By Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited 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 the contents of this announcement.
(Incorporated in the Cayman Islands with limited liability)
(Stock code: 976) PROFIT WARNING ANNOUNCEMENT
This announcement is made by the Company pursuant to Part XIVA of the SFO concerning disclosure of inside information and Rule 13.09(2)(a) of the Listing Rules.
The Board wishes to inform the Shareholders and potential investors of the Company that the Group expects to record a significant decrease in net profit for the year ended 31 December 2012 as compared with the previous financial year.
This announcement is made by Chiho-Tiande Group Limited (the "Company", together with its subsidiaries, the "Group") pursuant to Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) (the "SFO") concerning disclosure of inside information and Rule 13.09(2) (a) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules").
The board of directors of the Company (the "Board") wishes to inform the shareholders (the "Shareholders") and potential investors of the Company that the Group expects to record a significant decrease in net profit for the year ended 31 December 2012 as compared with the previous financial year. The decrease in net profit is mainly attributable to (i) the global economic turmoil which resulted in the market volatility and decrease in commodity prices during the year, (ii) the decrease in the sales volume of the Group during the year; and (iii) the significant increase in finance cost mainly due to an increase in the interest expenses as a result of the issue of the convertible bonds of the Company at the beginning of 2012.
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This profit warning announcement is only a preliminary assessment by the Board based on the information currently available, which have not been reviewed nor audited by the Company's auditors. The Company is in the process of finalising the Group's results for the year ended 31 December 2012. Shareholders and potential investors are advised to read carefully the announcement of the Company in relation to the results of the Group for the year ended 31 December 2012, which is expected to be released in March 2013.
By the order of the Board of
Chiho-Tiande Group Limited Fang AnkongChairman
Hong Kong, 15 January 2013
As at the date of this announcement, the Board of Directors of the Company comprises:
Executive Directors: Fang Ankong, Stephanus Maria van Ooijen, Gu Liyong
Non-executive Director: Michael Charles Lion
Independent non-executive Directors: Loke Yu, Li Xikui, Zhang Jingdong
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