GOLDEN RESOURCES DEVELOPMENT INTERNATIONAL 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.
GOLDEN RESOURCES DEVELOPMENT INTERNATIONAL LIMITED
金 源 米 業 國 際 有 限 公 司
(Incorporated in Bermuda with limited liability)
(Stock code: 677)
2016/2017 INTERIM RESULTS ANNOUNCEMENT FOR THE SIX MONTHS ENDED 30TH SEPTEMBER, 2016
SUMMARY OF INTERIM RESULTS
The Directors of Golden Resources Development International Limited (the "Company") are pleased to announce the unaudited consolidated results of the Company and its subsidiaries (the "Group") for the six months ended 30th September, 2016 as follows:
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS
For the six months ended 30th September,
2016 (Unaudited) | 2015 (Unaudited) | ||
Notes | HK$'000 | HK$'000 | |
REVENUE | 3 | 525,457 | 490,159 |
Cost of sales | (350,956) | (340,244) | |
GROSS PROFIT | 174,501 | 149,915 | |
Net unrealized gain/(loss) on financial assets | |||
at fair value through profit or loss | 8,910 | (33,342) | |
Net other income/(loss) | 4 | 19,389 | (22,311) |
Selling and distribution costs | (74,903) | (52,341) | |
Administrative expenses | (88,188) | (76,541) | |
Write-back of impairment loss on loan receivable | - | 18,541 | |
PROFIT/(LOSS) FROM OPERATIONS | 3 | 39,709 | (16,079) |
Finance costs | (169) | (60) | |
Share of results of associates | (1,531) | 3,665 | |
PROFIT/(LOSS) BEFORE TAXATION | 5 | 38,009 | (12,474) |
Taxation | 6 | (8,182) | (8,381) |
PROFIT/(LOSS) FOR THE PERIOD | 29,827 | (20,855) | |
Profit/(loss) attributable to: | |||
Shareholders of the Company | 32,780 | (20,597) | |
Non-controlling interests | (2,953) | (258) | |
29,827 | (20,855) | ||
EARNINGS/(LOSS) PER SHARE | 8 | ||
- Basic | HK1.9 cents | HK(1.2) cents | |
- Diluted | HK1.9 cents | HK(1.2) cents |
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30th September,
2016 (Unaudited) | 2015 (Unaudited) | |
HK$'000 | HK$'000 | |
PROFIT/(LOSS) FOR THE PERIOD | 29,827 | (20,855) |
OTHER COMPREHENSIVE LOSS | ||
Items to be reclassified to profit or loss in subsequent periods: Deficit on revaluation of available-for-sale investments | - | (183) |
Investments revaluation reserve realized on disposal of | ||
available-for-sale investments | 1,202 | - |
Exchange differences on translation of foreign operations | (1,991) | (3,874) |
Share of other comprehensive loss of associates | (690) | (9,243) |
Other comprehensive loss for the period, net of tax | (1,479) | (13,300) |
TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE PERIOD | 28,348 | (34,155) |
Total comprehensive income/(loss) attributable to: | ||
Shareholders of the Company | 31,923 | (33,371) |
Non-controlling interests | (3,575) | (784) |
28,348 | (34,155) |
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION 30th | 31st |
September, | March, |
2016 | 2016 |
(Unaudited) Notes HK$'000 | (Audited) HK$'000 |
NON-CURRENT ASSETS Property, plant and equipment 121,942 | 106,747 |
Investment properties 146,715 | 79,760 |
Intangible asset 23,204 | 23,904 |
Interests in associates 147,563 | 152,302 |
Available-for-sale investments 29,968 | 31,626 |
Prepaid lease payments 15,717 | 16,086 |
485,109 | 410,425 |
CURRENT ASSETS Inventories 111,999 | 139,361 |
Trade debtors 9 83,358 | 91,863 |
Other debtors, deposits and prepayments 50,654 | 62,755 |
Available-for-sale investments 21,254 | 15,072 |
Financial assets at fair value through profit or loss 302,335 | 375,649 |
Derivative financial instruments - | 2,549 |
Cash and cash equivalents 343,030 | 258,755 |
912,630 | 946,004 |
CURRENT LIABILITIES Trade creditors 10 40,738 | 36,716 |
Other creditors and accruals 50,038 | 35,137 |
Bank loans 18,878 | 7,755 |
Tax liabilities 26,094 | 22,707 |
135,748 | 102,315 |
NET CURRENT ASSETS 776,882 | 843,689 |
TOTAL ASSETS LESS CURRENT LIABILITIES 1,261,991 | 1,254,114 |
NON-CURRENT LIABILITIES Deferred tax liabilities 1,645 | 1,783 |
1,260,346 | 1,252,331 |
CAPITAL AND RESERVES Share capital 169,441 | 169,441 |
Reserves 1,078,067 | 1,066,477 |
Shareholders' equity 1,247,508 | 1,235,918 |
Non-controlling interests 12,838 | 16,413 |
1,260,346 | 1,252,331 |
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
For the six months ended 30th September, 2016
BASIS OF PREPARATION
The unaudited condensed financial statements 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 with the applicable disclosure requirements of Appendix 16 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules").
SIGNIFICANT ACCOUNTING POLICIES
The unaudited condensed financial statements have been prepared under the historical cost convention, as modified for the revaluation of investment properties, available-for-sale investments and financial assets at fair value through profit or loss which are measured at fair values, as appropriate.
In the current period, the Group has adopted the following amendments (the "new HKFRSs") issued by the HKICPA, which are or have become effective for the Group's financial year beginning on 1st April, 2016:
HKFRSs (Amendments) Annual Improvements to HKFRSs 2012-2014 Cycle HKFRS 10, HKFRS 12 and Investment Entities: Applying the Consolidation
HKAS 28 (Amendments) Exception
HKFRS 11 (Amendments) Accounting for Acquisition of Interests in Joint
Operations
HKAS 1 (Amendments) Disclosure Initiative
HKAS 16 and HKAS 41 Agriculture: Bearer Plants (Amendments)
HKAS 16 and HKAS 38 Clarification of Acceptable Methods of Depreciation (Amendments) and Amortisation
HKAS 27 (Amendments) Equity Method in Separate Financial Statements
The adoption of these new HKFRSs has had no material effect on the results and financial position of the Group for the current and/or prior accounting periods. Accordingly, no prior period adjustment has been required.
Golden Resources Development International Ltd. published this content on 29 November 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 29 November 2016 09:47:35 UTC.
Original documenthttp://www.grdil.com.hk/financial/announce/js/e_IRESULTS.pdf
Public permalinkhttp://www.publicnow.com/view/8B82F9BC32D87CDFCB85C2255C7E62FFDCC7F2C4
