INFINITY DEVELOPMENT HOLDINGS COMPANY 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.
INFINITY DEVELOPMENT HOLDINGS COMPANY LIMITED星 謙 發 展 控 股 有 限 公 司
(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 640) INTERIM RESULTS ANNOUNCEMENT FOR THE SIX MONTHS ENDED 31 MARCH 2017The board of directors (the "Board") of Infinity Development Holdings Company Limited (the "Company") is pleased to announce its unaudited condensed consolidated interim results of the Company and its subsidiaries (collectively the "Group") for the six months ended 31 March 2017 together with the comparative figures for the corresponding period in 2016 as follows:
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSSFor the six months ended 31 March 2017
Six months ended 31 March | |||
NOTE | 2017 HK$'000 (Unaudited) | 2016 HK$'000 (Unaudited) | |
Revenue | 3 | 252,426 | 252,305 |
Cost of goods sold | (163,619) | (160,558) | |
Gross profit | 88,807 | 91,747 | |
Other income | 3,001 | 1,919 | |
Changes in fair value of investment properties | (420) | (3,130) | |
Changes in fair value of other financial asset - (6,934) Gain on disposal of assets classified as held for sale - 6,766 | |||
Other gains/(losses) | 3,819 | (1,000) | |
Selling and distribution costs | (25,292) | (28,442) | |
Administrative expenses | (43,549) | (37,005) | |
Profit from operations | 26,366 | 23,921 | |
Interest on bank borrowings | (707) | (480) | |
Share of loss of an associate | (714) | (666) | |
Profit before tax | 24,945 | 22,775 | |
Income tax expense | 5 | (3,680) | (1,972) |
Profit for the period | 4 | 21,265 | 20,803 |
Earnings per share Basic | 7 | HK3.37 cents | HK3.27 cents |
Diluted | HK3.37 cents | HK3.27 cents | |
For the six months ended 31 March 2017
Six months ended 31 March2017 HK$'000 (Unaudited) | 2016 HK$'000 (Unaudited) | |
Profit for the period | 21,265 | 20,803 |
Other comprehensive income: | ||
Items that will be reclassified to profit or loss: Exchange differences on translating foreign operations | (9,735) | (2,015) |
Share of other comprehensive income of an associate | - | (13) |
Exchange differences reclassified to profit or loss on disposal of subsidiaries | - | (2,157) |
At 31 March 2017
NOTE | At 31 March 2017 HK$'000 (Unaudited) | At 30 September 2016 HK$'000 (Audited) | |
Non-current assets Investment properties | 73,500 | 73,920 | |
Property, plant and equipment | 88,867 | 56,549 | |
Land use rights | 12,712 | 13,100 | |
Intangible assets | 8 | 6,973 | 12,157 |
Investment in an associate | 55,355 | 56,069 | |
Club debentures Deposits for acquisition of property, plant and equipment | 1,080 302 | 1,080 9,636 | |
Total non-current assets | 238,789 | 222,511 | |
Current assets Inventories | 72,593 | 54,633 | |
Trade, bills and other receivables | 9 | 140,292 | 148,745 |
Restricted bank deposits | 21,556 | 21,556 | |
Bank and cash balances | 90,613 | 105,513 | |
Total current assets | 325,054 | 330,447 | |
Current liabilities Trade, bills and other payables | 10 | 69,852 | 52,440 |
Amount due to a related company | 3,198 | 4,723 | |
Bank loans | 38,751 | 44,913 | |
Current tax liabilities | 11,830 | 9,682 | |
Total current liabilities | 123,631 | 111,758 | |
Net current assets | 201,423 | 218,689 | |
Total assets less current liabilities | 440,212 | 441,200 | |
Non-current liabilities Deferred tax liabilities | 12,731 | 12,756 | |
Net assets | 427,481 | 428,444 | |
Capital and reserves Share capital | 6,317 | 6,317 | |
Reserves | 421,164 | 422,127 | |
Total equity | 427,481 | 428,444 |
For the six months ended 31 March 2017
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BASIS OF PREPARATION
These condensed consolidated financial information have been prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants (the "HKICPA") and the applicable disclosures required by the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.
These condensed consolidated financial information should be read in conjunction with the annual consolidated financial statements for the year ended 30 September 2016. The accounting policies and methods of computation used in the preparation of these condensed consolidated financial information are consistent with those used in the annual consolidated financial statements for the year ended 30 September 2016.
- ADOPTION OF NEW AND REVISED HONG KONG FINANCIAL REPORTING STANDARDS
In the current period, the Group has adopted all the new and revised Hong Kong Financial Reporting Standards ("HKFRSs") issued by the HKICPA that are relevant to its operations and effective for its accounting year beginning on 1 October 2016. HKFRSs comprise Hong Kong Financial Reporting Standards ("HKFRS"); Hong Kong Accounting Standards ("HKAS"); and Interpretations. The adoption of these new and revised HKFRSs did not have any significant effect on the condensed consolidated financial information.
Infinity Development Holdings Company Ltd. published this content on 26 May 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 27 May 2017 06:16:23 UTC.
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