MURCHISON HOLDINGS LIMITED Wee Tiong Chiang, (Chairman) B.Sc (Hons), MBA Grant Anthony Robertson, B.Ec, LLB, CPA
Dr Kim Chan Koh, MBBS, MRCP(G), MRACP, DIH
Hung Ngok Wong, MA, FAIA
SWHC Australia
Corporate Advisors and Certified Practising Accountants
Level 10, 530 Collins Street, Melbourne, VIC 3000, Australia
Tel : 613 8635 1800 Fax : 613 8102 3400
Grant Anthony Robertson, B.Ec, LLB, CPA
Kenny KY Chan & Co, Certified Public Accountants
Unit B, 8/F., Queen's Centre, 58-64 Queen's Road East, Wanchai, Hong Kong.
Tel : (852) 3157 1540 Fax : (852) 3157 1544
Principal place of business in Australia Level 5, North Building, 333 Collins Street, Melbourne, VIC 3000, Australia
Tel : 6 13 8610 0400
Fax : 6 13 9620 5642
Commonwealth Bank of Australia
367 Collins Street,
Melbourne, VIC 3000, Australia
Principal place of business in Hong Kong Unit B, 1/F., Harbour Commercial Centre, 122-124 Connaught Road, Central, H.K. Tel : (852) 2877 6828
Fax : (852) 2596 0451
STOCK EXCHANGE LISTINGMurchison Holdings Limited is listed and its shares are quoted on the Australian Securities Exchange.
Boardroom Pty Limited Level 7, 207 Kent Street,
Sydney, NSW 2000 Australia
Tel : (02) 9290 9600
Fax : (02) 9279 0664
Murchison Holdings Limited ('MCH') and its controlled entities continued to earn their income from activities in the sectors of investments, stockbroking, nominee services, settlement services and corporate advisory services. Our focus has continued to be markets in South East Asia, Hong Kong and Australia.
I am disappointed to report that our Group of companies registered a poorer performance for the year under review. Revenue from ordinary activities was down 53% to HK$32.3 million from previous corresponding period ('pcp'). Net loss for the year was HK13.64 million.
We are advised by Quest Investments Limited ('QST'), our 59.30% subsidiary that its operating performance continued to be affected by poor economic environment prevailing in most countries in which it conducted business. Revenue from ordinary activities declined by 57.7% to HK$24.2 million on reductions in contribution from its stockbrokerage, treasury, and investment activities.
Net Attributable loss was HK$0.681 million as compared to HK$4.38 million loss registered in the pcp. QST's financial liabilities recorded a slight improvement at HK$2.604 million.
Our stockbrokerage business conducted through Quest Stockbrokers (HK) Limited ('QSB') recorded a fall in turnover and commission earned. Total value of transactions executed by QSB was HK$83.96 million. This represents a decline of 93% from the pcp. Commission income earned was HK$2.45 million, a reduction of 31.7% as compared to the pcp.
QSB experienced very difficult operating environment. The slowdown in the PRC economy and tighter monetary conditions continued to perpetuate a flight of capital from the emerging markets into the US equity market. Reductions in commission rates by increasing number of brokerage firms have intensified resulting in increased competitive pressure on commission margins. The past year had also seen a more assertive stance taken by commercial banks in competing for customers in the retail segment of the stock broking business. These two developments have added more pressure on commission rates and margins earned.
Reflecting the drastic decline in stockmarket turnover, QSB registered a loss of HK$2.40 million as compared to loss of HK$1.34 million in the pcp.
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