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Yuxing InfoTech Investment Holdings Ltd Comments On FY 2012 Earnings Guidance


Thursday, 31 Jan 2013 09:00am EST 

Yuxing InfoTech Investment Holdings Ltd announced that based on the unaudited consolidated management accounts of the Group for fiscal 2012, the Group may post a loss as compared to a profit for fiscal 2011. The expected decrease of the results are mainly attributable to the terms of the Settlement Agreement, Golden Yuxing, a wholly owned subsidiary of the Company, will, upon completion of the Settlement Agreement, pay a Settlement Fee in the amount of RMB450 million (equivalent to approximately HKD555.42 million) to JLB Group. The Settlement Agreement is subject to, amongst other things, Shareholder’s approval at the SGM. As such, if the Settlement Agreement completes, the Company will, in accordance with Hong Kong Accounting Standard 37 “Provisions, Contingent Liabilities and Contingent Assets”, make a provision of RMB450 million in respect of the payment of the Settlement Fee in the Group’s financial statements for the year ended 31st December 2012. 

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