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TK NEW ENERGY
(incorporated in the Cayman Islands with limited liability)
(Stock Code: 8326)
ANNOUNCEMENT OF FIRST QUARTERLY RESULTS FOR THE THREE MONTHS ENDED 30 JUNE 2017 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 higher 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 of the Stock Exchange and no assurance is given that there will be a liquid market in the securities traded on GEM.This announcement, for which the directors (the "Directors") of Tonking New Energy Group Holdings Limited (the "Company") collectively and individually accept full responsibility, includes particulars given in compliance with the Rules Governing the Listing of Securities on the GEM of the Stock Exchange (the "GEM Listing Rules") 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 or deceptive, and there are no other matters the omission of which would make any statement herein or this announcement misleading.
For identification purpose only
FINANCIAL HIGHLIGHTSRevenue for the three months ended 30 June 2017 decreased by approximately 29% to approximately HK$353,719,000 (2016: approximately HK$495,902,000).
Profit attributable to owners of the Company for the three months ended 30 June 2017 amounted to approximately HK$13,802,000 (2016: approximately HK$50,393,000).
Basic and diluted earnings per share attributable to ordinary equity holders of the Company for the three months ended 30 June 2017 was approximately HK$0.0337 (2016: basic and diluted earnings per share of approximately HK$0.1260).
The Board does not recommend the payment of dividend for the three months ended 30 June 2017 (2016: nil).
Three (3) bonus shares for every one (1) existing ordinary share held (2016: nil).
The board of Directors (the "Board") of the Company announces the unaudited condensed consolidated results of the Company and the subsidiaries (collectively, the "Group") for the three months ended 30 June 2017, together with the unaudited comparative figures for the respective corresponding periods in 2016 as follows:
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSSFor the three months ended 30 June 2017
Three months ended 30 June | ||||
2017 | 2016 | |||
Notes | HK$'000 | HK$'000 | ||
(Unaudited) | (Unaudited) | |||
REVENUE | 3 | 353,719 | 495,902 | |
Other income | 3 | 111 | 121 | |
Cost of food and beverage | 4 | (16,055) | (19,071) | |
Contract costs | 4 | (255,954) | (349,295) | |
Staff costs | (24,329) | (25,576) | ||
Depreciation and amortisation | (3,413) | (2,519) | ||
Property rentals and related expenses | (13,584) | (15,963) | ||
Fuel and utility expenses | (1,268) | (1,390) | ||
Administrative and other operating expenses | (22,502) | (11,839) | ||
Finance cost | (467) | (416) | ||
PROFIT BEFORE TAX | 4 | 16,258 | 69,954 | |
Income tax expense | 5 | (2,546) | (19,549) | |
PROFIT FOR THE PERIOD | 13,712 | 50,405 | ||
Attributable to: | ||||
Owners of the Company | 13,802 | 50,393 | ||
Non-controlling interests | (90) | 12 | ||
13,712 | 50,405 | |||
EARNINGS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE COMPANY | ||||
Basic and diluted (HK cents) | 6 | 3.37 | 12.60 | |
For the three months ended 30 June 2017
Three months ended 30 June | |||
2017 | 2016 | ||
HK$'000 | HK$'000 | ||
(Unaudited) | (Unaudited) | ||
PROFIT FOR THE PERIOD | 13,712 | 50,405 | |
OTHER COMPREHENSIVE INCOME (EXPENSE) | |||
Other comprehensive income (expense) to be reclassified to profit or loss in subsequent periods: | |||
Exchange differences on translation of foreign operations | 3,801 | (2,818) | |
Other comprehensive income (expense), net of tax | 3,801 | (2,818) | |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | 17,513 | 47,587 | |
Attributable to: | |||
Owners of the Company | 17,715 | 47,575 | |
Non-controlling interests | (202) | 12 | |
17,513 | 47,587 | ||