Business
Annual Report and Accounts
Annual Report and Accounts.
About this update from Worldsec Limited
[{"type":"text","content":"\n Worldsec Ld\n25 April 2008\n\n\n Worldsec Limited\n Preliminary Statement of Annual Results\n\n\nWorldsec Limited is pleased to release today its preliminary statement of annual\nresults for the year ended 31 December 2007.\n\nThe Chairman's Statement and extracts from the audited financial statements\nare reproduced below.\n\nInvestor Relations\n\nFor further information please contact:\n\nIn Hong Kong\nMr. Henry Ying Chew CHEONG\nExecutive Director and Deputy Chairman\n+852 2971 4280\n\n\nCHAIRMAN'S STATEMENT\n\nRESULTS\n\nThe audited consolidated loss for the year was US$217,000 compared with a loss\nof US$1,010,000 in previous year. Loss per share was US 2 cents (2006: Loss per\nshare of US 8 cents).\n\nTHE YEAR IN REVIEW\n\nFor the year ended 31 December 2007, the Group incurred a net loss of\nUS$217,000. This compares to the net loss of US$1,010,000 for the last year\nwhich included the realization of US$1,033,000 (being a one time charge)\nstanding on the Group's currency translation reserve to the income statements\nand write back of over-provision of expenses carried forward from prior year.\nThe operating expenses was reduced by US$54,000 as compared to last year. At the\nend of 31 December 2007, Group shareholders' funds stood at US$1.96 million\nas compared to US$2.18 million at the end of December 2006.\n\nPROSPECTS\n\nIt is the intention of the Group to remain in the financial services industry\nand also to seek new suitable business opportunities. This intention is in line\nwith the wish of the Group's new major shareholders, Grand Acumen Holdings\nLimited and HC Investment Holdings Limited (the latter is wholly-owned by Mr.\nHenry Ying Chew Cheong, the Group's Executive Director). Shareholders will be\ninformed or if necessary, their approval sought, as soon as the Board has\nevaluated a suitable business proposition.\n\n Alastair GUNN-FORBES\n Non-Executive Chairman\n 25 April 2008\n\n\nCONSOLIDATED INCOME STATEMENT\nFOR THE YEAR ENDED 31 DECEMBER 2007\n\n\n Year ended 31 December\n Notes 2007 2006\n US$'000 US$'000\nRecovery of doubtful receivables - 16\nInterest income 39 42\nOther income - 275\n 39 333\nStaff costs (40) (89)\nOther expenses (216) (221)\n (217) 23\nCurrency translation reserve released upon disposal of - (1,033)\nsubsidiaries\nLoss before tax (217) (1,010)\nIncome tax expense 3 - -\nLoss fo...