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ږлᔮږፄණྠϞࠢʮ̡
KINGSTON FINANCIAL GROUP LIMITED
(Incorporated in Bermuda with limited liability)
(Stock Code: 01031)
UNAUDITED INTERIM RESULTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2018
FINANCIAL HIGHLIGHTS
• Turnover for the six months ended 30 September 2018 decreased by approximately 3%
to approximately HK$1,571,468,000 when compared to approximately
HK$1,616,034,000 in the corresponding period of last year.
• Profit attributable to the owners of the Company for the six months ended 30 September 2018 decreased by approximately 35% to approximately HK$592,157,000 when compared to approximately HK$908,887,000 in the corresponding period of last year, which was mainly due to a one-time written-off of the Group's intangible assets amounted to approximately HK$266,157,000 during the period under review.
• Earnings per share for the six months ended 30 September 2018 decreased by approximately 35% to approximately HK3.41 cents when compared to approximately HK5.23 cents in the corresponding period of last year.
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The Board of Directors ("the Board") of Kingston Financial Group Limited (the "Company") is pleased to announce the unaudited condensed consolidated interim results of the Company and its subsidiaries (collectively, "the Group") for the six months ended 30 September 2018 together with comparative figures for the six months ended 30 September 2017.
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the six months ended 30 September 2018
Six months ended
30 September 2018
2017
(unaudited) | (unaudited) | ||
Notes | HK$'000 | HK$'000 | |
Revenue | 2 | 1,571,468 | 1,616,034 |
Other income | 13,822 | 16,771 | |
1,585,290 | 1,632,805 | ||
Inventory consumed | (11,110) | (10,267) | |
Staff costs | 3 | (148,912) | (149,534) |
Gaming commission | (48,151) | (41,252) | |
Broker commission | (13,187) | (22,730) | |
Interest expenses for securities brokerage, | |||
underwriting and placements, margin and | |||
IPO financing operations | (139,995) | (128,119) | |
Depreciation | (52,064) | (54,622) | |
Impairment loss on advances to customers | |||
in margin financing | (1,613) | - | |
Written-off of intangible assets | (266,157) | - | |
Administrative expenses | (53,910) | (60,736) | |
Other operating expenses | (64,135) | (64,261) | |
(799,234) | (531,521) | ||
Finance income | 8,798 | 7,436 | |
Finance cost | (15,176) | (15,197) | |
Fair value loss on held for trading investments | - | (1,776) | |
Fair value loss on financial assets at | |||
fair value through profit or loss | (25,653) | - | |
Exchange gain | 1,907 | 530 | |
Amortisation | - | (7,066) | |
(30,124) | (16,073) | ||
Profit before taxation | 4 | 755,932 | 1,085,211 |
Taxation | 5 | (160,407) | (173,923) |
Profit for the period | 595,525 | 911,288 |
Six months ended
30 September 2018
(unaudited)
2017
(unaudited)
Notes
Profit for the period
Other comprehensive income
Item that will not be reclassified to profit or loss:
Surplus on revaluation of leasehold
land and buildings 8
Change in fair value of financial assets at fair value through other comprehensive income Item that may be reclassified subsequently to profit or loss:
Unrealised loss arising from change in fair value of available-for-sale investments
HK$'000
HK$'000
595,525 911,288
•
•
39,101 37,078
(167)
-
-
(99)
Other comprehensive income for the period, net of tax
38,934
36,979
Total comprehensive income for the period
Profit for the period attributable to:
Owners of the Company Non-controlling interests
Total comprehensive income attributable to:
Owners of the Company
Non-controlling interests
Earnings per share (cents per share) 7 - Basic - Diluted
634,459 948,267
592,157 908,887
3,368 2,401
595,525 911,288
631,091 945,866
3,368 2,401
634,459 948,267
3.41 5.23
3.41 5.23
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at 30 September 2018
30 September | 31 March | ||
2018 | 2018 | ||
(unaudited) | (audited) | ||
Notes | HK$'000 | HK$'000 | |
Non-current assets | |||
Property, plant and equipment | 8 | 2,848,522 | 2,848,724 |
Statutory deposit for financial services business | 5,307 | 10,281 | |
Goodwill | 10,996,683 | 10,996,683 | |
Intangible assets | 9 | - | 266,157 |
13,850,512 | 14,121,845 | ||
Current assets | |||
Inventories | 2,402 | 2,390 | |
Available-for-sale investments | - | 410 | |
Financial assets at fair value through | |||
other comprehensive income | 243 | - | |
Held for trading investments | - | 192,805 | |
Financial assets at fair value through profit or loss | 167,268 | - | |
Advances to customers in margin financing | 10 | 20,909,474 | 20,582,355 |
Trade and other receivables | 11 | 142,709 | 152,521 |
Tax recoverable | 97,175 | 97,175 | |
Cash and bank balances | |||
- held on behalf of customers | 1,333,461 | 2,049,601 | |
Cash and bank balances | |||
- general accounts | 615,897 | 395,793 | |
23,268,629 | 23,473,050 | ||
Current liabilities | |||
Trade and other payables | 12 | 1,589,533 | 2,284,507 |
Amounts due to shareholders | 4,196,911 | 4,219,911 | |
Loan from a related company | 6,297,143 | 7,142,999 | |
Subordinated loans | 700,000 | 700,000 | |
Bank loans | 2,009,300 | 1,710,000 | |
Tax payable | 155,129 | 65,217 | |
14,948,016 | 16,122,634 | ||
Net current assets | 8,320,613 | 7,350,416 | |
Total assets less current liabilities | 22,171,125 | 21,472,261 |
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30 September | 31 March | |
2018 | 2018 | |
(unaudited) | (audited) | |
HK$'000 | HK$'000 | |
Non-current liabilities | ||
Bank loans | 1,060,000 | 640,000 |
Deferred tax liabilities | 195,236 | 192,901 |
Total non-current liabilities | 1,255,236 | 832,901 |
Total liabilities | 16,203,252 | 16,955,535 |
Net assets | 20,915,889 | 20,639,360 |
Capital and reserves | ||
Share capital - ordinary shares | 272,290 | 272,290 |
Share capital - non-redeemable | ||
convertible preference shares | 75,000 | 75,000 |
Reserves | 20,549,625 | 20,276,464 |
Total equity attributable to owners of | ||
the Company | 20,896,915 | 20,623,754 |
Non-controlling interests | 18,974 | 15,606 |
Total equity | 20,915,889 | 20,639,360 |
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Kingston Financial Group Ltd. published this content on 28 November 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 28 November 2018 13:20:02 UTC