Silk Road Logistics : Announcements and Notices - UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2021

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Silk Road Logistics Holdings Limited

絲路物流控股有限公司

(Incorporated in Bermuda with limited liability)

(Stock Code: 988)

UNAUDITED INTERIM RESULTS

FOR THE SIX MONTHS ENDED 30 JUNE 2021

SUMMARY

For the six months ended 30 June 2021, the revenue of the Group amounted to approximately HK$6,907,000 (six months ended 30 June 2020: HK$2,957,000). The Group's unaudited consolidated loss attributable to the owners of the Company for the six months ended 30 June 2021 was approximately HK$37,676,000, comparing to the loss attributable to the owners of the Company approximately HK$38,964,000 for the corresponding six-month period in 2020.

RESULTS

The board (the "Board") of directors (the "Directors") of Silk Road Logistics Holdings Limited (the "Company") hereby announces the unaudited consolidated results of the Company and its subsidiaries (collectively referred to as the "Group") for the six months ended 30 June 2021 together with the comparative figures for the corresponding six-month period in 2020 as follows:

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CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the six months ended 30 June 2021

		Six months ended 30 June
		2021		2020
	Notes	HK$'000	HK$'000
		(unaudited)	(unaudited)
REVENUE	3	6,907		2,957
Cost of sales and services	5	(3,789)	(3,248)
Gross profit (loss)		3,118		(291)
Other income and gains	3	195		954
Administrative expenses		(16,526)	(19,308)
Impairment of other receivable		(11,027)	-
Share of profit (loss) of associates		3,494	(4,536)
Finance costs	4	(23,134)	(23,051)
LOSS BEFORE TAX	5	(43,880)	(46,232)
Income tax credit	6	827		6,583
LOSS FOR THE PERIOD		(43,053)	(39,649)
OTHER COMPREHENSIVE INCOME
Items that may be reclassified subsequently to
profit or loss:
Exchange differences on translation of
foreign operations		2,494	(10,652)
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD		(40,559)	(50,301)

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	Six months ended 30 June
	2021		2020
	HK$'000	HK$'000
Notes	(unaudited)	(unaudited)
Loss for the period attributable to:
Owners of the Company	(37,676)	(38,964)
Non-controlling interests	(5,377)	(685)
Loss for the period	(43,053)	(39,649)
Total comprehensive income for the period
attributable to:
Owners of the Company	(36,225)	(46,020)
Non-controlling interests	(4,334)	(4,281)
Total comprehensive income for the period	(40,559)	(50,301)

Six months ended 30 June

2021 2020

HK$HK$

Notes(restated)

LOSS PER SHARE	8
- Basic	(0.06)	(0.07)
- Diluted		N/A	N/A

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CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

At 30 June 2021

		30 June	31 December
		2021			2020
	Notes	HK$'000	HK$'000
		(unaudited)	(audited)
NON-CURRENT ASSETS
Property, plant and equipment		173,262		176,855
Right-of-use assets		73,032	73,482
Interests in associates		218,431	214,954
Goodwill		55,960	55,960
Oil properties		65,359	65,363
Total non-current assets		586,044		586,614
CURRENT ASSETS
Inventories		569		408
Trade receivables	9	4,274	54
Prepayments, deposits and other receivables		144,131	155,589
Income tax recoverable		4,458	4,696
Cash and cash equivalents		822	3,781
Total current assets		154,254		164,528
CURRENT LIABILITIES
Trade payables	10	88,416		84,824
Other payables and accruals		128,584	124,669
Bank and other borrowings		461,319	443,665
Promissory notes payable		65,460	60,929
Obligations under finance leases		33	414
Total current liabilities		743,812		714,131
NET CURRENT LIABILITIES		(589,558)	(549,603)
TOTAL ASSETS LESS CURRENT LIABILITIES		(3,514)	37,011

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	30 June	31 December
	2021		2020
	HK$'000	HK$'000
	(unaudited)	(audited)
NON-CURRENT LIABILITIES
Bank and other borrowings	138		295
Obligations under finance leases	-	33
Lease liabilities	13,516	13,498
Assets retirement obligations	5,338	5,207
Deferred tax liabilities	15,004	14,929
Total non-current liabilities	33,996		33,962
Net (liabilities)/assets	(37,510)	3,049
EQUITY
Share capital	59,893		59,893
Reserves	(177,208)	(140,983)
Equity attributable to owners of the Company	(117,315)	(81,090)
Non-controlling interests	79,805		84,139
Total (capital deficiency)/equity	(37,510)	3,049

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