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Sino Resources Group Ltd Comments On FY 2013 Profit Guidance


Wednesday, 10 Apr 2013 06:54am EDT 

Sino Resources Group Ltd announced that, based on the preliminary review of the draft management accounts of the Company the Group expects to record a decrease in revenue and a significant loss for fiscal 2013 as compared to the corresponding fiscal 2012. The expected reduction in revenue and the loss are mainly attributable to the expiry of both the Master Project Management Agreement with Group Idea International Limited on April 5, 2012 and the Sales Agency Agreement with Kenfair Exhibition (Hong Kong) Limited on October 31, 2012 respectively of the Group’s exhibition business; minimal revenue generated from Heilongjiang Derong Coal Industrial Co., Ltd. as mentioned in the Company’s interim report for 2012; a increase in impairment loss due to a decline in the carrying value of goodwill attributable to the poor performance of Derong; and increased finance costs and interest expenses as compared to fiscal 2012. The possible impairment loss is a non-cash accounting treatment in accordance with Hong Kong Financial Reporting Standards and it will have no effect on the cash flow for the Group’s operation. 

Company Quote

0.26
-0.01 -3.70%
19 Dec 2014