(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 8307) FIRST QUARTERLY RESULTS ANNOUNCEMENT FOR THE THREE MONTHS ENDED 30 JUNE 2017 CHARACTERISTICS OF THE GROWTH ENTERPRISE MARKET ("GEM") OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE "STOCK EXCHANGE") GEM has been positioned as a market designed to accommodate companies to which a higher investment risk may be attached than other companies listed on the Stock Exchange. Prospective investors should be aware of the potential risks of investing in such companies and should make the decision to invest only after due and careful consideration. The greater risk profile and other characteristics of GEM mean that it is a market more suited to professional and other sophisticated investors. Given the emerging nature of companies listed on GEM, there is a risk that securities traded on GEM may be more susceptible to high market volatility than securities traded on the Main Board of the Stock Exchange and no assurance is given that there will be a liquid market in the securities traded on GEM.Hong Kong Exchanges and Clearing Limited and the Stock Exchange 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.
This announcement, for which the directors (the "Directors") of Medicskin Holdings Limited (the "Company") collectively and individually accept full responsibility, includes particulars given in compliance with the Rules Governing the Listing of Securities on the GEM of the Stock Exchange (the "GEM Listing Rules") for the purpose of giving information with regard to the Company. The Directors, having made all reasonable enquiries, confirm that to the best of their knowledge and belief the information contained in this announcement is accurate and complete in all material respects and not misleading or deceptive, and there are no other matters the omission of which would make any statement herein or this announcement misleading.
UNAUDITED FIRST QUARTERLY RESULTSThe board of directors (the "Board") of the Company is pleased to announce the unaudited consolidated results of the Company and its subsidiaries (collectively referred to as the "Group") for the three months ended 30 June 2017 together with the comparative unaudited figures for the corresponding period of last year as follows:
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOMEFor the three months ended 30 June 2017
Three months ended 30 June 2017 2016Notes HK$'000 HK$'000
(unaudited) (unaudited)Revenue | 2 | 14,997 | 14,151 |
Other income, gains and losses | 268 | 15 | |
Inventories used | (1,972) | (1,693) | |
Staff costs | (7,293) | (7,222) | |
Depreciation of property, plant and equipment | (1,082) | (570) | |
Other expenses | (3,879) | (3,864) | |
Profit before tax | 1,039 | 817 | |
Income tax expense | 3 | (330) | (103) |
Profit and total comprehensive income for
the period attributable to owners of the Company 709 714
Earnings per share, basic (HK cent) 5 0.15 0.18
Earnings per share, diluted (HK cent) 5 0.15 0.18
CONSOLIDATED STATEMENT OF CHANGES IN EQUITYFor the three months ended 30 June 2017
Attributable to owners of the Company
Share
Share capital | Share premium | Capital reserve | options reserve | Retained profits | Total | |
HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | |
(note) | ||||||
At 1 April 2017 (audited) | 4,804 | 72,463 | 1,181 | 294 | 3,856 | 82,598 |
Profit and total comprehensive income |
for the period - - - - 709 709
Recognition of equity-settled
share-based payments - - 251 - - 251
At 30 June 2017 (unaudited) 4,804 72,463 1,432 294 4,565 83,558
At 1 April 2016 (audited) 4,000 31,670 182 228 1,688 37,768
Profit and total comprehensive income
for the period - - - - 714 714
Recognition of equity-settled
share-based payments - - 249 92 - 341
At 30 June 2016 (unaudited) 4,000 31,670 431 320 2,402 38,823
Note: Capital reserve represents deemed contribution from the controlling shareholder (i.e. Dr. Kong Kwok Leung ("Dr. Kong")) arising from the share reward granted to a medical practitioner of the Group by Dr. Kong for the services rendered to the Group. The fair value of services received, which is determined by reference to the fair value of the share reward at the grant date, is expensed on a straight-line basis over the vesting period, with a corresponding increase in capital reserve.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFor the three months ended 30 June 2017
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES
The Group's consolidated financial statements have been prepared in accordance with Hong Kong Financial Reporting Standards ("HKFRSs") issued by the Hong Kong Institute of Certified Public Accountants (the "HKICPA") and with the applicable disclosure requirements of Chapter 18 of the GEM Listing Rules. The principal accounting policies used in the consolidated financial statements are consistent with those followed in the preparation of the Group's financial statements for the year ended 31 March 2017. The consolidated financial statements are unaudited, but have been reviewed by the audit committee (the "Audit Committee") of the Company.
The HKICPA has issued a number of new and revised Hong Kong Financial Reporting Standards ("HKFRSs"). For those which are effective for accounting period beginning on 1 April 2017, the application has no material impact on the Group's financial performance and positions for the current and/or prior accounting periods. For those which are not yet effective, except for HKFRS 16 "Leases", the Directors anticipate that the application of other new and revised HKFRSs will have no material impact on the Group's financial statements.
REVENUE AND SEGMENT INFORMATION
Revenue is measured at the fair value of the consideration received or receivable and represents amounts received and receivable for goods sold and services provided in the normal course of business, net of discounts and refund. The Group's operating activities are attributable to a single operating segment focusing on provision of consultation services ("Consultation Service"), prescription and dispensing of medication and/or skincare products including sale of skincare products ("Prescription and Dispensing Service") and provision of medical skin care treatments ("Treatment Service"). This operating segment has been identified on the basis of internal management reports prepared in accordance with the Group's accounting policies. The chief operating decision makers ("CODM") review the Group's revenue analysis by services and products in order to assess performance and allocation of resources.
Medicskin Holdings Ltd. published this content on 11 August 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 14 August 2017 03:26:05 UTC.
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