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.
京 西 重 工 國 際 有 限 公 司
(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 2339)
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2017 INTERIM RESULTSThe board of directors (the "Board") of BeijingWest Industries International Limited (the "Company") is pleased to announce the unaudited condensed consolidated interim results of the Company and its subsidiaries (the "Group") for the six months ended 30 June 2017. These interim results have been reviewed by the Company's Audit Committee and its Auditor.
FINANCIAL INFORMATION INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSSFor the six months ended 30 June 2017
Six months ended30 June | |||
Notes | 2017 HK$'000 (unaudited) | 2016 HK$'000 (unaudited) (restated) | |
REVENUE | 4 | 1,911,805 | 2,314,921 |
Cost of sales | (1,548,462) | (1,811,078) | |
Gross profit | 363,343 | 503,843 | |
Other income and gains, net | 4 | 44,478 | 49,825 |
Selling and distribution expenses | (18,962) | (24,359) | |
Administrative expenses | (149,994) | (151,145) | |
Research and development expenses Other operating expenses, net | (240,442) (14,009) | (211,786) (1,685) | |
Finance costs | 6 | (4,871) | (6,908) |
(LOSS)/PROFIT BEFORE TAX | 5 | (20,457) | 157,785 |
Income tax expense | 7 | (9,612) | (35,098) |
(LOSS)/PROFIT FOR THE PERIOD | (30,069) | 122,687 | |
Notes HK$'000 HK$'000
(unaudited) (unaudited)(restated)
Attributable to:
Owners of the Company (10,073) 108,460
Non-controlling interests (19,996) 14,227
(30,069) 122,687 EARNINGS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE COMPANYBasic and diluted (HK cents per share) 8 (1.75) 18.82
INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOMEFor the six months ended 30 June 2017
Six months ended 30 June2017 HK$'000 | 2016 HK$'000 | |
(unaudited) | (unaudited) | |
(restated) | ||
(LOSS)/PROFIT FOR THE PERIOD | (30,069) | 122,687 |
OTHER COMPREHENSIVE INCOME/(LOSS) | ||
Other comprehensive income/(loss) to be reclassified to profit or loss in subsequent periods: | ||
Exchange differences on translation of foreign operations | 83,899 | (23,659) |
Other comprehensive income not to be reclassified to profit or loss in subsequent periods:
Re-measurement income on defined benefit plans 5,034 1,263
OTHER COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR, NET OF INCOME TAX 88,933 (22,396) TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 58,864 100,291Attributable to:
Owners of the Company | 75,431 | 90,313 |
Non-controlling interests | (16,567) | 9,978 |
As at 30 June 2017
30 June 2017 | 31 December 2016 | ||
Notes | HK$'000 | HK$'000 | |
(unaudited) | (audited) | ||
NON-CURRENT ASSETS | |||
Property, plant and equipment | 593,111 | 552,150 | |
Prepaid land lease payments | 11,914 | 9,556 | |
Goodwill | 4,571 | 4,437 | |
Deferred tax assets | 47,812 | 38,542 | |
Contract performance deposits | 10,147 | 8,971 | |
Total non-current assets | 667,555 | 613,656 | |
CURRENT ASSETS | |||
Inventories | 271,219 | 289,793 | |
Trade and bills receivables | 9 | 883,210 | 877,553 |
Prepayments, deposits and other receivables | 174,425 | 155,582 | |
Cash and cash equivalents | 511,258 | 517,674 | |
Total current assets | 1,840,112 | 1,840,602 | |
CURRENT LIABILITIES | |||
Trade payables | 10 | 587,672 | 718,585 |
Other payables and accruals | 504,808 | 442,948 | |
Income tax payables | 10,790 | 18,675 | |
Bank borrowings | 286,925 | 208,482 | |
Defined benefit obligations | 11 | 3,638 | 710 |
Provision | 51,085 | 51,788 | |
Total current liabilities | 1,444,918 | 1,441,188 | |
NET CURRENT ASSETS | 395,194 | 399,414 | |
TOTAL ASSETS LESS CURRENT | |||
LIABILITIES | 1,062,749 | 1,013,070 | |
NON-CURRENT LIABILITIES | |||
Defined benefit obligations | 11 | 79,318 | 78,034 |
Deferred tax liabilities | 10,664 | 9,681 | |
Loan from a holding company | 443 | 408 | |
Total non-current liabilities | 90,425 | 88,123 | |
NET ASSETS | 972,324 | 924,947 |