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| Turnover Surges 100 Times to HK$1,753 Million |
HONG KONG, Aug 10, 2016 - (ACN Newswire) - Neo Telemedia Limited ("Neo Telemedia" or the "Company;" stock code: 8167, together with its subsidiaries, the "Group") has announced its unaudited interim results for the six months ended 30 June 2016.
During the period under review, the Group recorded a turnover of approximately HK$1,753,076,000 (2015: HK$17,331,000), representing a surge of 100 times as compared to the same period 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$145,475,000 (2015: loss of HK$20,535,000), mainly due to the gain on disposal of HCH Investments Limited during the period under review, as well as the profit contribution from Bluesea Mobile Group, Million Ace Group, Avatar Wealth and Bees Financial (as defined below).
The Group adheres to maintaining the financial indicators at a healthy and reasonable level. As at 30 June 2016, the Group had cash and equivalents of approximately HK$679,749,000 and current ratio at approximately 3.5 times.
Sale of telecommunication products and services
Bluesea Mobile Group
During the first half of 2016, 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"). Guangzhou Zituo is mainly engaged in providing Internet Data Center ("IDC") services in the PRC and is currently managing more than 2,000 IDC server cabinets in various cities, including Beijing, Shanghai, Guangzhou and Shenzhen. Meanwhile, the IDC project of Bluesea Mobile Group in Panyu is under construction. The turnover that Bluesea Mobile Group contributed to the Group for the period represents revenue from trading of telecommunication products and provision of IDC, WiFi and value-added Internet services.
Million Ace Group
Million Ace Limited and its subsidiaries (collectively referred to as "Million Ace Group") are principally engaged in trading of mobile phones, computers and the relevant devices. Million Ace Group has recorded a turnover of approximately HK$1.60 billion during the interim period.
Peer-to-peer lending platform business
During the first half of 2016, the Group continued to expand its customer base of 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 represents commission income through the operations of P2P lending platforms.
Prospects
As for the sale of telecommunication products and services business, Bluesea Mobile Group has strengthened its presence in the IDC business in the region after the acquisition of Guangzhou Zituo. Additionally, the IDC in Panyu is expected to complete construction and commence its trial run in the second half of 2016. Meanwhile, 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. The management targets to cover the related upstream and downstream enterprises of nuclear construction in the PRC through the strengths of the Bluesea Mobile Group in IDC, cloud computing and big data, coupled with the technology and resources of China Nuclear Industry in nuclear construction.
In regard to the P2P lending platform business, the Group is ready to further expand in this business and 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. 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 leveraging the advantage of the P2P lending platform business of Avatar Wealth and Bees Financial.
Looking to the future, the Group will keep exploring 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 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
Cecilia Shum Tel: 852-2864 4890 Email: cecilia.shum@sprg.com.hk
Jeffrey Tam Tel: 852-2864 4858 Email: jeffrey.tam@sprg.com.hk
Fax: 852-2527 1196
Topic: Press release summary
Source: Neo Telemedia Limited
Sectors: Media & Marketing, Daily Finance, IT Individual, Daily News
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From the Asia Corporate News Network
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