SOURCE: Man Sang International (B.V.I.) Limited

Man Sang International (B.V.I.) Limited

February 26, 2010 22:34 ET

Man Sang International (B.V.I.) Limited Announces 2009/2010 Third Quarter Results

NEW YORK, NY--(Marketwire - February 26, 2010) - Man Sang International (B.V.I.) Limited (NYSE Amex: MHJ) today announced its results for the nine months ended December 31, 2009.

The following financial information is extracted from the unaudited condensed consolidated interim financial statements of Man Sang International (B.V.I.) Limited for the nine months ended December 31, 2009, which has been prepared in accordance with International Financial Reporting Standards ("IFRSs"). The following information does not include all the information and disclosures required by IFRSs and should be read in conjunction with the annual consolidated financial statements of Man Sang Holdings Inc. (the predecessor-in-interest of Man Sang International (B.V.I.) Limited) for the year ended March 31, 2009 prepared in accordance with IFRSs and the aforesaid unaudited condensed consolidated interim financial statements of Man Sang International (B.V.I.) Limited for the nine months ended December 31, 2009, which are included as part of a Current Report on Form 6-K expected to be filed by Man Sang International (B.V.I.) Limited with the U.S. Securities and Exchange Commission on or about March 1, 2010.


            UNAUDITED CONDENSED CONSOLIDATED INCOME STATEMENT
           For the nine months ended December 31, 2009 and 2008


                                                     2009          2008
                                                   HK$'000       HK$'000
                                                 (unaudited)   (unaudited)
                                                 -----------   -----------
Revenue                                              254,244       296,388
Cost of sales                                       (144,241)     (174,359)
                                                 -----------   -----------
Gross profit                                         110,003       122,029
Other income and gains, net                           16,652        13,978
Selling and distribution costs                       (11,817)      (17,065)
Administrative expenses                              (71,430)      (69,999)
Other operating expenses                             (51,501)      (17,853)
Net unrealised loss on financial assets
 at fair value through profit or loss                 (1,438)       (5,836)
Fair value loss on investment properties                  --      (115,083)
Finance costs                                           (945)           --
Share of profit of an associate                           56             7
                                                 -----------   -----------
Loss before tax                                      (10,420)      (89,822)
Tax                                                   (7,428)       24,611
                                                 -----------   -----------
Loss for the period                                  (17,848)      (65,211)
                                                 -----------   -----------
Attributable to:
Shareholders of the Company                              519       (14,187)
Minority interests                                   (18,367)      (51,024)
                                                 -----------   -----------
                                                     (17,848)      (65,211)
                                                 -----------   -----------
Earnings/(Loss) per share attributable
 to shareholders of the Company
   -- Basic                                      HK$    0.08   (HK$   2.19)
                                                 -----------   -----------
   -- Diluted                                    HK$    0.07           N/A
                                                 ===========   ===========





    UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
           For the nine months ended December 31, 2009 and 2008


                                                     2009          2008
                                                   HK$'000       HK$'000
                                                 (unaudited)   (unaudited)
                                                 -----------   -----------
Loss for the period                                  (17,848)      (65,211)
Other comprehensive (loss)/income:
  Exchange difference on translation
   of foreign operations                                (133)       17,894
  Change in deferred tax liability of property
   revaluation arising from tax rate change               --          (238)
                                                 -----------   -----------
Other comprehensive (loss)/income
 for the period, net of tax                             (133)       17,656
                                                 -----------   -----------
Total comprehensive loss for the period,
 net of tax                                          (17,981)      (47,555)
                                                 -----------   -----------
Attributable to:
  Shareholders of the Company                            463        (9,850)
  Minority interests                                 (18,444)      (37,705)
                                                 -----------   -----------
                                                     (17,981)      (47,555)
                                                 ===========   ===========





     UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
                   December 31, 2009 and March 31, 2009


                                                 December 31,    March 31,
                                                     2009          2009
                                                   HK$'000       HK$'000
                                                 (unaudited)   (unaudited)
                                                 ------------  ------------
Non-current assets
  Property, plant and equipment                        39,158        40,158
  Investment properties                               801,487       845,384
  Prepaid land lease payments                          27,240        27,776
  Properties under development                             --       201,328
  Investment properties under construction            201,801            --
  Interest in an associate                                108            52
  Deferred tax assets                                   1,029            --
                                                 ------------  ------------
  Total non-current assets                          1,070,823     1,114,698
                                                 ------------  ------------
Current assets
  Inventories                                          53,214        41,942
  Properties under development                         55,851            --
  Completed properties held for sale                  115,515       179,619
  Trade and other receivables                         216,096       222,896
  Financial assets at fair value through profit
   or loss                                             47,261        18,619
  Tax receivable                                        3,446         3,937
  Restricted cash                                      17,000        17,000
  Cash and cash equivalents                           561,916       493,146
                                                 ------------  ------------
  Total current assets                              1,070,299       977,159
                                                 ------------  ------------
Current liabilities
  Trade and other payables                            511,471       445,056
  Dividend payable                                     21,924            --
  Income taxes payable                                 83,826        68,507
  Interest-bearing bank loans                         158,197        90,400
                                                 ------------  ------------
  Total current liabilities                           775,418       603,963
                                                 ------------  ------------
  Net current assets                                  294,881       373,196
                                                 ------------  ------------
  Total assets less current liabilities             1,365,704     1,487,894
                                                 ------------  ------------





      UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
                               (Continued)
                   December 31, 2009 and March 31, 2009


                                                 December 31,    March 31,
                                                     2009          2009
                                                   HK$'000       HK$'000
                                                 (unaudited)   (unaudited)
                                                 ------------  ------------
Non-current liabilities
  Interest-bearing bank loans                          22,600       101,700
  Deferred tax liabilities                             95,769       103,592
                                                 ------------  ------------
  Total Non-current liabilities                       118,369       205,292
                                                 ------------  ------------
Net assets                                          1,247,335     1,282,602
                                                 ============  ============

Equity
  Equity attributable to shareholders of the
   Company
  Issued capital                                           50            50
  Reserves                                            471,980       469,723
                                                 ------------  ------------
                                                      472,030       469,773
  Minority interests                                  775,305       812,829
                                                 ------------  ------------
  Total equity                                      1,247,335     1,282,602
                                                 ============  ============


ABOUT MAN SANG INTERNATIONAL (B.V.I.) LIMITED

Man Sang International (B.V.I.) Limited, formerly Man Sang Holdings, Inc., is principally engaged through subsidiaries in the purchasing, processing, assembling, merchandising and wholesale distribution of pearls, pearl jewelry products and jewelry products. In addition, Man Sang International (B.V.I.) Limited, through its subsidiaries, owns and operates commercial real estate for lease and sale in Hong Kong and the People's Republic of China.

Forward-Looking Statements

The information above includes forward-looking statements about Man Sang International (B.V.I.) Limited. Such forward-looking statements are subject to certain risks and uncertainties, as disclosed by Man Sang International (B.V.I.) Limited from time to time in its filings with the U.S. Securities and Exchange Commission. As a result of these factors, Man Sang International (B.V.I.) Limited's actual results may differ materially from those indicated or implied by such forward-looking statements. Man Sang International (B.V.I.) Limited disclaims any intent or obligation to update these forward-looking statements.

Contact Information

  • CONTACT:

    Man Sang International (B.V.I.) Limited
    Investor Relations Department
    Phone: (852) 2317 9888
    E-mail: Email Contact

    The Altman Group
    Patricia Baronowski
    E-mail: Email Contact