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HONG KONG, May 18, 2017 - (ACN Newswire) - Chiho-Tiande Group Limited ("Chiho-Tiande" or the "Group") (Stock code: 976), is pleased to provide business development update after its completion of the acquisition of Scholz Holding GmbH (the "Very Substantial Acquisition") in December 2016. Before the Very Substantial Acquisition, Scholz Holding GmbH and its subsidiaries (the "Scholz Group") was significantly over-leveraged and therefore its equity value was negative. Following a series of the restructuring steps with respect to its financial situation and the significant deleveraging measures carried out by the Group, the performance of Scholz Group has improved since January 2017 which has led to an increase in revenue and ultimately improving the profitability of Chiho-Tiande as a whole.
Based on the unaudited consolidated operating results as extracted from the preliminary consolidated management accounts of Chiho-Tiande, the Board wishes to announce that:
1) For the first quarter ended 31 March 2017, the unaudited revenue of the Group was approximately HK$4,381,775,000, increasing approximately 6 times over that of HK$712,310,000 for the same period ended 31 March 2016;
2) For the first quarter ended 31 March 2017, the unaudited gross profit of the Group was approximately HK$584,257,000, a turnaround from the gross loss of HK$6,532,000 for the same period ended 31 March 2016, making a substantial profit;
3) For the first quarter ended 31 March 2017, the unaudited profit after tax of the Group was approximately HK$201,612,000, a turnaround from the net loss of HK$68,417,000 for the same period ended 31 March 2016, making a substantial net profit after tax.
The Board believes that this represented an important milestone in the Chiho-Tiande's strategy and would like to keep the shareholders of the Group and potential investors informed. The Board does not however intend to release quarterly revenue or profit updates in the future.
The Group was principally engaged in metal recycling, involving the recycling of mixed metal scrap into copper scrap, steel scrap, aluminum scrap, iron scrap and other metal scrap in Asia region during the year 2016. After the completion of the Very Substantial Acquisition, the Group has extended its metal recycling business from Asia region to worldwide (including Europe and North America regions).
The above-mentioned operating results are based on the preliminary consolidated management accounts of the Group, which have not been reviewed or audited by the Company's auditors and may be subject to adjustments. As such, the above information is provided to Shareholders and potential investors for reference only.
About Chiho-Tiande Group Limited (Stock code: 976)
Chiho-Tiande Group Limited completed the acquisition of Scholz Holding GmbH ("Scholz") in December 2016, thus become one of the world's largest mixed metal scrap recyclers, with an international business footprint covering Europe, China and North America. The Group primarily engages in recycling, disassembling and processing of mixed metal scrap and recycle and reuse of resources. It also develops car demolition and e-waste treatment.
For more information, please visit http://www.chiho-tiande.com/
Media enquiries
Strategic Financial Relations Limited
Vicky Lee Tel.: +852 2864 4834 Email : vicky.lee@sprg.com.hk
Hawaii He Tel.: +852 2864 4847 Email : hawaii.he@sprg.com.hk
Fax: +852 2527 1196
Topic: Press release summary
Source: Chiho-Tiande Group Limited
Sectors: Metals & Mining, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
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