China Enterprises Limited Announces Year-End Results
HONG KONG, April 16, 2019 (GLOBE NEWSWIRE) -- The Board of Directors of the Company announced the following financial information for the year ended December 31, 2018:
UNAUDITED CONSOLIDATED RESULTS FOR THE YEAR ENDED DECEMBER 31, 2018
Financial Highlights
| Year ended December 31, 2018 | Year ended December 31, 2017 | |
| Revenue | Nil | Nil |
| Operating loss | Rmb(2.3M) | Rmb(2.2M) |
| (Loss) Profit before income tax | Rmb(6.6M) | Rmb6.5M |
| Net (loss) income | Rmb(6.6M) | Rmb6.5M |
| (Loss) Earnings per common share | Rmb(0.74) | Rmb0.73 |
The Company does not have an operating subsidiary up to the date of this press release, and the Company is actively seeking new opportunities with respect to its business.
The Rmb2.3 million loss from operating activities represented the general and administrative expenses incurred for the year ended December 31, 2018. General and administrative expenses were comprised of expenditures for personnel and administrative functions, including accounting, information technology, human resources, legal and administration. The general and administrative expenses in 2017 were Rmb2.2 million.
Apart from the general and administrative expenses of Rmb2.3 million, components of net loss of Rmb6.6 million for the year ended December 31, 2018 were interest income of Rmb5.4 million, and gain on dissolution of subsidiaries of Rmb1.3 million, offset by net realized loss on investments of Rmb1.8 million, unrealized loss on marketable securities of Rmb8.4 million, and interest expense of Rmb0.8 million.
The Company presently anticipates that it will hold its forthcoming Annual General Meeting in Hong Kong as soon as practicable in 2019.
For more information, please contact:
| Hong Kong | New York | |||
| China Enterprises Limited | Pristine Advisers | |||
| Tel: (852) 3151 0300 | Tel: (631) 756-2486 | |||
| Fax: (852) 2542 0298 | Fax: (646) 478-9415 |
