported turnover of HKD 1,808,083,000 against HKD 1,972,089,000 a year ago. Profit from operating activities was HKD 2,037,093,000 against HKD 773,289,000 a year ago. Profit before tax was HKD 2,365,698,000 against HKD 1,306,111,000 a year ago. Profit for the period attributable to owners of the company was HKD 1,456,666,000 or HKD 3.785 per diluted share against HKD 683,316,000 or HKD 1.800 per diluted share a year ago. For the year ended 31 July 2017, net profit attributable to owners of the Company representing an increase of approximately 113.2% over last year. The increase during the year under review as compared to last year consists a mix of: (a) lower operating profit due to lower property sales; (b) a substantial increase in revaluation of the investment properties held by the Group, its joint ventures and associates; (c) loss on deemed disposal of LSD's interest in eSun due to eSun Placing; (d) reversal of the provision for tax indemnity pursuant to the tax indemnity deed in connection with the listing of Lai Fung Holdings Limited ("Lai Fung") on the Stock Exchange in 1997; and (e) discount on LSD's acquisition of additional 2% interest in eSun.