Kenford Group Holdings Ltd Announces Unaudited Consolidated Earnings Guidance for the Year Ended March 31, 2016
Kenford Group Holdings Ltd. announced unaudited consolidated earnings guidance for the year ended March 31, 2016. For the year, the company expects the group will record a loss attributable to owners of the company for the financial year ended 31 March 2016 as compared to a profit attributable to owners of the company of approximately HKD 793,000 for the financial year ended 31 March 2015. The decrease in sales of approximately 11% as compared to the last financial year ended 31 March 2015, as a result of a decrease in orders from the European and Asian markets which outweighed the recovery of demand from the American market; The increase in statutory minimum wages of approximately 15% in the Mainland China as compared to the last financial year ended 31 March 2015; The unrealized net fair value loss of approximately HKD 3 million on equity investment as a result of the substantial downturn in the Hong Kong stock market; The loss on disposal of machinery of approximately HKD 1 million; and The loss on exchange difference of approximately HKD 1 million as a result of accumulated effect of the normal conversion of foreign currency to base currency during the reporting period.