SOURCE: China Enterprises Limited

November 18, 2013 06:27 ET

Consolidated Results for the Year Ended December 31, 2010

NEW YORK, NY--(Marketwired - Nov 18, 2013) - The Board of Directors of China Enterprises Limited (PINKSHEETS: CSHEF) ("the Company") announces the following financial information of the Company for the year ended December 31, 2010:

Financial Highlights

         
    Year ended
December 31, 2009
  Year ended
December 31, 2010
Revenue   Nil   Nil
Operating (loss)   Rmb(2.8M)   Rmb(3.3M)
Profit/(Loss) before income tax and equity in earning of equity method affiliate  
 Rmb17.3M
 
 Rmb(6.9M)
Net income   Rmb247M   Rmb168M
Net earning per common share   Rmb27.39   Rmb18.63
         

Since the Company does not have an operating subsidiary up to the date of this press release, the financial results of the Company in fiscal 2009 and 2010 greatly depended on the share of result of its affiliate in the tire business, Hangzhou Zhongce Rubber Co., Ltd. ("Hangzhou Zhongce"). 

Operating loss increased to Rmb3.3 million in 2010 compared to Rmb2.8 million for the fiscal 2009. The Rmb3.3 million on operating loss mainly represented administrative expenses incurred for the year ended December 31, 2010.

Loss before income tax and equity in earning of equity method affiliate for the year ended December 31, 2010 decreased to Rmb6.9 million compared to profit of Rmb17.3 million in 2009. The net income for the fiscal year 2010 consisted mainly of investment income of Rmb6.0 million, interest income of Rmb3.4 million, interest expenses of Rmb3.3 million, impairment loss recognized on available-for-sale securities amounted to Rmb6.0 million, unrealized loss recognized on trading securities amounted to Rmb3.6 million, income tax expense of Rmb15.2 million and the Company's share of net profit of Hangzhou Zhongce in an amount of Rmb190.2 million.

The Annual General Meeting for the Company will be held in Hong Kong on January 6, 2014. Based on the record date of November 18, 2013, 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
    Tel: (631) 756-2486
    Fax: (646) 478-9415