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ALLAN INTERNATIONAL HOLDINGS LIMITED
(Incorporated in Bermuda with limited liability)
(Stock Code: 684)
INTERIM RESULTS 2018/2019
RESULTS
The board of directors of Allan International Holdings Limited (the "Company") announces the unaudited condensed consolidated results of the Company and its subsidiaries (the "Group") for the six months ended 30 September 2018 together with the comparative figures for the six months ended 30 September 2017, as follows:
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the six months ended 30 September 2018
Six months ended
30 September 2018
2017
(Unaudited) | (Unaudited) | ||
NOTES | HK$'000 | HK$'000 | |
Revenue | 3 | 644,216 | 695,883 |
Cost of sales | (613,806) | (626,262) | |
Gross profit | 30,410 | 69,621 | |
Other income | 4 | 24,481 | 13,969 |
Other gains and losses | 3,537 | 1,249 | |
Selling and distribution expenses | (12,541) | (12,593) | |
Administrative expenses | (52,759) | (55,252) | |
Gain from changes in fair value of | |||
investment properties | 44,400 | 3,000 | |
Finance costs on bank loan | (420) | (273) | |
Profit before tax | 37,108 | 19,721 | |
Income tax expense | 5 | (874) | (2,310) |
Profit for the period | 36,234 | 17,411 |
Six months ended
30 September 2018
(Unaudited)
NOTES
2017
(Unaudited)
HK$'000
Other comprehensive (expense) income:
Items that may be reclassified subsequently to profit or loss:
Exchange differences arising on translating foreign operations
Net fair value (loss) gain on: available-for-sale investments debt instrument at fair value through other comprehensive income Reclassified to profit or loss upon: redemption of available-for-sale investments disposal of debt instruments at fair value through other comprehensive income
HK$'000
(10,230)
-
(386)
-
(16)
5,563
640
- 237
-
Other comprehensive (expense) income for the period
(10,632) 6,440
Total comprehensive income for the period
25,602 23,851
Earnings per share
6
Basic
HK10.80 cents
HK5.19 cents
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION At 30 September 2018
30 September | 31 March | ||
2018 | 2018 | ||
(Unaudited) | (Audited) | ||
NOTES | HK$'000 | HK$'000 | |
Non-current assets | |||
Investment properties | 8 | 325,400 | 281,000 |
Property, plant and equipment | 9 | 147,632 | 179,485 |
Prepaid lease payments | 19,920 | 24,287 | |
Club debentures | 13,176 | 13,176 | |
Available-for-sale investments | - | 61,417 | |
Deferred tax assets | 1,493 | 552 | |
Deposits paid for acquisition of property, | |||
plant and equipment | 8,472 | 481 | |
516,093 | 560,398 | ||
Current assets | |||
Inventories | 110,733 | 98,854 | |
Trade receivables | 10 | 293,863 | 288,967 |
Other receivables | 29,461 | 35,158 | |
Mould deposits paid | 4,598 | 4,115 | |
Prepaid lease payments | 628 | 678 | |
Financial assets at fair value through profit or loss | 35,617 | - | |
Debt instruments at fair value through | |||
other comprehensive income | 27,273 | - | |
Tax recoverable | 1,207 | 2,276 | |
Short-term deposits | 94,375 | 127,403 | |
Bank balances and cash | 498,411 | 469,572 | |
1,096,166 | 1,027,023 | ||
Assets classified as held for sales | 13,143 | - | |
1,109,309 | 1,027,023 | ||
Current liabilities | |||
Trade payables | 11 | 235,459 | 193,194 |
Other payables and accruals | 139,205 | 127,594 | |
Deferred income | - | 17,649 | |
Mould deposits received | 26,563 | 25,560 | |
Tax liabilities | 34,724 | 36,244 | |
Secured bank loan | 5,124 | 5,124 | |
441,075 | 405,365 |
30 September | 31 March | ||
2018 | 2018 | ||
(Unaudited) | (Audited) | ||
NOTES | HK$'000 | HK$'000 | |
Net current assets | 668,234 | 621,658 | |
Total assets less current liabilities | 1,184,327 | 1,182,056 | |
Non-current liabilities | |||
Deferred tax liabilities | 8,133 | 7,757 | |
Secured bank loan | 33,723 | 36,285 | |
41,856 | 44,042 | ||
Net assets | 1,142,471 | 1,138,014 | |
Capital and reserves | |||
Share capital | 12 | 33,543 | 33,543 |
Reserves | 1,108,928 | 1,104,471 | |
1,142,471 | 1,138,014 |
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For The Six Months Ended 30 September 2018
1. BASIS OF PREPARATION
The condensed consolidated financial statements have been prepared in accordance with Hong Kong Accounting Standard ("HKAS") 34 Interim Financial Reporting issued by the Hong Kong Institute of Certified Public Accountants (the "HKICPA") as well as with the applicable disclosure requirements of Appendix 16 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules").
2. PRINCIPAL ACCOUNTING POLICIES
The condensed consolidated financial statements have been prepared on the historical cost basis except for certain investment properties and financial instruments, which are measured at fair values.
Other than changes in accounting policies resulting from application of new and amendments to Hong Kong Financial Reporting Standards ("HKFRSs"), as detailed below, the accounting policies and methods of computation used in the condensed consolidated financial statements for the six months ended 30 September 2018 are the same as those followed in the preparation of the Group's annual financial statements for the year ended 31 March 2018.
Application of new and amendments to HKFRSs and Interpretation
In the current interim period, the Group has applied, for the first time, the following new and amendments to HKFRSs and an interpretation issued by the HKICPA which are mandatorily effective for the annual period beginning on or after 1 April 2018 for the preparation of the Group's condensed consolidated financial statements:
HKFRS 9 | Financial Instruments |
HKFRS 15 | Revenue from contracts with Customers and the related Amendments |
HK(IFRIC) - Int 22 | Foreign Currency Transactions and Advance Consideration |
Amendments to HKFRS 2 | Classification and Measurement of Share-based Payment Transactions |
Amendments to HKFRS 4 | Applying HKFRS 9 Financial Instruments with HKFRS 4 Insurance Contracts |
Amendments to HKAS 28 | As part of the Annual Improvements to HKFRSs 2014 - 2016 Cycle |
Amendments to HKAS 40 | Transfers of Investment Property |
In addition, the Group has applied Amendments to HKFRS 9 Prepayment Features with Negative Compensation in advance of the effective date, i.e. 1 January 2019.
The new and amendments to HKFRSs and an interpretation have been applied in accordance with the relevant transition provisions in the respective standards and amendments which results in changes in accounting policies, amounts reported and/or disclosures as described below.
2.1
Impacts and changes in accounting policies of application on HKFRS 15 Revenue from Contracts with Customers ("HKFRS 15")
The Group has applied HKFRS 15 for the first time in the current interim period. HKFRS 15 superseded HKAS 18 Revenue, HKAS 11 Construction Contracts and the related interpretations.
The Group has applied HKFRS 15 retrospectively with the cumulative effect of initially applying this standard recognised at the date of initial application, 1 April 2018. In accordance with the transition provisions in HKFRS 15, the Group has elected to apply the standard retrospectively only to contracts that are not completed at 1 April 2018. Accordingly, certain comparative information may not be comparable as comparative information was prepared under HKAS 18 Revenue and the related interpretations. At the date of initial application, there is no difference recognised in the opening retained profits and no comparative information has been restated.
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Allan International Holdings Limited published this content on 29 November 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 29 November 2018 04:10:02 UTC