China Star Entertainment : INTERIM RESULTS ANNOUNCEMENT FOR THE SIX MONTHS ENDED 30TH JUNE 2019 (in PDF)

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CHINA STAR ENTERTAINMENT LIMITED

(Incorporated in Bermuda with limited liability)

(Stock Code: 326)

INTERIM RESULTS ANNOUNCEMENT

FOR THE SIX MONTHS ENDED 30TH JUNE 2019

The board of directors (the "Board") of China Star Entertainment Limited (the "Company") presents the unaudited condensed consolidated results of the Company and its subsidiaries (collectively referred to as the "Group") for the six months ended 30th June 2019 together with comparative figures as follows:

CONDENSED CONSOLIDATED INCOME STATEMENT

For the six months ended 30th June 2019

		Six months ended 30th June
		2019		2018
	Notes		HK$'000	HK$'000
			(Unaudited)	(Unaudited)
Continuing operations		1,528
Revenue	4		2,966
Cost of sales			-	(45)
Gross profit		1,528		2,921
Other revenue and other income	5	47,191		38,061
Administrative expenses		(36,367)	(35,964)
Marketing and distribution expenses		(36)	-
Loss arising on change in fair value of financial		(28,758)
assets at fair value through profit or loss		(362,291)
Other operating expenses			-	(23,478)
Loss from operations		(16,442)	(380,751)
Finance costs	6	(224)	(2,835)
Share of result of a joint venture		(274)	(254)

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CONDENSED CONSOLIDATED INCOME STATEMENT (Continued)

For the six months ended 30th June 2019

		Six months ended 30th June
		2019			2018
	Notes		HK$'000	HK$'000
			(Unaudited)	(Unaudited)
Loss before tax	7	(16,940)	(383,840)
Income tax expense	8	(3)	-
Loss for the period from continuing operations		(16,943)	(383,840)
Discontinued operation	9		-
Profit for the period from discontinued operation			1,458,855
(Loss)/profit for the period		(16,943)	1,075,015
(Loss)/profit for the period attributable to:
	(16,888)
Owners of the Company		1,075,025
Non-controlling interests		(55)	(10)
		(16,943)	1,075,015
(Loss)/earnings per share	10
			HK cents	HK cents
			(Unaudited)	(Unaudited)
From continuing and discontinued operations		(0.60)
Basic and diluted		112.95
From continuing operations
	(0.60)
Basic and diluted		(40.33)
From discontinued operation
		-
Basic and diluted			153.28

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CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the six months ended 30th June 2019

	Six months ended 30th June
	2019			2018
	HK$'000	HK$'000
	(Unaudited)	(Unaudited)
(Loss)/profit for the period	(16,943)	1,075,015
Other comprehensive loss
Items that may be reclassified subsequently to the
condensed consolidated income statement:
Exchange differences arising on translation
of foreign operations:
Exchange differences arising during the period	(13)	-
Other comprehensive loss for the period	(13)	-
Total comprehensive (loss)/income for the period	(16,956)	1,075,015
Total comprehensive (loss)/income for
the period attributable to:
Owners of the Company	(16,901)	1,075,025
Non-controlling interests	(55)	(10)
	(16,956)	1,075,015

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CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

At 30th June 2019

	At 30th	At 31st
	June	December
	2019		2018
Note	HK$'000	HK$'000
	(Unaudited)	(Audited)
Non-current assets
Property, plant and equipment	104,657	88,608
Interests in leasehold land	52,472	53,409
Loan to a director	347,924	327,903
Prepayment	18,000	-
Interest in a joint venture	131	270
	523,184		470,190
Current assets
Stock of properties	2,824,954		2,508,568
Film rights	11,478	11,478
Films in progress	236,050	201,005
Investment in film	29,939	29,939
Deposits, prepayment and other receivables	620,506	451,826
Financial assets at fair value through
profit or loss	392,164	453,481
Amount due from a joint venture	135	-
Loan receivables	300,000	200,000
Time deposits	271	269
Cash and bank balances	864,468	1,156,466
	5,279,965		5,013,032
Total assets	5,803,149		5,483,222

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CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Continued)

At 30th June 2019

		At 30th	At 31st
		June	December
		2019		2018
	Note	HK$'000	HK$'000
		(Unaudited)	(Audited)
Capital and reserves
Share capital		27,110	28,011
Reserves		4,317,967	4,403,951
Equity attributable to owners
of the Company		4,345,077		4,431,962
Non-controlling interests		(180)	(125)
Total equity		4,344,897		4,431,837
Non-current liabilities
Bank borrowings		758,010		-
Lease liabilities		9,793	-
		767,803		-
Current liabilities
Trade payables	12	98,093		38,421
Deposits received, accruals and other payables		83,595	509,848
Lease liabilities		5,645	-
Amounts due to non-controlling interests		503,116	503,116
		690,449		1,051,385
Total liabilities		1,458,252		1,051,385
Total equity and liabilities		5,803,149		5,483,222
Net current assets		4,589,516		3,961,647
Total assets less current liabilities		5,112,700		4,431,837

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