AGRITRADE RESOURCES LIMITED 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.
(Incorporated in Bermuda with limited liability)
(Stock Code: 1131) ANNUAL RESULTS ANNOUNCEMENT FOR THE YEAR ENDED 31 MARCH 2016 AND RESUMPTION OF TRADING FINANCIAL HIGHLIGHT2016 HK$'000 | 2015 HK$'000 | |
Revenue | 1,152,468 | 1,234,468 |
Gross profit | 355,760 | 370,489 |
EBITDA | 698,320 | 384,629 |
Profit after tax | 465,613 | 180,859 |
Tonnes '000 | Tonnes '000 | |
Quantity of coal produced | 3,976 | 4,083 |
JORC standard mineable reserve of SEM Mine | 117,850 | 117,850 |
JORC standard mineable reserve of Merge Mine | 92,000 | N/A |
The board (the "Board") of directors (the "Directors") of Agritrade Resources Limited (the "Company") is pleased to announce the preliminary annual results of the Company and its subsidiaries (collectively the "Group") for the year ended 31 March 2016 with comparative figures for the year ended 31 March 2015.
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOMEFor the year ended 31 March
2016 | 2015 | |||
Notes | HK$'000 | HK$'000 | ||
Revenue | 4 | 1,152,468 | 1,234,468 | |
Cost of sales and services | (796,708) | (863,979) | ||
Gross profit | 355,760 | 370,489 | ||
Other income, and gains and losses, net | 5 | 53,369 | 9,730 | |
Gain on bargain purchase | 14 | 358,301 | - | |
Administrative expenses | (228,476) | (136,413) | ||
Finance costs | 6 | (29,747) | (30,991) | |
Profit before income tax | 509,207 | 212,815 | ||
Income tax | 8 | (43,594) | (31,956) | |
Profit for the year | 7 | 465,613 | 180,859 | |
Profit for the year attributable to: | ||||
- Owners of the Company | 470,782 | 146,858 | ||
- Non-controlling interests | (5,169) | 34,001 | ||
465,613 | 180,859 | |||
(represented) | ||||
Earnings per share | 9 | |||
- Basic | HK31.2 cents | HK11.5 cents | ||
- Diluted | HK28.3 cents | HK11.1 cents | ||
Proposed dividend per share | 10 | HK1.0 cent | HK1.0 cent | |
2016 | 2015 | |||
Note | HK$'000 | HK$'000 | ||
Profit for the year | 7 | 465,613 | 180,859 | |
Other comprehensive income: | ||||
Items that may be reclassified subsequently to profit or loss: | ||||
Exchange differences arising on translation of foreign operations | (12,953) | (3,537) | ||
Total comprehensive income for the year | 452,660 | 177,322 | ||
Total comprehensive income for the year attributable to: | ||||
- Owners of the Company | 457,829 | 143,210 | ||
- Non-controlling interests | (5,169) | 34,112 | ||
452,660 | 177,322 | |||
As at 31 March
2016 | 2015 | |||
Notes | HK$'000 | HK$'000 | ||
Non-current assets | ||||
Property, plant and equipment | 5,998,700 | 3,135,187 | ||
Prepaid lease payments | 44,264 | 15,232 | ||
Exploration and evaluation assets | 5,704 | - | ||
6,048,668 | 3,150,419 | |||
Current assets | ||||
Inventories | 48,956 | 32,100 | ||
Trade receivables | 11 | 183,334 | 187,994 | |
Other receivables, deposits and prepayments | 365,055 | 320,533 | ||
Derivative financial assets | 988 | - | ||
Amounts due from related parties | 149,178 | 73,046 | ||
Bank balances and cash | 295,925 | 265,062 | ||
1,043,436 | 878,735 | |||
Current liabilities | ||||
Trade payables | 12 | 78,312 | 201,115 | |
Other payables, accruals and deposits received | 273,500 | 162,155 | ||
Provision for close-down, restoration and environmental costs | 5,349 | 5,349 | ||
Secured bank borrowings | 237,802 | 192,537 | ||
Amounts due to related parties | 1,070 | 1,087 | ||
Obligation under finance leases | 40,047 | 60,418 | ||
Derivative financial liabilities | 14,575 | - | ||
Tax payable | 214,666 | 162,405 | ||
865,321 | 785,066 | |||
Net current assets | 178,115 | 93,669 | ||
Total assets less current liabilities | 6,226,783 | 3,244,088 | ||
Agritrade Resources Ltd. published this content on 07 July 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 07 July 2016 15:25:02 UTC.
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