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(Incorporated in Hong Kong under the Companies Ordinance)
(Stock Code: 40) Announcement of 2015/2016 First Quarter Results of GP Batteries International Limited
Pursuant to Paragraph 13.09(2) of the Listing Rules, the Board of Directors of Gold Peak Industries (Holdings) Limited is pleased to announce the unaudited consolidated results of GP Batteries International Limited for the quarter ended 30 June 2015. GP Batteries Group's turnover increased by 8.6% to S$189 million and the net profit attributable to equity holders of GP Batteries was S$2.8 million for the quarter ended 30 June 2015.
Pursuant to Paragraph 13.09(2) of the Listing Rules, the Board of Directors of Gold Peak Industries (Holdings) Limited (the "Company") is pleased to announce the unaudited consolidated results of GP Batteries International Limited ("GP Batteries" and together with its subsidiaries, "GP Batteries Group") for the quarter ended 30 June 2015. GP Batteries is a 62.5%- owned subsidiary of GP Industries Limited which is in turn an 85.2%-owned subsidiary of the Company. Both GP Batteries and GP Industries Limited are companies listed on the Singapore Exchange Securities Trading Limited.
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GP BATTERIES INTERNATIONAL LIMITED UNAUDITED CONSOLIDATED RESULTS FOR THE QUARTER ENDED 30 JUNES$'000 | HK$'000 (Note) | S$'000 | HK$'000 (Note) | |
Turnover | 189,406 | 1,089,406 | 174,367 | 1,074,676 |
Cost of sales | (145,499) | (836,867) | (133,455) | (822,523) |
Gross profit | 43,907 | 252,539 | 40,912 | 252,153 |
Other operating income & expenses | 11 | 63 | (7) | (43) |
Distribution expenses | (15,547) | (89,422) | (13,538) | (83,439) |
Administrative expenses | (19,791) | (113,832) | (18,243) | (112,437) |
Finance costs | (1,267) | (7,287) | (1,368) | (8,431) |
Profit before share of results of associates | 7,313 | 42,061 | 7,756 | 47,803 |
Share of results of associates | 803 | 4,619 | 149 | 918 |
Profit before income tax | 8,116 | 46,680 | 7,905 | 48,721 |
Income tax | (2,048) | (11,779) | (2,978) | (18,354) |
Profit after income tax | 6,068 | 34,901 | 4,927 | 30,367 |
Attributable to: Equity holders of GP Batteries | 2,833 | 16,295 | 2,342 | 14,435 |
Non-controlling interests | 3,235 | 18,606 | 2,585 | 15,932 |
6,068 | 34,901 | 4,927 | 30,367 | |
Earnings per share | S cents 1.72 | HK cents 9.89 | S cents 1.42 | HK cents 8.75 |
Note:-
The Hong Kong dollar equivalents as shown above for illustrative purposes are converted at the average exchange rates for the respective periods.
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REVIEW OF OPERATION
Turnover for the three months ended 30 June 2015 was S$189.4 million, an increase of 8.6% over the corresponding period last year. Sales of rechargeable batteries increased by 20.8% and sales of primary batteries increased by 5.5% as compared to the corresponding period last year.
Sales in the Americas and Asia increased by 11.0% and 12.7% respectively while sales in Europe decreased by 6.9% for the three months ended 30 June 2015 over the corresponding period last year.
Profit before income tax for the three months ended 30 June 2015 was S$8.1 million as compared to S$7.9 million over the corresponding period last year. Gross profit margin was
23.2% as compared to 23.5% over the corresponding period last year.
Distribution expenses for the three months ended 30 June 2015 were S$15.5 million, an increase of 14.8% over the corresponding period last year mainly due to increase in turnover and additional expenditure in advertising and promotion globally for brand building.
Share of profit of associates for the three months ended 30 June 2015 was S$0.8 million as compared to S$0.1 million over the corresponding period last year mainly due to improved performance of STL Group.
During the quarter, GP Batteries Group entered into a S$85 million three-year term loan facility agreement with six banks. The facility was drawn down on 6 July 2015. Proceeds will be used to repay existing short term borrowings as well as for general corporate and working capital purposes.
Sales in European region have slowed down in this quarter and similar challenges are expected in the next quarter. However, GP Batteries Group is seeing encouraging results from the Asian region and in the rechargeable batteries business.
Net bank borrowings have reduced further. GP Batteries Group's balance sheet and cashflow are expected to remain healthy. GP Batteries Group will continue to explore opportunities to invest for future growth.
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BOARD OF DIRECTORS
As at the date of this announcement, the Board consists of Messrs. Victor LO Chung Wing (Chairman & Chief Executive), LEUNG Pak Chuen, Richard KU Yuk Hing, Andrew CHUANG Siu Leung and Brian LI Yiu Cheung as Executive Directors, Messrs. LUI Ming Wah, Frank CHAN Chi Chung and CHAN Kei Biu as Independent Non-Executive Directors, and Ms. Karen NG Ka Fai as a Non-Executive Director.
By Order of the Board
Company Secretary
Hong Kong, 5 August 2015
www.goldpeak.com
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