SHENTONG ROBOT EDUCATION GROUP COMPANY LIMITED 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 China Communication Telecom Services Company 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.
Revenue of the Group for the six months ended 30 September 2015 was approximately HK$16,685,000.
Net loss attributable to owners of the Company was approximately HK$8,425,000 for the six months ended 30 September 2015.
Loss per share for the six months ended 30 September 2015 was approximately HK0.65 cent.
The board of the Directors (the 'Board') does not recommend the payment of a dividend for the six months ended 30 September 2015.
The Directors hereby present the unaudited consolidated results of the Company together with its subsidiaries (collectively the 'Group') for the six months ended 30 September 2015.
The Group recorded consolidated revenue of approximately HK$16,685,000 for the six months ended 30 September 2015, representing a decrease of approximately 17.5% as compared to approximately HK$20,232,000 for the six months ended 30 September 2014. The revenue for the six months ended 30 September 2015 was attributable to the provision of promotion and management services for an electronic smart card 'Shentong Card' in the People's Republic of China (the 'PRC').
The Group made a net loss attributable to the owners of the Company of approximately HK$8,425,000 for the six months ended 30 September 2015 as compared to approximately HK$4,310,000 for the six months ended 30 September 2014. The decline in results was mainly due to the decline in revenue and gross profit.
BUSINESS REVIEWStarting from 2010, the Group made continuous efforts to restructure and streamline the business operations so as to improve the overall financial status of the Group. In March 2010, the Group completed the acquisition of 100% of the equity interest in 北京神通益家科技服務 有限公司 (Beijing Shentong Yijia Technology Services Company Limited#) ('Yijia'). Since December 2011, the Group concentrates on the business in promotion and management services for Shentong Card in the PRC.
For the six months ended 30 September 2015, the segment profit generated from promotion and management services was approximately HK$1,092,000, representing a decrease of approximately 60.3% as compared to approximately HK$2,751,000 for the six months ended 30 September 2014. The decrease in the segment profit generated from promotion and management services was primarily due to the downturn of the PRC economic environment.
Apart from concentrating on the business in promotion and management services for Shentong Card, the Directors will continue to do their best to deploy their strengths and capabilities to expand the revenue base of the Group and capture the new opportunities offered by the prosperity of PRC market.
For the six months ended 30 September 2015, the revenue derived from the provision of promotion and management services was approximately HK$16,685,000 as compared to approximately HK$20,232,000 for the six months ended 30 September 2014.
# English name is for identification purpose only
MANAGEMENT DISCUSSION AND ANALYSISThe Group recorded a revenue of approximately HK$16,685,000 (2014: approximately HK$20,232,000) for the six months ended 30 September 2015, representing a decrease of approximately 17.5% as compared with six months ended 30 September 2014 which was primarily due to the downturn of the PRC economic environment. The revenue was attributable to the provision of promotion and management services for Shentong Card in the PRC.
The Group's gross profit for the six months ended 30 September 2015 amounted to approximately HK$11,060,000 as compared to approximately HK$14,351,000 for the six months ended 30 September 2014. The decrease was mainly attributable to the decrease in revenue derived from promotion and management services for Shentong Card.
Selling and distribution and administrative expenses for the six months ended 30 September 2015 was approximately HK$18,163,000 as compared to approximately HK$16,783,000 for the six months ended 30 September 2014. The increase was primarily attributable to the increase in operating lease charges for land and buildings and auditor's remuneration.
The Group made a net loss attributable to the owners of the Company of approximately HK$8,425,000 for the six months ended 30 September 2015 as compared to approximately HK$4,310,000 for the six months ended 30 September 2014. The increase was mainly due to the decline in revenue and gross profit.
During the period under review, the Company had no fund raising activities.
As at 30 September 2015, the Group had outstanding promissory note at a nominal value of approximately HK$94.4 million (as at 31 March 2015: approximately HK$94.4 million) with a carrying amount of approximately HK$101.0 million (as at 31 March 2015: approximately HK$100.0 million). The promissory note was unsecured and interest bearing at 2% per annum. On 30 September 2015, the Group and China Communication Investment Limited ('CCI'), being the noteholder, agreed to extend the maturity date from 30 June 2016 to 30 June 2017. Other than the promissory note, the Group did not have any other committed borrowing facilities as at 30 September 2015 (as at 31 March 2015: HK$Nil).
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