First Credit Finance : Announcement of First Quarterly Results for The Three Months Ended 31 March 2017

(Incorporated in the Cayman Islands and continued in Bermuda with limited liability)

(Stock Code: 8215) ANNOUNCEMENT OF FIRST QUARTERLY RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2017 CHARACTERISTICS OF THE GROWTH ENTERPRISE MARKET OF THE STOCK EXCHANGE OF HONG KONG LIMITED Growth Enterprise Market ("GEM") has been positioned as a market designed to accommodate companies to which a higher investment risk may be attached than other companies listed on The Stock Exchange of Hong Kong Limited ("Stock Exchange"). Prospective investors should be aware of the potential risks of investing in such companies and should make the decision to invest only after due and careful consideration. The greater risk profile and other characteristics of GEM mean that it is a market more suited to professional and other sophisticated investors. Given the emerging nature of companies listed on GEM, there is a risk that securities traded on GEM may be more susceptible to high market volatility than securities traded on the Main Board of the Stock Exchange and no assurance is given that there will be a liquid market in the securities traded on GEM.

Hong Kong Exchanges and Clearing Limited and the Stock Exchange 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.

This announcement, for which the directors ("Directors") of First Credit Finance Group Limited ("Company") collectively and individually accept full responsibility, includes particulars given in compliance with the Rules Governing the Listing of Securities on the GEM of the Stock Exchange ("GEM Listing Rules") for the purpose of giving information with regard to the Company. The Directors, having made all reasonable enquiries, confirm that to the best of their knowledge and belief the information contained in this announcement is accurate and complete in all material respects and not misleading or deceptive and there are no other matters the omission of which would make any statement herein or this announcement misleading.

The board of Directors ("Board") is pleased to present the unaudited condensed consolidated results of the Company and its subsidiaries (collectively as the "Group") for the three months ended 31 March 2017 together with the comparative unaudited figures for the corresponding period in 2016, as follows:

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME Three months ended 31 March

Note	2017 HK$ (unaudited)	2016 HK$ (unaudited)
Revenue	3	25,798,743	14,098,809
Other income	4	380,387	330,637
Other gains and losses	5	-	(700,000)
26,179,130	13,729,446
Administrative expenses	(5,044,652)	(4,340,957)
Other operating expenses	(3,335,190)	(3,606,043)
Finance costs	6	(1,865,894)	(97,067)
Gain on disposal of a subsidiary	13,213,019	-
Profit before tax	7	29,146,413	5,685,379
Income tax expense	8	(2,674,103)	(1,053,211)
Profit and total comprehensive income for the period	26,472,310	4,632,168
HK cents	HK cents (Restated)
Earnings per share Basic	10	0.73	1.09
Diluted	N/A	N/A

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. BASIS OF PREPARATION AND PRINCIPAL ACCOUNTING POLICIES

   The unaudited condensed consolidated results of the Group for the three months ended 31 March 2017 have been prepared in accordance with all applicable Hong Kong Financial Reporting Standards ("HKFRSs") issued by the Hong Kong Institute of Certified Public Accountants ("HKICPA"). HKFRSs comprise Hong Kong Financial Reporting Standards ("HKFRS"); Hong Kong Accounting Standards ("HKAS"); and Interpretations. These unaudited condensed consolidated financial statements also comply with the applicable disclosure provisions of the GEM Listing Rules and with the disclosure requirements of the Hong Kong Companies Ordinance (Cap. 622).

   These unaudited condensed consolidated financial statements have been prepared under the historical cost convention, except for investment properties, which have been measured at fair value. These unaudited condensed consolidated results of the Group are presented in Hong Kong dollars ("HK$").

   The principal accounting policies used in the preparation of these unaudited condensed consolidated results are consistent with those used in the Company's annual financial statements for the year ended 31 December 2016 except for the adoption of all the new and revised HKFRSs issued by the HKICPA that are relevant to its operation and effective for its accounting year beginning on 1 January 2017. The adoption of these new and revised HKFRSs did not have any significant effect on the condensed consolidated financial statements of the Group.

   The Group has not applied the new HKFRSs that have been issued but are not yet effective. The Group has already commenced an assessment of the impact of these new HKFRSs but is not yet in a position to state whether these new HKFRSs would have a material impact on its results of operations and financial position.

2. SEGMENT INFORMATION

   During the three months ended 31 March 2017 and 2016, all of the Group's revenue has been generated from the provision and arrangement of credit facilities in Hong Kong. Revenue represents interest income earned from loans offered to the Group's customers. Information reported to the Group's chief operating decision maker, for the purpose of resources allocation and assessment of the Group's performance, is focused on the operating results of the Group as a whole as the Group's resources are integrated and no discrete financial information is available. Accordingly, no segment analysis or information about the Group's products and services is presented.

   All of the Group's revenue from external customers and assets was generated from and located in Hong Kong during the three months ended 31 March 2017 and 2016.

3. REVENUE

   The Group's revenue for the three months ended 31 March 2017 and 2016 represents interest income charged on credit facilities provided to borrowers.

4. OTHER INCOME Three months ended 31 March 2017 2016

   HK$ HK$

   (unaudited) (unaudited)

   Other fee income 130 128

   Bank interest income 98,634 1

   Gross rental income 210,219 330,508

   Management fee income 60,000 -

   Other interest income 11,404 -

   380,387 330,637
5. OTHER GAINS AND LOSSES Three months ended 31 March 2017 2016

   HK$ HK$

   (unaudited) (unaudited)

   Fair value losses on investment properties - (700,000)

6. FINANCE COSTS

Three months ended 31 March 2017 2016

HK$ HK$

(unaudited) (unaudited)

Interest on bank loans and overdrafts	62,079	97,067
Interest on other borrowings wholly repayable
within five years	1,412,329	-
Effective interest expense on loan notes
wholly repayable within five years	391,486	-

1,865,894 97,067