Plastoform Holdings Limited announced unaudited consolidated earnings results for the first quarter ended March 31, 2018. For the quarter, revenue was HKD 18,707,000 against HKD 12,083,000 a year ago. The revenue increase was mainly attributed to a comparatively strong demand from customers in first quarter 2018. Loss before income tax was HKD 11,203,000 against HKD 15,946,000 a year ago. Loss before income tax decreased mainly due to increase of sales and savings from further cost reduction. Loss for the period was HKD 11,203,000 against HKD 15,946,000 a year ago. Net cash used in operating activities was HKD 18,474,000 compared to net cash generated from operating activities of HKD 4,851,000 a year ago. Net cash used in operating activities increased mainly due to a result of lower sales and the decrease of collections due to the payment delayed from major customers. Purchases of plant and equipment were HKD 476,000 compared to HKD 431,000 a year ago. Loss per ordinary share on fully diluted share was 28.0 cents compared to 39.7 cents a year ago.

For the quarter, the company reported impairment loss on plant and equipment of HKD 476,000.