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Turnover surges 445 times to Reach HK$1,076 million;
Net Profit Turnarounds to Achieve HK$142 million |
HONG KONG, May 12, 2016 - (ACN Newswire) - Neo Telemedia Limited ("Neo Telemedia" or the "Company;" stock code: 8167, together with its subsidiaries, the 'Group'), with Internet-based services and big data as its core businesses, has announced its unaudited first quarter results for the period ended 31 March 2016.
For the first quarter ended 31 March 2016, the Group recorded a turnover of approximately HK$1,076,208,000 (2015: HK$2,412,000), representing a surge of approximately HK$1,073,796,000 or 445 times as compared to the same quarter of last year. The increase in turnover was mainly driven by the businesses acquired in 2015. The Group also recorded a profit attributable to owners of the Company of approximately HK$141,563,000 (2015: loss of HK$14,344,000) for the first quarter ended 31 March 2016, mainly due to the gain of HK$156,000,000 on disposal of the HCH Investments Limited, a wholly-owned subsidiary of the Company completed during the period under review, as well as the profit contribution from Bluesea Mobile Group, Million Ace Group, Avatar Wealth and Bees Financials (as defined below).
Sale of telecommunication products and services
Bluesea Mobile Group
Guangdong Bluesea Mobile Development Company Limited*("Bluesea Mobile") and its subsidiaries (collectively referred to as "Bluesea Mobile Group") completed the acquisition of 60% equity interest in Guangzhou Zituo Technology Company Limited* ("Guangzhou Zituo") on 24 March 2016. Guangzhou Zituo is principally engaged in providing Internet Data Center ("IDC") services in the PRC and is currently managing over 2,000 IDC server cabinets in various cities in the PRC, including Beijing, Shanghai, Guangzhou and Shenzhen. Meanwhile, Bluesea Mobile Group has also kicked off its IDC project in Panyu and started the construction of its IDC. The turnover contributed to the Group for the period represented trading of telecommunication products and provision of WIFI and value-added internet services.
Million Ace Group
Million Ace Limited and its subsidiaries (collectively referred to as "Million Ace Group") are mainly engaged in trading of mobile phones and tablets. Although the first quarter of a year is generally a low season for mobile phones and tablet sales, Million Ace Group still managed to record a turnover of approximately HK$1.05 billion in the period under review. The management expects the sales to pick up in the second half of the year as various brands are expected to roll out new models of mobile phones.
Peer-to-peer lending platform business
During the period under review, the Group continued to expand its customer base of its peer-to-peer ("P2P") platforms in Guangdong Avatar Wealth Investment Management Company Limited*("Avatar Wealth") and Shenzhen Bees Financial Internet Financial Services Co Ltd.*("Bees Financial"). The revenue contributed to the Group represented commission income through the operations of P2P lending platforms.
Prospects
In regards to the sale of telecommunication products and services business, upon the completion of the acquisition of Guangzhou Zituo, Bluesea Mobile Group has strengthened its presence in the IDC business in the region. In addition, Bluesea Mobile Group has entered into a strategic cooperation framework agreement with China Nuclear Fifth Construction Co., Ltd ("China Nuclear Industry") in respect of the joint development of a sizeable supervision cloud platform of nuclear power construction. Through the strengths of Bluesea Mobile Group in IDC, cloud computing and big data, coupled with the technology and resources of China Nuclear Industry in nuclear construction, the management targets to cover the related upstream and downstream enterprises of nuclear construction in the PRC.
For the P2P lending platform business, the Group plans to establish a third-party payment company, develop personal credit information platform, set up integrated service shop in the Pearl River Delta and expand its customer base. In addition, Bees Financial has entered into a strategic cooperation framework agreement with China Telecom Corporation Limited, Guangzhou Branch*("China Telecom Guangzhou Branch"), pursuant to which Bees Financial and China Telecom Guangzhou Branch shall cooperate to drive the joint development of their business especially in enhancing the planning and research of the Internet of Vehicles and to provide integrated solutions of related services requirements of the Internet of Vehicles. With the launch of the P2P lending platform business in Avatar Wealth and Bees Financial, the Group aims to establish an integrated data transfer, mobile marketing and sales, and financial transactions system and become one of the leading P2P Internet financial group in China.
Looking to the future, the Group will continue to explore potential investment opportunities in the telecommunication and Internet finance sectors. With the favorable policies and support from the PRC government towards these fast growing sectors, the management is optimistic that the Group will regain its strength and be able to reward shareholders with better results in the foreseeable future.
Contact:
Strategic Financial Relations Limited
Joanne Lam Tel: 852-2864 4816 Email: joanne.lam@sprg.com.hk
Caley Chan Tel: 852-2864 4950 Email: caley.chan@sprg.com.hk
Abigail So Tel: 852-2114 4318 Email: abigail.so@sprg.com.hk
Topic: Press release summary
Source: Neo Telemedia Limited
Sectors: Daily Finance, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
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