NAN HAI CORPORATION LIMITED
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 howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
(Incorporated in Bermuda with limited liability)
(Stock Code: 680)
POSITIVE PROFIT ALERT REGARDING INTERIM RESULTS FOR 2015
This announcement is made pursuant to Rule 13.09(2) of the Listing Rules and the Inside
Information Provisions under Part XIVA of the SFO.
The Board would like to inform the shareholders of the Company and potential investors that the Group is expected to record a consolidated net profit of the Group of approximately HK$6 million for the six months ended 30 June 2015 as compared to the consolidated net loss of the Group of approximately HK$114.3 million for the six months ended 30 June 2014.
Shareholders of the Company and potential investors are advised to exercise caution when dealing in the shares of the Company.
This announcement is made by Nan Hai Corporation Limited (the ''Company'', and together with its subsidiaries, collectively as the ''Group'') pursuant to Rule 13.09(2) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the
''Listing Rules'') and the Inside Information Provisions (as defined in the Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Cap. 571 of the laws of Hong Kong) (the ''SFO'').
The board of directors of the Company (the ''Board'') would like to inform the shareholders of the Company and potential investors that the Group expects to record a consolidated net profit of the Group of approximately HK$6 million for the six months ended 30 June 2015 as compared to the consolidated net loss of the Group of approximately HK$114.3 million for the six months ended 30 June 2014.
* For identification purpose only
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As per the Group's unaudited financial statements for the six months ended 30 June 2015, the expected profit for the period was primarily attributable to a gain of approximately
HK$166 million from the disposal of 20% equity interest in 龍芯中科技術有限公司
(Loongson Technology Co., Ltd.), a company incorporated in China and an associate of the Company. Details of the disposal were set out in the announcement issued by the Company on 29 January 2015.
By taking into account of the expected operating loss mainly attributable to the business sector of property development incurred for the six months ended 30 June 2015, the expected consolidated net profit of the Group would be approximately HK$6 million. However, pre-sale of residential units of Phase 2 of the property project namely ''Free Man Garden'' in Guangzhou, China has started in the first quarter of 2015, and sales proceeds are expected to be recognized as per the accounting standards in about the third quarter of 2016. In addition, Phase 3 of the property project namely ''The Peninsula'' in Shenzhen, China is in the progress of development, pre-sale of residential units of Phase 3 of ''The Peninsula'' is expected to be taken place in the first quarter of 2016.
The information contained in this announcement is only based on the preliminary assessment made by the Board by reference to the unaudited financial statements of the Group for the six months ended 30 June 2015, and such financial statements has not been audited or reviewed by the auditors or the audit committee of the Company. The interim results of the Group for 2015 are scheduled to be announced on 28 August 2015.
Shareholders of the Company and potential investors are advised to exercise caution when dealing in the shares of the Company.
By Order of the Board
NAN HAI CORPORATION LIMITED Chen Dan
Director
Hong Kong, 14 August 2015
As at the date of this announcement, the directors of the Company are as follows:
Executive directors: | Non-executive directors: | Independent non-executive directors: |
Mr. Yu Pun Hoi | Mr. Wang Gang | Prof. Jiang Ping |
Ms. Chen Dan | Mr. Lam Bing Kwan | Mr. Hu Bin |
Ms. Liu Rong | Mr. Lau Yip Leung |
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