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Hong Kong Resources swings to loss in FY end Jun 30

Sep. 27, 2012 (China Knowledge) - Hong Kong Resources Holdings Co Ltd<2882>, which is principally engaged in retailing and franchising operations for selling gold and jeweler products in China, has posted a net loss of HK$29.27 for the 12 months ended Jun 30, 2012, compared with a net profit of HK$38.44 million it earned a year earlier.

According to a statement filed with Hong Kong Stock Exchange, basic loss per share for the period was 1.5 HK cents, and no dividend was declared.

The company saw its revenue hit HK$3.84 billion in the twelve-month period, reflecting a YoY increase of 19.15%.

Revenue from mainland China surged 25% YoY to HK$3.5 billion, while that from Hong Kong and Macau decreased 21% YoY to HK$339 million.

In the fiscal year ended Jun 30, 2012, Hong Kong Resources Holdings' gross profit decreased 3.5% YoY to HK$718 million, and its gross profit margin decreased from 23.1% to 18.7%, mainly due to unusually volatile in the international gold prices.

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