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CNC Holdings swings to loss of HK$705 in FY ended Mar. 31

Jun. 4, 2012 (China Knowledge) - CNC Holdings Ltd<8356> has announced it booked a loss of HK$705 million in the fiscal year ended Mar. 31, 2012, whereas it earned a net profit of HK$9.75 million in the previous fiscal year.

Losses per share were 55.16 Hong Kong cents in the period.

The company said that the significant loss for the year was in part due to the recognition of impairment loss on goodwill and a decline in gross profit margin.

The company's gross profit plunged 81.6% YoY to HK$4.08 million in the year.

CNC Holdings saw its turnover increase 18.8% YoY to HK$219 million in the period.

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