Vinco Financial : FIRST QUARTERLY RESULTS ANNOUNCEMENT FOR THE THREE MONTHS ENDED 31 MARCH 2016

Microsoft Word - e - Result announcement - Q1 - 12 Apr 16

VINCO FINANCIAL GROUP LIMITED

域高金融集團有限公司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 8340)

FIRST QUARTERLY RESULTS ANNOUNCEMENT FOR THE THREE MONTHS ENDED 31 MARCH 2016

CHARACTERISTICS OF THE GROWTH ENTERPRISE MARKET ("GEM") OF THE STOCK EXCHANGE OF HONG KONG (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 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 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 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 however 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 Vinco Financial Group Limited (the "Company", together with its subsidiaries, the "Group") collectively and individually accept full responsibility, include particulars given in compliance with 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: (1) the information contained in this announcement is accurate and complete in all respects and not misleading; (2) there are no other matters the omission of which would make any statement in this announcement misleading; and (3) all opinions expressed in this announcement have been arrived at after due and careful consideration and are founded on bases and assumptions that are fair and reasonable.

HIGHLIGHTS

• The Group recorded a revenue of approximately HK$4.22 million for the three months ended 31 March 2016 (2015: approximately HK$4.57 million).

  
  

• Profit attributable to shareholders for the three months ended 31 March 2016 amounted to approximately HK$0.43 million as compared to net profit of approximately HK$1.42 million for the corresponding period in the previous fiscal year.

  
  

• The Directors do not recommend the payment of any dividend for the three months ended 31 March 2016.

First Quarterly Results (Unaudited)

The board of Directors (the "Board") is pleased to present the unaudited condensed consolidated results of the Group for the three months ended 31 March 2016 together with the comparative unaudited figures for the corresponding periods in 2015, as follows:

Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income

Three months ended 31 March 2016 2015 HK$'000 HK$'000

Notes (unaudited) (unaudited)

Revenue

Operating expenses

2 4,215

(3,788)

4,570

(3,150)

Profit before taxation

Income tax 4

427 -

1,420

-

Profit attributable to equity holders of the Company

Attributable to:

Equity holders of the Company

Earnings per share Basic earnings per share

(Hong Kong cents)

427

427	1,420
5	0.07	0.22

427

1,420

1,420

NOTES:

1. Basis of preparation

   
   

   The Group's unaudited condensed consolidated first quarterly financial statements have been prepared in accordance with the applicable disclosure requirements set out in Chapter 18 of the GEM Listing Rules and Hong Kong Financial Reporting Standards ("HKFRS") issued by the Hong Kong Institute of Certified Public Accountants ("HKICPA").

   
   

   The HKICPA has issued a number of new and revised HKFRSs and interpretations that are first effective or available for early adoption for the current accounting period of the company. There have been no significant changes to the accounting policies applied in these financial statements for the years presented as a result of these developments.

   
   

   The unaudited condensed consolidated first quarterly financial statements have been prepared under the historical cost convention, as modified by the revaluation of available-for-sale financial assets, financial assets and financial liabilities at fair value through profit or loss.

   
   

   The preparation of financial statements in conformity with the HKFRS requires the use of certain critical accounting estimates. It also requires management to exercise their judgements in the process of applying the Group's accounting policies.

   
   

   The accounting policies adopted in preparing the unaudited condensed consolidated first quarterly financial statements were consistent with those applied for the financial statements of the Group for the year ended 31 December 2015.

   
   

   These unaudited condensed consolidated first quarterly financial statements are presented in Hong Kong dollars and all values are rounded to the nearest thousand (HK$'000), unless otherwise stated.

   
   

   The condensed consolidated financial statements have not been audited by the auditors of the Company, but have been reviewed by the audit committee of the Company.

   
   

2. Revenue

Revenue represents fee income from provision of financial services as follows:-

Three months ended 31 March 2016

2015

HK$'000 (unaudited)

HK$'000

(unaudited)

Income from provision of financial services 4,215 4,570