News this week: Hong Kong, 26th November: Hong Kong-listed Sino Resources Group, we operates the Kenfair trade shows in Hong Kong, has released interim results for the six months ended 30th September 2010. The company posted a turnover of US$9.2 million from exhibitions business, a 15% increase from the US$8 million recorded in first half of 2009. Net profit from exhibitions business was US$2 million – versus US$1.2 million in the same period last year. Losses attributed to company shareholders were US$2.7 million, compared with a loss of US$127 million last year. The losses in 2009 stemmed from a failed bid to buy a coal mine in China.
The company’s management is clearly no longer focused on its exhibition business which was previously its core business unit. Revenues from its exhibition business in 2007 were over US$30 million. In the year ended 31st March 2010, the company’s revenues were down to just US$11.3 million.
Sino Resources claims its investment in the clean energy sector, namely in the Multi Century Group, is an important step for the future business development of the company. The group’s management stated that it will carry on in exploring investment and acquisition opportunities in the resources sector, with a special focus on clean energy projects.
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