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.

Echo International Holdings Group Limited

毅 高（ 國 際 ）控 股 集 團 有 限 公 司

(incorporated in the Cayman Islands with limited liability)

(Stock Code: 8218) ANNOUNCEMENT OF ANNUAL RESULTS FOR THE YEAR ENDED 31 MARCH 2017 CHARACTERISTICS OF THE GROWTH ENTERPRISE MARKET ("GEM") OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE "STOCK EXCHANGE") GEM has been positioned as a market designed to accommodate companies to which a higher investment risk may be attached than other companies listed on the Stock Exchange. Prospective investors should be aware of the potential risks of investing in such companies and should make the decision to invest only after due and careful consideration. The greater risk profile and other characteristics of GEM mean that it is a market more suited to professional and other sophisticated investors. Given the emerging nature of companies listed on GEM, there is a risk that securities traded on GEM may be more susceptible to high market volatility than securities traded on the Main Board of the Stock Exchange and no assurance is given that there will be a liquid market in the securities traded on GEM.

This announcement, for which the directors (the "Directors") of Echo International Holdings Group Limited (the "Company") collectively and individually accept full responsibility, includes particulars given in compliance with the Rules Governing the Listing of Securities on GEM of the Stock Exchange (the "GEM Listing Rules") for the purpose of giving information with regard to the Company. The Directors, having made all reasonable enquiries, confirm that to the best of their knowledge and belief the information contained in this announcement is accurate and complete in all material respects and not misleading or deceptive, and there are no other matters the omission of which would make any statement herein or this announcement misleading.

FINANCIAL HIGHLIGHTS

For the year ended 31 March 2017, operating results of the Group were as follows:

  • Revenue was approximately HK$41.66 million, representing an increase of approximately 28.60% from HK$58.35 million last year. The decrease in the Group's revenue was mainly attributable to the decrease in revenue generated from the sale of electronic products, especially the decrease in the sales of control board and fire alarm.

  • The Group's gross profit margin increased from approximately 19.43% for the year ended 31 March 2016 to approximately 26.45% for the year ended 31 March 2017 primarily due to the increase of purchase orders in the higher margin products, namely charger board and security alarm.

  • Loss attributable to the owners of the Company was approximately HK$13.99 million, whilst the loss attributable to the owners of the Company last year was approximately HK$13.74 million.

  • Basic and diluted loss per share for the year based on weighted average number of ordinary shares were approximately HK1.7 cents (2016: basic and diluted loss per share approximately HK1.7 cents).

  • The Board does not recommend the payment of final dividend for the year ended 31 March 2017 (2016: Nil).

RESULTS

The board of Directors (the "Board") is pleased to announce the audited consolidated results of the Company and its subsidiaries (collectively the "Group") for the year ended 31 March 2017 and the comparative audited figures for the preceding financial year, as follows:

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the year ended 31 March 2017

2017

2016

Notes

HK$'000

HK$'000

Revenue

4

41,657

58,345

Cost of sales

(30,639)

(47,007)

Gross profit

11,018

11,338

Other revenue and gains

6

918

822

Selling and distribution expenses

(1,596)

(1,826)

Administrative and other expenses

(23,130)

(23,494)

Finance costs

7

(1,203)

(720)

Loss before taxation

8

(13,993)

(13,880)

Taxation

9

-

141

Loss for the year

(13,993)

(13,739)

Other comprehensive loss, net of tax:

Items that may be reclassified subsequently to profit or loss:

Exchange differences on translating

of foreign operations

(1,061)

(903)

Other comprehensive loss for the year,

net of income tax

(1,061)

(903)

Total comprehensive loss for the year

(15,054)

(14,642)

Loss for the year attributable to the owners of the Company

(13,993)

(13,739)

Total comprehensive loss for the year attributable to the owners of the Company

(15,054)

(14,642)

Loss per share

- Basic and diluted (HK cents)

11

(1.7)

(1.7)

All of the Group's operations are classed as continuing.

The accompanying notes form an integral part of consolidated financial statements.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 31 March 2017

2017

2016

Notes

HK$'000

HK$'000

Non-current assets

Property, plant and equipment

1,178

1,523

Current assets

Inventories

12,986

17,883

Trade receivables

12

4,696

7,433

Amount due from a related company

75

136

Deposits, prepayments and other receivables

3,900

5,687

Pledged time deposits

2,010

2,003

Cash and bank balances

4,617

9,718

28,284

42,860

Current liabilities

Trade payables

13

2,766

2,654

Accruals and other payables

3,599

3,239

Bank overdrafts

988

-

Trade deposits received

700

935

Borrowings

15

8,000

10,000

Obligation under finance leases

117

117

16,170

16,945

Net current assets

12,114

25,915

Total assets less current liabilities

13,292

27,438

Non-current liabilities

Obligation under finance leases

107

224

Net assets

13,185

27,214

Capital and reserves

Share capital

14

2,000

2,000

Reserves

11,185

25,214

Total equity

13,185

27,214

Echo International Holdings Group Ltd. published this content on 21 June 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 21 June 2017 14:30:22 UTC.

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