SOURCE: China Enterprises Limited

February 10, 2015 16:13 ET

China Enterprises Limited Announces Consolidated Results for the Year Ended December 31, 2012 and 2013

HONG KONG, CHINA--(Marketwired - Feb 10, 2015) - China Enterprises Limited (OTC PINK: CSHEF)

The Board of Directors of the Company announced the following financial information for the years ended December 31, 2012 and 2013:

CONSOLIDATED RESULTS FOR THE YEAR ENDED DECEMBER 31, 2012

         
Financial Highlights        
    Year ended
December 31, 2012
  Year ended
December 31, 2011
Revenue   Nil   Nil
Operating loss   Rmb(1.7M)   Rmb(4.2M)
Profit (Loss) before income tax and equity in earning of equity method affiliate  
Rmb2.9M
 
 Rmb(401.3M)
Net income/(loss)   Rmb2.9M   Rmb(275M)
Net earning/(loss) per common share   Rmb0.33   Rmb(30.49)
         

In November 2011, the Company disposed of all of its interest in Hangzhou Zhongce Rubber Co., Ltd. ("Hangzhou Zhongce") and it ceased to be an equity method affiliate of the Company. 

Operating loss decreased to Rmb1.7 million in 2012 compared to Rmb4.2 million for the fiscal 2011. The Rmb1.7 million on operating loss mainly represented administrative expenses incurred for the year ended December 31, 2012.

Profit before income tax and equity in earning of equity method affiliate for the year ended December 31, 2012 increased to Rmb2.9 million compared to loss of Rmb401.3 million in 2011. The significant loss in fiscal year 2011 was primarily due to the loss on disposal of 26% interest in Hangzhou Zhongce of Rmb364.5 million. The net income for the fiscal year 2012 consisted mainly of interest income of Rmb0.2 million, interest expense of Rmb0.9 million, realized gain recognized on disposal of securities amounted to Rmb1.3 million, unrealized gain recognized on trading securities amounted to Rmb4.5 million, administrative charges on investment of Rmb1.7 million and exchange loss of Rmb0.5 million.

CONSOLIDATED RESULTS FOR THE YEAR ENDED DECEMBER 31, 2013

 
Financial Highlights
    Year ended
December 31, 2013
  Year ended
December 31, 2012
Revenue   Nil   Nil
Operating loss   Rmb(1.8M)   Rmb(1.7M)
Profit before income tax   Rmb9.9M   Rmb2.9M
Net income   Rmb9.9M   Rmb2.9M
Net earning per common share   Rmb1.10   Rmb0.33
         

The Company does not have an operating subsidiary up to the date of this press release, and the Company is actively seeking new opportunities with respect to its business.

Operating loss increased to Rmb1.8 million in 2013 compared to Rmb1.7 million for the fiscal 2012. The Rmb1.8 million on operating loss mainly represented administrative expenses incurred for the year ended December 31, 2013.

Profit before income tax for the year ended December 31, 2013 increased to Rmb9.9 million compared to profit of Rmb2.9 million in 2012. The net income for the fiscal year 2013 consisted mainly of interest income of Rmb0.1 million, interest expense of Rmb0.6 million, unrealized gain recognized on trading securities amounted to Rmb12.2 million, administrative charges on investment of Rmb1.8 million.

The Annual General Meeting for the Company will be held in Hong Kong on March 30, 2015. Based on the record date of February 11, 2015, the Company will dispatch a notice of the meeting and a proxy statement to shareholders in due course.

Contact Information

  • For more information, please contact:

    Hong Kong
    China Enterprises Limited
    Tel: (852) 2372 0130
    Fax: (852) 2537 6591

    New York
    Pristine Advisers LLC
    Tel: (631) 756-2486
    Fax: (646) 478-9415