TIDMRADG
RNS Number : 7511F
Radiant Growth Investments Ltd
29 April 2014
Radiant Growth Investments Limited
("RGIL" or "the Company")
Interim Results for the Six Months ended 31 January 2014
Chairman's Statement
As Chairman of Radiant Growth Investments Limited I am pleased
to report to you at this interim stage for the six month period
ended 31 January 2014.
Progress over the reporting period has been steady but slow due
to the difficulties in dealing with bureaucracies with the State
administrations here in Malaysia and with national governments
elsewhere.
Oil and Gas
Our agreement with Rancang Istemewa Sdn Bhd ("RISB") to manage a
multi-buoy mooring system, which is designed to deliver natural gas
to ocean going tankers, is due to be constructed at a proposed gas
separation plant at Songkhla in Thailand. This agreement expires on
the 3rd June 2014, however we intend to seek an extension to the
timescale necessary to commence and complete this project. As was
reported at the time of our annual results, we have committed
GBP2.74 million to date by way of deposits as part of this
agreement and we have been assured that the Malaysian government
are still committed to this project.
Energy.
Negotiations are still on-going with our waste-to-energy
projects in Cambodia, Sri Lanka, which convert solid waste to
syngas power turbines thereby producing electricity.These
negotiations depend on the respective energy authorities in the
Malaysian States. We have made representations and are still
waiting on further decisions from the relevant departments as
regards to suitable locations. Internationally, this has been a
similar problem in Cambodia where we are still in discussions with
the Cambodian army and the country's electricity authority,
Electricite du Cambodge. In Sri Lanka, as we previously reported,
licenses have already been obtained to operate a plant in
Batticaloa capable of processing 200 tons of waste per day.
Unfortunately the waste-to-energy project in Vietnam has been
discontinued because of the difficulty in obtaining all the
permissions we were asked to acquire from the various stakeholders.
In consequence we will be seeking the return of the funds given to
Rancang Istemewa Sdn Bhd ("RISB") which were dependent on their
ability to undertake this project. If these funds are not returned
to us within what we regard as a reasonable length of time -
bearing in mind that they are due to be returned by the 2nd July
2014 - then the Board will be bound to contemplate legal action to
recover these funds.
Mining
Despite our inquiries we have not yet received a letter of
approval from the State government of Kelantan to mine iron ore in
conjunction with Swissbay Holdings ("Swissbay"), our partners in
this venture. Swissbay are still waiting for the necessary licenses
to be granted, however we still remain optimistic that the
necessary permissions will be granted and that our mining project
will go ahead in due course.
Outlook
Despite the slow progress with regard to our projects your Board
is confident that shareholder value will eventually be forthcoming
and once again I would like to express my appreciation to my fellow
directors and our staff who continue to work hard for the benefit
of our company. We remain optimistic that our current developments
will eventually provide an enhanced rating that will be reflected
in the value of our shareholder equity.
Dato' Sri Alex Teh Chee Teong
Chairman
Malaysia, 29 April 2014
For further information, kindly visit http://www.radgltd.com or
contact:
Dato' Sri Dr.
Alex Teh Chee
Radiant Growth Investments Teong
Limited Director +6016 208 6666
---------------------------- ---------------------- -----------------
Antony Legge
(Nominated Adviser)
Daniel Stewart & Company Mark Treharne
Plc (Broker) +44 20 7776 6550
---------------------------- ---------------------- -----------------
Statement of Comprehensive Income
Six months Six Months
ended 31 ended 31 Year ended
January January 31 July
Note 2014 2013 2013
(unaudited) (unaudited) (audited)
GBP GBP GBP
Revenue - - -
Administrative expenses (116,134) (130,867) (380,704)
Operating loss (116,134) (130,867) (380,704)
Finance income - 2,941 2,895
Loss before tax (116,134) (127,926) (377,809)
Income tax expense 3 - - -
----------- ----------- ------------
Loss attributable to equity shareholders (116,134) (127,926) (377,809)
Other comprehensive loss
Exchange difference on the translation
of
the financial statements of foreign
operations - - -
Total comprehensive loss for the
period (116,134) (127,926) (377,809)
=========== =========== ============
Loss per share (pence per share)
- Basic and diluted (0.11) (0.12) (0.36)
Statement of Financial Position
As at 31
As at 31 As at 31 July
January 2014 January 2013 2013
(unaudited) (unaudited) (audited)
GBP GBP GBP
Assets
Non current assets
Property, plant and equipment 284 376 329
Current assets
-----------
Other deposits and receivables 5,683,157 6,201,309 5,633,799
Cash and cash equivalents 251,223 28,719 397,416
------------- ------------- -----------
5,934,381 6,230,028 6,031,215
Total assets 5,934,665 6,230,404 6,031,544
------------- ------------- -----------
Liabilities
Current liabilities
------------- ------------- -----------
Trade and other payables 185,211 114,933 165,957
------------- ------------- -----------
Total liabilities 185,211 114,933 165,957
Net assets 5,749,454 6,115,471 5,865,587
============= ============= ===========
Equity and reserves
------------- ------------- -----------
Share capital 6,898,589 6,898,589 6,898,589
Share based payment reserve 61,385 61,385 61,385
Retained losses (1,210,520) (844,503) (1,094,387)
Total equity 5,749,454 6,115,471 5,865,587
============= ============= ===========
Statement of Changes in Equity
Share
Based
Share Payment Retained Total
Capital Reserve Losses Equity
GBP GBP GBP GBP
At 1 August 2013 6,898,589 61,385 (1,094,387) 5,865,587
Total comprehensive loss for the
period - - (116,134) (116,134)
At 31 January 2014 6,898,589 61,385 (1,210,521) 5,749,453
========= ======== =========== =========
At 1 August 2012 6,898,589 61,385 (716,577) 6,243,397
Total comprehensive loss for the
period - - (127,926) (127,926)
At 31 January 2013 6,898,589 61,385 (844,503) 6,115,471
========= ======== =========== =========
At 1 August 2012 6,898,589 61,385 (716,577) 6,243,397
Total comprehensive loss for the
period - - (377,809) (377,809)
At 31 July 2013 6,898,589 61,385 (1,094,386) 5,865,587
========= ======== =========== =========
Statement of Cash Flows
Six months Six Months
ended 31 ended 31 Year ended
January January 31 July
2014 2013 2013
(unaudited) (unaudited) (audited)
GBP GBP GBP
Cash flows from operating activities
Total comprehensive loss for the
period (116,134) (127,926) (378,000)
Adjustments for:
Depreciation 46 46 -
Operating loss before changes in
working capital (116,088) (127,880) (378,000)
Decrease / (increase) in receivables - 833 1
(Decrease) / increase in payables 19,254 6,996 58
Add: Share based payment charge - - -
Net cash used in operating activities (146,193) (120,051) (319,000)
----------- ----------- -----------
Cash flows from investing activities
Acquisition of property, plant and
equipment - -
Deposits made to third parties (49,359) 3,093,208 (2,526,000)
Net cash used in investing activities (195,552) 3,093,209 (3,242,000)
----------- ----------- -----------
Cash flows from financing activities
Proceeds from issue of shares - - -
Net cash generated from financing
activities - - -
----------- ----------- -----------
Net (decrease)/increase in cash
and cash equivalents (146,192) (3,213,259) (2,845,000)
Cash and cash equivalents at beginning
of period 397,416 3,241,978 -
Cash and cash equivalents at end
of period 251,224 28,719 397,000
=========== =========== ===========
Notes To The Financial Statements
For Six Months Ended 31 January 2013
1. Basis of preparation
The unaudited interim financial statements (the "interim
financial statements") are for six months ended 31 January 2014.
They have been prepared in accordance with International Financial
Reporting Standards ("IFRS") as adopted by the European Union
("EU") and specifically in accordance with International Accounting
Standards ("IAS") 34 'Interim Financial Reporting'. They do not
include all of the information required for full annual financial
statements, and should be read in conjunction with the financial
statements of the Company for the period ended 31 July 2013.
The interim financial statements have been prepared under the
historical cost convention and are in accordance with the
accounting policies as set out on pages 19 to 22 in the Company's
financial statements for the period ended 31 July 2013. The
accounting policies have been applied consistently throughout the
Company for the purpose of preparation of the interim financial
statements.
The unaudited interim financial statements were approved by the
Board of Directors on 29 April 2014.
2. Going concern
The interim financial statements of the Company are prepared on
a going concern basis. In common with many similar companies, the
Company raises finance for their investment activities mainly based
in Asia Pacific region.
The Directors are of the opinion that the Company will have
sufficient cash to fund its activities based on forecast cash flow
information for a period in excess of twelve months from the date
of approval of these interim financial statements. Management
continues to monitor all working capital commitments and balances
on a weekly basis and believe that they have access to appropriate
levels of financing for the Company to continue to meet the
liabilities as they fall due for at least the next twelve months
and is trading as a going concern.
3. Income tax expense
There is no tax charge for the period and no deferred tax has
been provided.
4. Foreign currency transactions
(a) Functional and presentational currency
Items included in the financial statements of the entity are
presented in the currency of the primary economic environment in
which the entity operates (the "functional currency"). The
functional currency of the entity is Pound Sterling ("GBP").
(b) Transactions and balances
Foreign currency transactions are translated into the functional
currency using the exchange rates prevailing at the dates of the
transactions. Foreign exchange gains and losses resulting from the
settlement of such transactions and from the translation at period
end exchange rates of the monetary assets and liabilities
denominated in foreign currencies are recognised in the Statement
of Comprehensive Income.
5. Availability of half yearly report
The Company's half yearly report will be available in soft copy
from the investors' section of the Company's website
(www.radgltd.com).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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