Gemini Inv(00174)expects to record a profit for 1H X
13/06/2018 18:08
(Infocast News)   Gemini Investments (Holdings) Limited (00174)) said thatit is anticipated that the Group may record an unaudited interim consolidated profit attributable to owners of the Company for the six months ending 30 June 2018 as compared to a consolidated loss attributable to owners of the Company of approximately HK$92.2 million for the corresponding period in 2017.

Based on the information currently available, the Board considers that such turnaround from loss to profit was mainly attributable to the following reasons:
(1) capital structure improvement of the Company implemented in the last year, which effectively reduced both non-cash imputed interest expense and interest expense paid or payable relating to a shareholder’s loan owed by the Company to Grand Beauty Management Limited, the controlling shareholder of the Company. The shareholder’s loan was replaced by the issuance of a perpetual bond to Grand Beauty in May 2017, which was recognised as the
equity of the Company;
(2) rental revenue growth as a result of the Group’s acquisition of interests in partnerships in the United States during February 2018, which own and operate office buildings in the heart of the San Francisco Peninsula, California, United States; and (3) dividend income from the Group’s fund investments received for the first half of 2018.

(SY)



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