09/14/2018 | Press release | Distributed by Public on 09/14/2018 06:43
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
KINGSTON FINANCIAL GROUP LIMITED
(Incorporated in Bermuda with limited liability)
(Stock Code: 01031)
This announcement is made by Kingston Financial Group Limited (the ''Company'') pursuant to Rule 13.09 of the Rules Governing the Listing of Securities (the ''Listing Rules'') on The Stock Exchange of Hong Kong Limited (the ''Stock Exchange'') and the Inside Information Provisions (as defined under the Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Chapter 571, Laws of Hong Kong).
The board of directors of the Company (the ''Directors'') wishes to inform the shareholders and potential investors of the Company that the Company and its subsidiaries (the ''Group'') anticipates to report a significant decrease in its consolidated net profit for the six months ending 30 September 2018 as compared with the corresponding period in 2017. Such a possible significant decrease was primarily attributable to, among other factors, a one-time write off of the Group's intangible assets with a carrying amount of HK$266,157,000 as at 31 March 2018, due to the receipt on 14 September 2018 of a notice regarding the cancellation of all the 15 subsurface mineral leases held by the Group. Such mineral leases were non-core assets of the Group and were not related to the principal lines of businesses of the Group.
The information contained in this announcement is only a preliminary assessment by the Group based on the latest unaudited consolidated management accounts of the Group, which are under further review by the audit committee of the Company and may be subject to adjustments. Shareholders and potential investors of the Company are advised to read carefully the unaudited interim results announcement of the Company for the six months ending 30 September 2018, which is expected to be published in November 2018.
Shareholders and potential investors of the Company are advised to exercise caution when dealing in the securities of the Company.
By order of the Board Kingston Financial Group Limited
Chu, Nicholas Yuk-yui
Hong Kong, 14 September 2018
As at the date of this announcement, the executive Directors are Mr. Chu, Nicholas Yuk-yui (Chairman), Mrs. Chu Yuet Wah (Chief Executive Officer), Mr. Chu, Kingston Chun Ho and Mr. Ho Chi Ho and the independent non-executive Directors are Dr. Wong Yun Kuen, Mr. Lau Man Tak and Ms. Lo Miu Sheung Betty.