Travel Expert Asia Enterprises : ANNOUNCEMENT OF INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2020

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Travel Expert (Asia) Enterprises Limited

專 業 旅 運（ 亞 洲 ）企 業 有 限 公 司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 1235)

ANNOUNCEMENT OF INTERIM RESULTS

FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2020

FINANCIAL HIGHLIGHTS

• Total customer sales proceeds for the period was HK$18.1 million, representing a decrease of 97.2% from HK$636.0 million for the corresponding period last year.
• Revenue for the period was HK$2.6 million, representing a decrease of 98.4% from HK$158.2 million for the corresponding period last year.
• The loss for the period attributable to owners of the Company was HK$19.4 million (2019: HK$12.2 million).
• Loss per share attributable to owners of the Company for the period was HK3.8 cents (2019: HK2.4 cents)
• The Board has resolved not to declare an interim dividend for the six months ended 30 September 2020 (2019: Nil).

INTERIM RESULTS

The board (the "Board") of directors (the "Directors") of Travel Expert (Asia) Enterprises Limited (the "Company") presents the unaudited condensed consolidated results of the Company and its subsidiaries (the "Group") for the six months ended 30 September 2020 together with comparative figures.

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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the six months ended 30 September 2020

		Six months ended
		30 September
		2020						2019
		(unaudited)	(unaudited)
	Notes	HK$'000	HK$'000
Revenue	4	2,576						158,188
Cost of sales		(87)	(63,089)
Gross profit		2,489						95,099
Other income and gains	4	21,034						6,001
Changes in fair value of investment properties	11	(2,189)	(1,823)
Selling and distribution costs		(14,485)	(75,464)
Administrative expenses		(24,979)	(33,497)
Share of losses of associates		(828)	(752)
Loss on disposal of financial assets/liabilities at
fair value through profit or loss		(65)	(226)
Fair value gain/(loss) on financial assets/liabilities
at fair value through profit or loss		2						(256)
Loss from operations	5	(19,021)	(10,918)
Finance costs	6	(374)	(939)
Loss before income tax		(19,395)	(11,857)
Income tax expense	7	(30)	(87)
Loss for the period		(19,425)	(11,944)
Other comprehensive income
Item that may be reclassified subsequently to
profit or loss:
Exchange difference on translation of
financial statements of overseas subsidiary		160						(306)
Other comprehensive income for the period,
net of tax		160						(306)
Total comprehensive income for the period		(19,265)	(12,250)

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		Six months ended
		30 September
		2020			2019
		(unaudited)	(unaudited)
	Notes	HK$'000	HK$'000
(Loss)/profit for the period attributable to:
Owners of the Company		(19,423)	(12,192)
Non-controlling interests		(2)	248
		(19,425)	(11,944)
Total comprehensive income for the period
attributable to:
Owners of the Company		(19,263)	(12,498)
Non-controlling interests		(2)	248
		(19,265)	(12,250)
Loss per share attributable to owners of
the Company	8
Basic and diluted		HK(3.8) cents	HK(2.4) cents

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CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 30 September 2020

		30 September	31 March
		2020		2020
		(unaudited)	(audited)
	Notes	HK$'000	HK$'000
ASSETS AND LIABILITIES
Non-current assets		2,446
Property, plant and equipment	10		20,718
Investment properties	11	-	84,900
Interests in associates		-	8,369
Deposits		1,810		3,389
Total non-current assets		4,256		117,376
Current assets
	2,383
Inventories			3,462
Trade receivables	12	195		2,199
Lease receivable		355		881
Prepayments, deposits and other receivables		14,857		29,022
Amount due from an associate		-	135
Financial assets at fair value through profit or loss		8,828		-
Prepaid tax		-	102
Pledged deposits		278		1,630
Cash and cash equivalents		31,873		44,124
		58,769		81,555
Assets classified as held for sale		73,195		-
Total current assets		131,964		81,555
Current liabilities
	7,647
Trade payables	13		18,587
Lease liabilities		10,038		18,782
Accrued charges, deposits received and		15,635
other payables			27,910
Contract liabilities		7,468		13,661
Bank borrowing	14	-	2,926
Amount due to an associate		-	219
Provision for tax		526		513
Liabilities associated with assets classified		41,314		82,598
	95
as held for sale			-
Total current liabilities		41,409		82,598

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