| Announcement of Interim Results for the six months ended 30 September 2009 |
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The meltdown of the financial industry and the deteriorating global market conditions that began in late 2008 continued to impact the business negatively in the first half of the fiscal year. During the period under review, the Group recorded a total turnover of HK$95,081,000 of which HK$90,487,000 was from the continuing operations. This represents a 72% decline when compared the total turnover to the last corresponding period reflecting the divestiture of the wholesales voice business. The overall gross profit margin improved substantially to 42% from 20% a year earlier as a result of exiting the low margin wholesales voice business. During the period, the Group managed to record a net profit after tax of HK$16,484,000, representing a substantial decrease against HK$207,891,000 in the last corresponding period. This was largely due to a smaller extraordinary gain from the disposal of the discontinued operations during the period. Excluding the effect of disposal and the discontinued operations, the Group recorded a net loss of HK$1,299,000 from the continuing operations. During the period, the Group continued to restructure its business portfolio focusing in the fast growing segments that would lay a foundation for the Group moving forward. In July 2009, the Group had successfully completed the acquisition of a Shanghai-based retail sales and management service business making it the first entry into the fast growing China telecom value-added service market. This acquisition sets up a new milestone in the Group¡¯s transformation into the next generation service provider in Greater China. The Group also completed the divestiture of the Hong Kong prepaid calling card and fixed line businesses resulting in one time disposal gain of approximately HK$18,712,000 during the review period. For details, please refer to the announcement published under the section of Investor Relations. For media enquiries, please contact: China Motion Telecom International Limited Cigi Kwok Tel : (852) 2209-2873 Fax : (852) 2209-1873 Email : cigi.kwok@chinamotion.com Address: Room 2604-08, 26/F., Harbour Centre, 25 Harbour Road, Wanchai, Hong Kong |
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