Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
UNIVERSAL TECHNOLOGIES HOLDINGS LIMITED環球實業科技控股有限公司
(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 1026) INTERIM RESULTS ANNOUNCEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2017 HIGHLIGHTSRevenue for the six months ended 30 June 2017 amounted to approximately HK$111.72 million, which is classified under continuing operations (six months ended 30 June 2016: HK$233.65 million, of which HK$87.17 million was classified under discontinued operations and HK$146.48 million was classified as continuing operations.). Revenue from continuing operations for the six months ended 30 June 2017 of HK$111.72 million represented a decrease of HK$34.76 million or 24% as compared to the corresponding period last year. Decrease in revenue was mainly due to the completion of the construction of Taihe Water Plant Phase 2, resulting in decrease in construction service income under BOT water plant project.
Net profit attributable to shareholders of the Company for the six months ended 30 June 2017 amounted to approximately HK$8.08 million (six months ended 30 June 2016: net loss attributable to shareholders of the Company of HK$22.41 million), representing an increase by HK$30.49 million or 136% as compared to the corresponding period last year. Turnaround from loss to profit for the period of the Group was mainly due to (i) the absence of net loss from International Payment Solutions Holdings Limited and its subsidiaries ("Payment Co Group") which was disposed in December 2016; and (ii) the currency exchange gain on Renminbi denominated assets of the Group arising from the revaluation of Renminbi.
Basic and diluted earnings per share for the six months ended 30 June 2017 amounted to HK0.38 cent and HK0.38 cent respectively (six months ended 30 June 2016: basic and diluted loss per share of HK1.06 cents and HK1.06 cents respectively).
The Board of Directors does not recommend the payment of an interim dividend for the six months ended 30 June 2017 (six months ended 30 June 2016: Nil).
The Board of Directors (the "Board") of Universal Technologies Holdings Limited (the "Company") is pleased to announce the unaudited interim results of the Company and its subsidiaries (collectively, the "Group") for the six months ended 30 June 2017 together with comparative figures for the last corresponding period as follows:
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSSFor the six months ended 30 June 2017
Six months ended 30 June | |||
2017 | 2016 | ||
Note | (Unaudited) | (Unaudited) | |
HK$'000 | HK$'000 | ||
Continuing operations Revenue | 4 | 111,718 | 146,479 |
Cost of sales/services rendered | (64,749) | (100,176) | |
Gross profit | 46,969 | 46,303 | |
Other revenue | 4 | 4,467 | 4,547 |
Other income | 10,157 | 12,361 | |
General and administrative expenses | (22,654) | (32,243) | |
Profit from operations Impairment loss on debtors | 13 | 38,939 (351) | 30,968 - |
Impairment loss on other receivables | 14 | - | (29) |
Intangible assets written off | - | (1,402) | |
Finance costs | (8,118) | (9,832) | |
Profit before income tax | 5 | 30,470 | 19,705 |
Income tax expense | 7 | (6,659) | (6,823) |
Profit for the period from continuing operations | 23,811 | 12,882 | |
Discontinued operations |
Loss for the period from discontinued operations 8 - (37,068)
Profit/(loss) for the period 23,811 (24,186)
Profit/(loss) attributable to:
Shareholders of the Company | 8,077 | (22,406) | |
Non-controlling interests | 15,734 | (1,780) | |
Profit/(loss) for the period | 23,811 | (24,186) | |
Earnings/(loss) per share (in cents) | |||
From continuing and discontinued operations - Basic | 9 | 0.38 | (1.06) |
- Diluted | 9 | 0.38 | (1.06) |
From continuing operations
- Basic 9 0.38 0.15
- Diluted 9 0.38 0.15
From discontinued operations
- Basic 9 - (1.21)
- Diluted 9 - (1.21)
CONDENSED CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOMEFor the six months ended 30 June 2017
Six months ended 30 June 2017 2016Note (Unaudited) (Unaudited)
HK$'000 HK$'000
Profit/(loss) for the period 23,811 (24,186)
Other comprehensive income/(loss):
Items that may be reclassified subsequently to profit or loss:
Exchange differences arising on translation of financial statements of subsidiaries established in the People's
Republic of China (the "PRC") 1,537 (5,198)
Exchange differences arising on translation of financial
statements of an associate established in the PRC - (640) Other comprehensive income/(loss) for the period, net of tax 1,537 (5,838)
Total comprehensive income/(loss) for the period 25,348 (30,024)
Total comprehensive income/(loss) attributable to:
Shareholders of the Company 7,041 (25,544)
Non-controlling interests 18,307 (4,480)
25,348 (30,024) CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITIONAt 30 June 2017
At 30 June 2017At 31 December
2016
Note (Unaudited) (Audited)
HK$'000 HK$'000
NON-CURRENT ASSETSProperty, plant and equipment 10 473,105 459,154
Prepaid land lease premium 11 24,098 22,216
Investment properties 12 43,881 44,820
Intangible assets 407,817 398,112
Goodwill 99,037 90,290
Deposit paid for acquisition of property, plant
and equipment | 13,359 | 13,244 | |
1,061,297 | 1,027,836 | ||
CURRENT ASSETS | |||
Inventories | 2,940 | 2,606 | |
Debtors | 13 | 20,296 | 23,154 |
Deposits, prepayments and other receivables | 14 | 13,998 | 7,024 |
Prepaid land lease premium | 11 | 101 | 97 |
Fixed deposits | 85,547 | 34,643 | |
Pledged time deposit | 272,416 | 262,898 | |
Cash and bank balances | 246,098 | 402,992 | |
641,396 | 733,414 | ||
DEDUCT: | |||
CURRENT LIABILITIES | |||
Bank and other borrowings | 20 | 326,718 | 312,195 |
Trade payables | 16 | 2,448 | 2,433 |
Payable to merchants | 17 | 3,013 | 3,008 |
Deposits received, sundry creditors and accruals | 18 | 154,511 | 193,646 |
Amounts due to related companies | 19 | 50,957 | 76,499 |
Tax payable | 16,819 | 16,690 | |
554,466 | 604,471 | ||
NET CURRENT ASSETS | 86,930 | 128,943 |
Universal Technologies Holdings Ltd. published this content on 25 August 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 25 August 2017 15:12:02 UTC.
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