Turnover Surges by 397.9% to HK$1.45 Billion Against Same Period Last Year
HONG KONG, Aug 10, 2018 - (ACN Newswire) - Neo Telemedia Limited ("Neo Telemedia" or the "Company;" stock code: 8167, together with its subsidiaries, the "Group") is pleased to announce its unaudited interim results for the six months ended 30 June 2018.
During the period under review, benefiting from the substantial growth of trading of telecommunication products business, the Group's turnover surged by approximately 397.9% year-on-year to HK$1,452,139,000. Gross profit improved by 81.8% to HK$141,845,000 compared with same period last year. Profit attributable to owners of the Company was HK$9,483,000, while basic earnings per share were HK 0.1 cents.
On quarterly basis, the Group's turnover was HK$835,696,000 for the three months ended 30 June 2018, representing a year-on-year increase of 480.5%. Gross profit and profit attributable to owners of the Company were HK$87,447,000 and HK$18,361,000, respectively.
The Group is committed to maintaining all its financial indicators at a healthy and reasonable level. As at 30 June 2018, the Group had cash and cash equivalents of approximately HK$44,336,000 and a current ratio of approximately 1.8 times.
Sale of telecommunication products and services
During the period under review, the sale of telecommunication products and services segment reported strong performance. The segment diversified its product offerings and sold mobile phones of different brands, as such, its revenue increased by 470.6% to HK$1,400,622,000. Sale of telecommunication products and services covers trading of telecommunication products, provision of Internet data center ("IDC"), WIFI, system integration and value-added Internet services, and software development in the PRC and Hong Kong.
Internet finance platform business
During the period under review, the Group continued to expand the customer base of its Internet finance platforms. The revenue of approximately HK$39,714,000 received by the Group represented service or commission income contributions from operation of these platforms.
Looking forward, the Group will continue to expand its IDC business. Construction of the IDCs in Huizhou and Heshan City will be completed and expected to begin operation in 2019. The Group expects these IDCs to contribute more and more revenue to it in coming years.
Moreover, the Group will continue to explore potential investment opportunities in IDC, Internet of Things, cloud computing and related businesses. With the PRC government launching favorable policies in support of development of these fast growing sectors, the management is optimistic that the Group will be able to reward shareholders with better results in the foreseeable future.
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