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.
(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 8043) PROFIT WARNING
This announcement is made by ERA Mining Machinery Limited
(the "Company", together with its subsidiaries as the
"Group") pursuant to Rules 17.10 of the Rule Governing the
Listing of Securities on Growth Enterprises Market of the
Stock Exchange of Hong Kong Limited.
The board of directors of the Company (the "Board") wishes to
inform the shareholders of the Company (the "Shareholders")
and potential investors that the Group is expected to record
a substantial decrease in profit or even a loss for the year
ended 31 December 2011 as compared with a profit for the year
ended
31 December 2010 (the "Profit Warning"). Based on the
information currently available, such expected decline can be
attributed to 1) a decrease in gross profit margin related to
increased costs of materials,
2) higher finance costs due to increased borrowings and
interest rates during 2011, and 3) a higher allowance for
trade receivables.
The audit of the annual accounts of the Group for the year
ended 31 December 2011 has not yet been finalised as of the
date of this announcement. The information contained in this
announcement is solely based on a preliminary review of the
management accounts and the information currently available
to the Group. The annual results of the Company for the year
ended 31 December 2011 are expected to be announced on 28
March 2012, and shareholders and potential investors are
advised to read them carefully when they are published.
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Shareholders of the Company and potential investors should note that the Profit Warning has not been reported on in accordance with the requirements under Rule 10 of the Takeovers Code. Shareholders of the Company and potential investors should therefore exercise caution in placing reliance on the Profit Warning in assessing the merits and demerits of the Offer. Shareholders and potential investors are advised to exercise caution when dealing in the shares of the Company.By order of the Board
ERA Mining Machinery Limited Emory WILLIAMSChairman
Hong Kong, 19 March 2012
As of the date of this announcement, the Board comprises nine directors, of which Mr. Emory WILLIAMS, Mr. LEE Jong-Dae, Mr. LI Rubo and Mr. WANG Fu are the executive directors of the Company; Dr. Phil Qiu JIN and Mr. Christopher John PARKER are non-executive directors of the Company; Mr. David Marc BOULANGER, Mr. CHAN Sze Hon and Mr. DONG Xiangge are the independent non-executive directors of the Company.
The Directors jointly and severally accept full responsibility for the accuracy of the information contained in this announcement, and confirm, having made all reasonable enquiries, that to the best of their knowledge, opinions expressed in this announcement have been arrived at after due and careful consideration and there are no other facts not contained in this announcement, the omission of which would make any statement in this announcement misleading.
This announcement will remain on the "Latest Company Announcements" page of the GEM website at www.hkgem.com for at least 7 days from the date of its posting and the Company's website at www.eraholdings.com.hk.
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distributed by | This press release was issued by ERA Holdings Global Limited and was initially posted at http://www.irwebcast.com/cgi-local/report/redirect.cgi?url=http://202.66.146.82/listco/hk/era/announ cement/a120319.pdf . It was distributed, unedited and unaltered, by noodls on 2012-03-19 23:02:32 PM. The issuer is solely responsible for the accuracy of the information contained therein. |