Sapphire Corporation Limited reported unaudited group financial results for the third quarter and nine months ended Sep. 30, 2014. For the quarter, the company reported revenue of RMB 3,899,000. Profit from operations was RMB 701,000 against loss of RMB 3,480,000 for the same period of last year. Profit before income tax was RMB 253,000 against loss of RMB 3,441,000 for the same period of last year. Profit from continuing operations was RMB 73,000 against loss of RMB 3,441,000 for the same period of last year. Loss for the period was RMB 1,218,000 or 0.16 cents per basic and diluted share against RMB 52,272,000 or 6.44 cents per basic and diluted share for the same period of last year. Net cash flows used in operating activities were RMB 3,807,000 against RMB 3,873,000 for the same period of last year. Purchase of property, plant and equipment was RMB 137,000.

For the nine months, the company reported revenue of RMB 43,396,000. Profit from operations was RMB 2,363,000 against loss of RMB 4,173,000 for the same period of last year. Profit before income tax was RMB 1,156,000 against loss of RMB 4,130,000 for the same period of last year. Profit from continuing operations was RMB 278,000 against loss of RMB 4,130,000 for the same period of last year. Loss for the period was RMB 8,279,000 or 1.02 cents per basic and diluted share against RMB 89,107,000 or 10.99 cents per basic and diluted share for the same period of last year. Net cash flows used in operating activities were RMB 7,215,000 against inflow of RMB 21,593,000 for the same period of last year. Purchase of property, plant and equipment was RMB 226,000 against RMB 172,000 for the same period of last year.

Given the above and taking into account the expected gain on disposal arising from the Steel Business, the Board continues to believe that the financial performance for fiscal 2014 will improve significantly over that of fiscal 2013, barring unforeseen circumstances.