DJ HK Bourse: Results Announcement From Far East Hotels & Entertainment Ltd.

For full details, please click on the following link:
https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0630/2020063002638.pdf Announcement Final Results For The Year Ended 31 March 2020
RESULTS
The board of directors (the "Directors" and the "Board", respectively) of Far East Hotels and
Entertainment Limited (the "Company") announces that the audited consolidated financial results of the
Company and its subsidiaries (the "Group") for the year ended 31 March 2020 together with the relevant
comparative figures are set out as follows:
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31 MARCH 2020 NOTES 2020 2019 HK$ HK$
Revenue 2 48,935,816 52,379,154
Cost of sales (23,150,113) (38,881,989) __________ __________
Gross profit 25,785,703 13,497,165
Other income 965,419 873,361
Other gains or losses 3 (3,770,433) (8,206,871)
Net (decrease) increase in fair values of investment properties (32,175,408) 9,345,438
Selling expenses (1,455,491) (1,145,013)
Administrative expenses (17,268,705) (19,890,434)
Finance costs 4 (1,867,520) (813,191)
Share of results of associates 551,862 596,072 __________ __________
Loss before tax 7 (29,234,573) (5,743,473)
Income tax credit (expense) 5 5,190,399 (3,851,997) __________ __________
Loss for the year attributable to owners of the Company (24,044,174) (9,595,470) __________ __________
Other comprehensive income (expense):
Item that will not be reclassified to profit or loss:
Fair value gain on equity instrument at fair value through other comprehensive income ("FVTOCI") 21,422 -
Item that may be reclassified subsequently to profit or loss:
Exchange differences arising on translation of foreign operations (7,651,921) (3,457,890) __________ __________
Total comprehensive expense for the year attributable to owners of the Company (31,674,673) (13,053,360) __________ __________
LOSS PER SHARE 6 Basic (3.94) cents (1.57) cents __________ __________ Diluted (3.94) cents (1.57) cents __________ __________ __________ 1
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AT 31 MARCH 2020 NOTES 2020 2019 HK$ HK$
Non-current assets
Property, plant and equipment 30,665,995 61,973,925
Right-of-use assets 1,978,826 -
Deposits for capital expenditure 3,895,232 700,655
Investment properties 263,678,656 188,235,225
Interests in associates 857,829 1,055,967
Equity instrument at FVTOCI - -
Paintings 4,367,221 3,921,217 ___________ ___________ 305,443,759 255,886,989 ___________ ___________
Current assets
Financial assets at fair value through profit or loss (" FVTPL") 23,590,760 38,460,864
Inventories 309,381 314,842
Promissory notes receivables - 8,085,000
Trade receivables 8 8,183,982 1,109,100
Other receivables, deposits and prepayment 1,266,666 1,628,289
Pledged bank deposits 2,118,000 2,118,000
Bank deposits 5,474,053 6,994,637
Deposit held with a security broker company 5,564,000 2,253,429
Bank balances and cash 9,475,449 14,139,430 ___________ ___________ 55,982,291 75,103,591 ___________ ___________
Current liabilities
Trade and other payables and accruals 9 5,771,862 11,491,311
Contract liabilities 300,782 304,727
Deposits received 95,628 80,000
Amount due to an associate 293,381 678,381
Amounts due to related companies 675,731 679,121
Bank borrowings 16,699,810 16,911,478
Obligations under finance leases - 293,673
Lease liabilities 5,900,183 -
Tax payable 2,152,333 1,993,168 ___________ ___________ 31,889,710 32,431,859 ___________ ___________
Net current assets 24,092,581 42,671,732 ___________ ___________
Total assets less current liabilities 329,536,340 298,558,721 ___________ ___________ 2
CONSOLIDATED STATEMENT OF FINANCIAL POSITION - continued
AT 31 MARCH 2020 NOTES 2020 2019 HK$ HK$
Capital and reserves
Share capital 10 312,890,213 312,890,213
Reserves (16,265,430) (27,851,087) ___________ ___________ 296,624,783 285,039,126 ___________ ___________
Non-current liabilities

(MORE TO FOLLOW) Dow Jones Newswires

June 30, 2020 12:10 ET (16:10 GMT)