(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 8092) ANNUAL RESULTS ANNOUNCEMENT FOR THE YEAR ENDED 31 MARCH 2016 CHARACTERISTICS OF THE GROWTH ENTERPRISE MARKET ("GEM") OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE "STOCK EXCHANGE") GEM has been positioned as a market designed to accommodate companies to which a high investment risk may be attached than other companies listed on the Stock Exchange. Prospective investors should be aware of the potential risks of investing in such companies and should make the decision to invest only after due and careful consideration. The greater risk profile and other characteristics of GEM mean that it is a market more suited to professional and other sophisticated investors. Given the emerging nature of companies listed on GEM, there is a risk that securities traded on GEM may be more susceptible to high market volatility than securities traded on the Main Board and no assurance is given that there will be a liquid market in the securities traded on GEM.The Hong Kong Exchanges and Clearing Limited and the Stock Exchange 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 this announcement.
This announcement, for which the directors (the "directors") of ITE (Holdings) Limited (the "company") collectively and individually accept full responsibility, includes particulars given in compliance with the Rules Governing the Listing of Securities on GEM (the "GEM Listing Rules") of the Stock Exchange for the purpose of giving information with regard to the company. The directors, having made all reasonable enquiries, confirm that, to the best of their knowledge and belief
the information contained in this announcement is accurate and complete in all material respects and not misleading;
there are no other matters the omission of which would make any statement in this announcement misleading; and (iii) all opinions expressed in this announcement have been arrived at after due and careful consideration and are founded on bases and assumptions that are fair and reasonable.
The board of directors (the "board") of the company is pleased to announce the audited consolidated results of the company and its subsidiaries ("ITE" or the "group") for the year ended 31 March 2016, together with the comparative audited figures for the previous year.
Consolidated Statement of Profit or Loss and Other Comprehensive IncomeTurnover | Note 3, 4 | 2016 HK$'000 24,169 | 2015 HK$'000 29,395 |
Cost of services rendered | (14,029 ) | (17,497 ) | |
Cost of sales | (188 ) | (314 ) | |
Gross profit | 9,952 | 11,584 | |
Other income and other (losses)/gains, net | 564 | 865 | |
Administrative expenses | (10,186 ) | (9,203 ) | |
Share of loss of an associate | (1 ) | (2 ) | |
Profit before taxation | 5 | 329 | 3,244 |
Income tax | 6 | - | - |
Profit for the year attributable to | |||
owners of the company | 329 | 3,244 |
- Exchange differences on translation of foreign operations, net of nil tax | 94 | 3 |
Total comprehensive income for the year | 423 | 3,247 |
Item that may be reclassified subsequently to profit or loss:
Earnings per share | 8 | |
Basic and diluted (HK cents) | 0.04 | 0.35 |
Consolidated Statement of Financial Position | Note | 2016 | 2015 |
HK$'000 | HK$'000 | ||
Non-current assets Property, plant and equipment | 125 | 201 | |
Interest in an associate Goodwill | - - | 1 - | |
125 | 202 | ||
Current assets Inventories | 1,123 | 1,233 | |
Trade and other receivables | 9 | 6,184 | 9,312 |
Loans to an associate | 200 | 100 | |
Financial assets at fair value through profit or loss | 1,765 | 1,586 | |
Income tax recoverable | 159 | - | |
Pledged bank deposits Non-pledged time deposits with maturity over three | 2,000 | - | |
months from date of deposits | - | 656 | |
Cash and cash equivalents | 6,121 | 7,501 | |
17,552 | 20,388 | ||
Current liabilities Trade and other payables | 10 | 4,852 | 6,808 |
Provisions | 482 | 241 | |
Income tax payable | - | 24 | |
5,334 | 7,073 | ||
Net current assets | 12,218 | 13,315 | |
Net assets | 12,343 | 13,517 | |
Capital and reserves Share capital | 9,274 | 9,295 | |
Reserves | 3,069 | 4,222 | |
Total equity | 12,343 | 13,517 |
Share capital | Share premium | Merger reserve | Exchange reserve | Share option Accumulated reserve losses | Total |
HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 HK$'000 | HK$'000 |
9,295 | 24,951 | 10,749 | 282 | - (33,148) | 12,129 |
- | - | - | - | - 3,244 | 3,244 |
- | - | - | 3 | - - | 3 |
- | - | - | 3 | - 3,244 | 3,247 |
- | (1,859) | - | - | - - | (1,859) |
9,295 | 23,092 | 10,749 | 285 | - (29,904) | 13,517 |
- | - | - | - | - 329 | 329 |
Profit for the year
Exchange differences on translation of foreign operations
Total comprehensive income for the year
Dividend paid in respect of previous year
At 31 March 2015 and 1 April 2015 Changes in equity for the year:Profit for the year
Exchange differences on translation of
foreign operations - - - 94 - -94
Total comprehensive income
for the year - - - 94 - 329 423
Equity-settled share-based payments | - | - | - | - | 1,029 | - | 1,029 |
Repurchase of shares | (21) | (283) | - | - | - | - | (304) |
Dividend paid in respect of previous year | - | (2,322) | - | - | - | - | (2,322) |
At 31 March 2016 | 9,274 | 20,487 | 10,749 | 379 | 1,029 | (29,575) | 12,343 |