Fountain Set declares unaudited consolidated 2007 interim results

21 May '07

3 min read

Fountain Set (Holdings) Limited announced its unaudited consolidated interim results for the six months ended 28th February, 2007. For the six months ended 28th February, 2007, the Group's turnover was approximately HK$2,976,417,000, a decrease of 8.08% over the same period last year.

Unaudited profit attributable to shareholders amounted to approximately HK$60,244,000, a decrease of 20.61% over the same period last year when excluding the net gain on disposal of certain property interests recorded in the corresponding period.

Profit margin for the period under review was 2.02%, a decrease of 0.32 percentage point over the same period last year. Earnings per share were HK7.6 cents, compared to HK9.6 cents (HK25.8 cents if included the net gain on disposal of property interests) for the first half of financial year 2006. The Board resolved the payment of an interim dividend of HK4.0 cents per share.

The newly rebuilt effluent treatment unit at Dongguan Fuan Textiles Limited (Fuan), a joint venture subsidiary of the Group, was under test run starting from September 2006. During the period, the production capacity of Fuan was not in full operation and as a result, there was an impact on the production output which translated into lower turnover for the Group when compared to the same period last year.

At the end of January 2007, Fuan successfully obtained official government certification for such effluent treatment unit, allowing the production capacity of Fuan to gradually recover thereafter.

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