Neway Group Holdings Limited announced audited consolidated earnings results for the full year ended March 31, 2014. For the period, the company reported revenue of HKD 613,269,305 compared to HKD 643,749,236 a year ago. Loss before taxation was HKD 20,530,576 compared to profit of HKD 3,462,792 a year ago.

Loss for the period attributable to owners of the company was HKD 21,015,858 compared to profit of HKD 1,671,302 a year ago. Basic LPS was 2.06 cents compared to basic EPS of 0.16 cents a year ago. Revenue represents the amounts received and receivable for goods sold and services provided by the group, less returns and allowances during the year.

The loss for the year was mainly attributable to the absence of the one-off gain of approximately HKD 14.4 million from the disposal of a subsidiary of the company, the absence of the reversal of allowance for bad and doubtful debts of approximately HKD 4.9 million as recorded last year, and an increase in total staff costs of approximately HKD 21.7 million, which was mainly caused by the increase in minimum wages set by the PRC government from RMB 1,500 to RMB 1,600 in March 2013 and the further increase to RMB 1,808 in February 2014. Capital expenditure of the group for property, plant and equipment amounted to approximately HKD 11.3 million against HKD 15.0 million a year ago. Such addition was mainly attributable to the acquisition of machines used in production and the construction in progress on the land situated in Qingyuan in the PRC.