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: 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
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