SOURCE: China Enterprises Limited

March 07, 2011 16:44 ET

China Enterprises Limited Press Release: Consolidated Results for the Year Ended December 31, 2009

NEW YORK, NY--(Marketwire - March 7, 2011) - The Board of Directors of China Enterprises Limited (OTCQB: CSHEF) (PINKSHEETS: CSHEF) ("the Company") announces the following financial information of the Company for the year ended December 31, 2009: -

Financial Highlights
  Year ended
December 31, 2008
Year ended
December 31, 2009
Revenue Nil Nil
Operating (loss) Rmb(5.8M) Rmb(2.8M)
Profit/(loss) before income tax and equity earning from affiliate  Rmb(116.4M)  Rmb17.3M
Net income/(loss) Rmb(71.4M) Rmb247M
Net earning/(loss) per common share Rmb(7.92) Rmb27.39

The financial results of the Company in fiscal 2008 and 2009 greatly depended on the share of result of its affiliate in the tire business, Hangzhou Zhongce Rubber Co., Ltd. ("Hangzhou"). 

Operating loss decreased to Rmb2.8 million in 2009 compared to Rmb5.8 million for the last year. The Rmb2.8 million on operating loss mainly represented administrative expenses incurred for the year ended December 31, 2009.

Profit before income tax and equity earning from affiliate for the year ended December 31, 2009 increased to Rmb17.3 million compared to loss of Rmb116.4 million in 2008. The net income for the fiscal year 2009 consisted mainly of unrealized gain recognized on trading securities amounted to Rmb15.5 million, investment income of Rmb6 million, interest income of Rmb3.3 million, interest expenses of Rmb4.5 million, income tax expense of Rmb25.5 million and the Company's share of net profit of Hangzhou in an amount of Rmb255.1 million.

The Annual General Meeting for the Company will be held in Hong Kong on March 31, 2011. Based on the record date of March 7, 2011, 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
    Mr. Chow Chun Man, Jimmy
    Tel: (852) 2372 0130
    Fax: (852) 2537 6591

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