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BOER POWER HOLDINGS LIMITED
博耳電力控股有限公司
(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 1685)
PROFIT ALERT
This announcement is made by Boer Power Holdings Limited (the "Company", together with its subsidiaries, collectively the "Group") pursuant to Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") and the Inside Information Provisions (as defined under the Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).
The board of directors of the Company (the "Board") wishes to inform the shareholders of the Company and the potential investors that, based on the preliminary review of the unaudited consolidated management accounts of the Group for the year ended 31 December 2019 and the information currently available to the Company, it is expected the Group will record a significant decrease in loss or a turnaround to profit for the year ended 31 December 2019, as compared to a net loss of RMB997.9 million for the year ended 31 December 2018. This was mainly due to (i) the Group expects there was no significant impairment loss made for trade and other receivables for the year ended 31 December 2019, compared to an impairment loss of RMB942.8 million for the year ended 31 December 2018; (ii) the revenue and gross profit recorded a year-on-year growth, mainly attributable to the gradual achievement by the Group regarding key industry expansion and customer base development during the year; and (iii) decrease in administrative and other operating expenses was attributable to implementation of cost control measures by the Group during the year.
As the Company is still in the process of finalizing its annual results, the information contained in this announcement is only based on the preliminary assessment by the management of the Company with reference to the information currently available to the Company, the unaudited consolidated management accounts of the Group which are subject to potential adjustments and finalization that might be incurred during the audit, and the discussion with the auditors of the Company. The unaudited consolidated management accounts of the Group have not been audited by the Company's auditor or reviewed by the Company's audit committee. Actual financial results may be different from what is disclosed in this announcement. Shareholders and potential investors of the Company are advised to read carefully further details of the Group's financial results and performance which will be disclosed in the Company's annual results announcement at the end of March 2020.
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Shareholders and potential investors of the Company are advised to exercise caution when dealing in the shares of the Company.
By order of the Board
Boer Power Holdings Limited
Qian Yixiang
Chairman
Hong Kong, 16 March 2020
As at the date hereof, the Board comprises of (i) four executive Directors: Mr. Qian Yixiang, Ms. Jia Lingxia, Mr. Zha Saibin and Mr. Qian Zhongming; and (ii) three independent non-executive Directors: Mr. Yeung Chi Tat, Mr. Tang Jianrong and Mr. Qu Weimin.
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