TIDMTNCI
RNS Number : 6357S
Tinci Holdings Ltd
14 September 2010
TINCI HOLDINGS LTD
INTERIM RESULTS
FOR THE 6 MONTHS ENDED 30 JUNE 2010
Tinci Holdings Ltd. (the "Company" or "Tinci") (TNCI), the AIM quoted
environmental engineering company, today announces its unaudited interim results
for the six months ended 30 June 2010.
Highlights:
* Turnover down to RMB 36.7 million from RMB 48.0 million in the first half of
2009.
* Difficult market environment restricts available new projects but three new
projects won in the period.
* Loss before tax of RMB 3.6 million (2009 profit before tax of RMB 1.4
million).
* Company concentrating on exploring Flue Gas Desulphurisation ("FGD") joint
ventures in niche markets, in particular in China's petrochemical industry.
* Further investment in biodegradable plastics joint venture, which is
continuing its technology development phase.
Commenting on the results David Steeds, Chairman, said;
"The first six months of 2010 were again challenging for Tinci's business. The
management team worked hard to contain costs on reduced sales.
Competition for new orders from large customers continues to be harsh. The
management is therefore exploring a number of possible joint ventures with our
established customers and partners in niche markets, particularly China Oil and
Sinopec. We will report to shareholders as and when progress is made in
developing these joint ventures."
For further information, please visit www.tinciholdings.com or contact:
Tinci Holdings Ltd
David Steeds Tel: +44 (0)7836 578222
Joshua Cheng Tel: +1 512 577 4613
Westhouse Securities Limited
Tim Metcalfe
Martin Davison Tel: +44 (0) 20 7601 6100
Overview of Operating Performance
Tinci achieved revenues of RMB 36.7 million in the first six months of 2010 (a
23% decrease in revenue compared to the same period in 2009 - RMB 48.0 million).
During the period the Company signed three contracts worth RMB 88.4 million with
an existing client, the Xinfa Aluminium Group. This included the RMB 54.5
million contract signed in June for two 360MW installations using traditional
wet limestone FGD technology. This project commenced in June 2010 and is
expected to last for approximately 12 months. In the difficult market
environment the Company again found it hard to win new customers.
As reported previously, after thorough analysis the Company management has
concluded that it is unlikely to expand business simply by offering FGD in power
plants, where it is in competition with the power companies' in-house FGD
subsidiaries. Therefore the Company intends instead to focus its FGD business in
China on the petrochemical sector, building on its good relations with Sinopec
and Petrochina and to work on developing processes involving the production of
re-usable by-products, such as sulphuric acid, as its main line business.
Also in June the Company invested a further RMB 7.8 million in its associate
company, Guangzhou Tiancheng Biodegradation Materials Co. Ltd, PPC. This company
is developing new Chinese-government sponsored technology to produce
biodegradable plastics. Tinci owns 49% of this associate.
Recent Developments
For the remainder of 2010 the Company expects FGD sales to slow as it adjusts
its business direction and focuses its FGD business in China on the
petrochemical sector.
Meanwhile, the Company will concentrate its resources on developing its various
joint ventures: its bio-degradable plastics associate, PPC; its MgO project; and
its catalytic refinery project with Sinopec, in the hope of achieving a
breakthrough in one of these new businesses while maintaining a stable income
from FGD in 2010/11.
Financial Performance
Compared to the same period in 2009, revenue decreased by 23% from RMB 48.0
million to RMB 36.7 million. The net loss was RMB 3.6 million, compared to a
profit before tax of RMB1.3million for the same period last year. However, the
net operating cash flow was RMB 28.3 million, an improvement of RMB 15.9 million
on the RMB 12.4 million inflow in the corresponding period last year.
The main reason for the decrease in sales revenue and net loss was the decrease
in FGD activity and in new projects won.
The cash flow was positive in the first six month in 2010 due to lower working
capital requirements from lower project activity. In addition, cash collection
improved; a number of projects were completed in 2009 and payments to major
suppliers were made in 2009 with the project revenue being received in the first
half of 2010.
Finally, the Company intends to improve its financial performance by focusing on
collecting receivables, cutting costs, and improving project management.
Outlook
The Board expects the difficult market conditions to continue through the
remainder of 2010 and into 2011 and as a consequence the Company plans to
concentrate its efforts on the following:
· Developing FGD joint ventures in niche areas with established
customers/partners.
· Promoting and marketing MgO FGD technology.
· Developing its PPC bio-degradable plastics project.
· Promoting co-operation with Sinopec on a catalytic refining project
· Cutting costs and improving receivables collection.
· Improving project management with effective budgeting and cost control.
Tinci Holdings Limited
Unaudited Interim Financial Information
For the six months ended 30 June 2010
Tinci Holdings Limited
Condensed consolidated statement of comprehensive income(Unaudited)
for the six months ended 30 June 2010
+----------------------------------+------+-------------+-----------+-------------+
| | | Six | Year | Six |
| | | months | ending | months |
| | | ending | 31 | ending |
| | | 30 | December | 30 |
+----------------------------------+------+-------------+-----------+-------------+
| | Note | June | 2009 | June |
| | | 2010 | | 2009 |
+----------------------------------+------+-------------+-----------+-------------+
| | | (unaudited) | (audited) | (unaudited) |
| | | | | |
+----------------------------------+------+-------------+-----------+-------------+
| | | RMB'000 | RMB'000 | RMB'000 |
+----------------------------------+------+-------------+-----------+-------------+
| Turnover | | 36,740 | 177,497 | 48,043 |
+----------------------------------+------+-------------+-----------+-------------+
| Other revenue | | 152 | 635 | 176 |
+----------------------------------+------+-------------+-----------+-------------+
| | | | | |
+----------------------------------+------+-------------+-----------+-------------+
| Raw material and consumables | | -31,431 | -156,095 | -37,716 |
| used | | | | |
+----------------------------------+------+-------------+-----------+-------------+
| Staff costs and benefits | | -3,279 | -8,942 | -2,371 |
| expenses | | | | |
+----------------------------------+------+-------------+-----------+-------------+
| Depreciation and amortisation | | -1,251 | -2,499 | -1,349 |
| expenses | | | | |
+----------------------------------+------+-------------+-----------+-------------+
| Other operating expenses | | -4,165 | -7,459 | -4,912 |
+----------------------------------+------+-------------+-----------+-------------+
| | | | | |
+----------------------------------+------+-------------+-----------+-------------+
| (Loss)/profit from operations | | -3,234 | 3,137 | 1,871 |
+----------------------------------+------+-------------+-----------+-------------+
| | | | | |
+----------------------------------+------+-------------+-----------+-------------+
| Exchange (loss)/gain | | -11 | -231 | 12 |
+----------------------------------+------+-------------+-----------+-------------+
| Finance costs | | -317 | -756 | -474 |
+----------------------------------+------+-------------+-----------+-------------+
| Non-Operating Income | | 0 | 0 | -8 |
+----------------------------------+------+-------------+-----------+-------------+
| Share of losses of a jointly | | 0 | -25 | 0 |
| controlled entity | | | | |
+----------------------------------+------+-------------+-----------+-------------+
| | | -3,562 | 2,125 | 1,401 |
| (Loss)/profit on ordinary | | | | |
| activities before Taxation | | | | |
+----------------------------------+------+-------------+-----------+-------------+
| Taxation | | -38 | -926 | -228 |
+----------------------------------+------+-------------+-----------+-------------+
| | | | | |
+----------------------------------+------+-------------+-----------+-------------+
| (Loss)/profit on ordinary | | -3,600 | 1,199 | 1,173 |
| activities after Taxation | | | | |
+----------------------------------+------+-------------+-----------+-------------+
| | | | | |
+----------------------------------+------+-------------+-----------+-------------+
| (Loss)/profit for the | | -3,600 | 1,199 | 1,173 |
| period/year | | | | |
+----------------------------------+------+-------------+-----------+-------------+
| Other comprehensive income for | | | | |
| the period/year | | | | |
+----------------------------------+------+-------------+-----------+-------------+
| Exchange difference arising on | | -7 | 69 | 82 |
| consolidation | | | | |
+----------------------------------+------+-------------+-----------+-------------+
| Total | | -3,607 | 1,268 | 1,255 |
| comprehensive income/(loss) for | | | | |
| the period/year | | | | |
+----------------------------------+------+-------------+-----------+-------------+
| | | | | |
+----------------------------------+------+-------------+-----------+-------------+
| Total | | | | |
| comprehensive income/(loss) | | | | |
| attributable to: | | | | |
+----------------------------------+------+-------------+-----------+-------------+
| - Shareholders of the Company | | -3,607 | 1,268 | 1,255 |
+----------------------------------+------+-------------+-----------+-------------+
| - Minority interests | | 0 | 0 | 0 |
+----------------------------------+------+-------------+-----------+-------------+
| Total | | -3,607 | 1,268 | 1,255 |
| comprehensive income/(loss) for | | | | |
| the period/year | | | | |
+----------------------------------+------+-------------+-----------+-------------+
| | | | | |
+----------------------------------+------+-------------+-----------+-------------+
| (Loss)/profit per ordinary share | 6 | -0.068 | 0.023 | 0.022 |
| | | | | |
| Basic and diluted profit/(loss) | | | | |
| per share (Renminbi) | | | | |
+----------------------------------+------+-------------+-----------+-------------+
Tinci Holdings Limited
Condensed consolidated statement of financial position(Unaudited)
asat 30 June 2010
+------------------------------------+-------------+-----------+-------------+
| | At 30 | At 31 | At 30 |
+------------------------------------+-------------+-----------+-------------+
| | June | December | June |
| | 2010 | 2009 | 2009 |
+------------------------------------+-------------+-----------+-------------+
| | (unaudited) | (audited) | (unaudited) |
| | | | |
+------------------------------------+-------------+-----------+-------------+
| | RMB'000 | RMB'000 | RMB'000 |
+------------------------------------+-------------+-----------+-------------+
| Non-current assets | | | |
+------------------------------------+-------------+-----------+-------------+
| Prepaid land lease | 398 | 404 | 410 |
+------------------------------------+-------------+-----------+-------------+
| Property, plant and equipment | 13,485 | 11,554 | 12,185 |
+------------------------------------+-------------+-----------+-------------+
| Interest in an associate | 17,640 | 9,800 | 9,800 |
+------------------------------------+-------------+-----------+-------------+
| Interest in a jointly controlled | 635 | 635 | 660 |
| entity | | | |
+------------------------------------+-------------+-----------+-------------+
| Intangible assets | 6,690 | 7,256 | 8,111 |
+------------------------------------+-------------+-----------+-------------+
| Deferred tax assets | 5,630 | 5,630 | 0 |
+------------------------------------+-------------+-----------+-------------+
| Total non-current assets | 44,478 | 35,279 | 31,166 |
+------------------------------------+-------------+-----------+-------------+
| | | | |
+------------------------------------+-------------+-----------+-------------+
| Current assets | | | |
+------------------------------------+-------------+-----------+-------------+
| Amount due from customers for | 48,019 | 55,307 | 2,322 |
| contract work | | | |
+------------------------------------+-------------+-----------+-------------+
| Trade and other receivables | 171,054 | 220,583 | 222,735 |
+------------------------------------+-------------+-----------+-------------+
| Restricted bank balances | 3,748 | 2,052 | 4,640 |
+------------------------------------+-------------+-----------+-------------+
| Cash and bank balances | 25,016 | 18,867 | 24,093 |
+------------------------------------+-------------+-----------+-------------+
| Total current assets | 247,837 | 296,809 | 253,790 |
+------------------------------------+-------------+-----------+-------------+
| | | | |
+------------------------------------+-------------+-----------+-------------+
| Total assets | 292,315 | 332,088 | 284,956 |
+------------------------------------+-------------+-----------+-------------+
| | | | |
+------------------------------------+-------------+-----------+-------------+
| Current liabilities | | | |
+------------------------------------+-------------+-----------+-------------+
| Trade and other payables | -144,611 | -163,544 | -113,306 |
+------------------------------------+-------------+-----------+-------------+
| Bills payable | -1,897 | -2,607 | -6,816 |
+------------------------------------+-------------+-----------+-------------+
| Short term bank loans | -5,000 | -15,000 | -13,000 |
+------------------------------------+-------------+-----------+-------------+
| Amount due to a related company | 0 | 0 | -7,350 |
+------------------------------------+-------------+-----------+-------------+
| Tax payable | -16 | -6,539 | -222 |
+------------------------------------+-------------+-----------+-------------+
| Total current liabilities | -151,524 | -187,690 | -140,694 |
+------------------------------------+-------------+-----------+-------------+
| | | | |
+------------------------------------+-------------+-----------+-------------+
| Net assets | 140,791 | 144,398 | 144,262 |
+------------------------------------+-------------+-----------+-------------+
| | | | |
| Non-current liability | | | |
+------------------------------------+-------------+-----------+-------------+
| Deferred tax liability | 0 | 0 | 0 |
+------------------------------------+-------------+-----------+-------------+
| Net assets | 140,791 | 144,398 | 144,262 |
+------------------------------------+-------------+-----------+-------------+
| | | | |
+------------------------------------+-------------+-----------+-------------+
| Equity | | | |
+------------------------------------+-------------+-----------+-------------+
| Share capital | 7,796 | 7,796 | 7,796 |
+------------------------------------+-------------+-----------+-------------+
| Share premium | 18,078 | 18,078 | 18,078 |
+------------------------------------+-------------+-----------+-------------+
| Reverse Acquisition reserve | 42,644 | 42,644 | 42,644 |
+------------------------------------+-------------+-----------+-------------+
| Share options reserve | 959 | 959 | 836 |
+------------------------------------+-------------+-----------+-------------+
| Retained earnings | 71,614 | 75,214 | 75,188 |
+------------------------------------+-------------+-----------+-------------+
| Translation reserve | -300 | -293 | -280 |
+------------------------------------+-------------+-----------+-------------+
| Total shareholders' equity | 140,791 | 144,398 | 144,262 |
+------------------------------------+-------------+-----------+-------------+
Tinci Holdings Limited
Condensed consolidated statement of changes in shareholders' equity(Unaudited)
for the six months ended 30 June 2010
+------------------------------------+-------------+-----------+-------------+
| | Six | Year | Six |
| | months | ending | months |
| | ending | 31 | ending |
| | 30 | December | 30 |
+------------------------------------+-------------+-----------+-------------+
| | June | 2009 | June |
| | 2010 | | 2009 |
+------------------------------------+-------------+-----------+-------------+
| | (unaudited) | (audited) | (unaudited) |
+------------------------------------+-------------+-----------+-------------+
| | RMB'000 | RMB'000 | RMB'000 |
+------------------------------------+-------------+-----------+-------------+
| | | | |
+------------------------------------+-------------+-----------+-------------+
| Shareholders' equity as at the | 144,398 | 143,007 | 143,007 |
| beginning of the period/year | | | |
+------------------------------------+-------------+-----------+-------------+
| | | | |
+------------------------------------+-------------+-----------+-------------+
| (Loss)/profit for the period/year | -3,600 | 1,199 | 1,173 |
+------------------------------------+-------------+-----------+-------------+
| Other comprehensive income for the | | | |
| period/year | | | |
+------------------------------------+-------------+-----------+-------------+
| Exchange difference arising on | -7 | 69 | 82 |
| consolidation | | | |
+------------------------------------+-------------+-----------+-------------+
| Total comprehensive income for the | -3,607 | 1,268 | 1,255 |
| period/year | | | |
+------------------------------------+-------------+-----------+-------------+
| | | | |
+------------------------------------+-------------+-----------+-------------+
| Employee share option benefits | 0 | 123 | 0 |
+------------------------------------+-------------+-----------+-------------+
| Shareholders' equity as at the end | 140,791 | 144,398 | 144,262 |
| of the period/year | | | |
+------------------------------------+-------------+-----------+-------------+
Tinci Holdings Limited
Condensed consolidated cash flow statement(Unaudited)
for the six months ended 30 June 2010
+-------------------------------------+-------------+-----------+-------------+
| | Six | Year | Six |
| | months | ending | months |
| | ending | 31 | ending |
| | 30 | December | 30 |
+-------------------------------------+-------------+-----------+-------------+
| | June | 2009 | June |
| | 2010 | | 2009 |
+-------------------------------------+-------------+-----------+-------------+
| | (unaudited) | (audited) | (unaudited) |
+-------------------------------------+-------------+-----------+-------------+
| | RMB'000 | RMB'000 | RMB'000 |
+-------------------------------------+-------------+-----------+-------------+
| (Loss)/profit before taxation | -3,562 | 2,125 | 1,401 |
+-------------------------------------+-------------+-----------+-------------+
| Interest income | -40 | -159 | -91 |
+-------------------------------------+-------------+-----------+-------------+
| Equity-settled share option expense | 0 | 123 | 0 |
+-------------------------------------+-------------+-----------+-------------+
| Interest expenses | 315 | 756 | 442 |
+-------------------------------------+-------------+-----------+-------------+
| Depreciation and amortisation | 1,251 | 2,499 | 1,349 |
| expense | | | |
+-------------------------------------+-------------+-----------+-------------+
| Provision for doubtful debts | 0 | 315 | 0 |
+-------------------------------------+-------------+-----------+-------------+
| Share of losses of a jointly | 0 | 25 | 0 |
| controlled entity | | | |
+-------------------------------------+-------------+-----------+-------------+
| Operating profit/(loss) before | -2,036 | 5,684 | 3,101 |
| movements in working capital | | | |
+-------------------------------------+-------------+-----------+-------------+
| | | | |
+-------------------------------------+-------------+-----------+-------------+
| Decrease in amount due from | 7,288 | 51,405 | 104,390 |
| customers for contract work | | | |
+-------------------------------------+-------------+-----------+-------------+
| Decrease /(increase) in trade and | 49,529 | -78,069 | -79,906 |
| other receivables | | | |
+-------------------------------------+-------------+-----------+-------------+
| (Decrease)/increase in trade and | -18,933 | 30,554 | -19,684 |
| other payables | | | |
+-------------------------------------+-------------+-----------+-------------+
| (Decrease)/Increase in bills | -710 | 1,195 | 5,404 |
| payable | | | |
+-------------------------------------+-------------+-----------+-------------+
| Cash generated from operations | 35,138 | 10,769 | 13,305 |
+-------------------------------------+-------------+-----------+-------------+
| Interest received | 40 | 159 | 91 |
+-------------------------------------+-------------+-----------+-------------+
| Interest paid | -315 | -756 | -442 |
+-------------------------------------+-------------+-----------+-------------+
| Current income tax paid | -6,561 | -518 | -507 |
+-------------------------------------+-------------+-----------+-------------+
| Net cash equivalents generated from | 28,302 | 9,654 | 12,447 |
| operations | | | |
+-------------------------------------+-------------+-----------+-------------+
| | | | |
+-------------------------------------+-------------+-----------+-------------+
| Cash flow from investing activities | | | |
+-------------------------------------+-------------+-----------+-------------+
| Purchases of property, plant and | -2,610 | 0 | -342 |
| equipment | | | |
+-------------------------------------+-------------+-----------+-------------+
| Investment an associate | -7,840 | 0 | 0 |
+-------------------------------------+-------------+-----------+-------------+
| Investment in a jointly controlled | 0 | -660 | -660 |
| entity | | | |
+-------------------------------------+-------------+-----------+-------------+
| Net cash (used in) investing | -10,450 | -660 | -1,002 |
| activities | | | |
+-------------------------------------+-------------+-----------+-------------+
| | | | |
+-------------------------------------+-------------+-----------+-------------+
| Cash flow from financing activities | | | |
+-------------------------------------+-------------+-----------+-------------+
| Proceeds from bank loan | 0 | 15,000 | 0 |
+-------------------------------------+-------------+-----------+-------------+
| Repayment of bank loan | -10,000 | -13,000 | 0 |
+-------------------------------------+-------------+-----------+-------------+
| Movement in restricted bank | -1,696 | 2,572 | -16 |
| balances | | | |
+-------------------------------------+-------------+-----------+-------------+
| Decrease in amount due to an | 0 | -7,350 | 0 |
| associate | | | |
+-------------------------------------+-------------+-----------+-------------+
| Net cash (used in) financing | -11,696 | -2,778 | -16 |
| Activities | | | |
+-------------------------------------+-------------+-----------+-------------+
| | | | |
+-------------------------------------+-------------+-----------+-------------+
| Net increase in cash and cash | 6,156 | 6,216 | 11,429 |
| equivalents | | | |
+-------------------------------------+-------------+-----------+-------------+
| Cash or cash equivalents at 1 | 18,867 | 12,582 | 12,582 |
| January | | | |
+-------------------------------------+-------------+-----------+-------------+
| Effect of foreign exchange rates | -7 | 69 | 82 |
| changes-net | | | |
+-------------------------------------+-------------+-----------+-------------+
| Cash or cash equivalents at 30 | 25,016 | 18,867 | 24,093 |
| June/31December | | | |
+-------------------------------------+-------------+-----------+-------------+
| | | | |
+-------------------------------------+-------------+-----------+-------------+
| ANALYSIS OF CASH AND CASH | 25,016 | 18,867 | 24,093 |
| EQUIVALENTS | | | |
| Cash and bank balances | | | |
+-------------------------------------+-------------+-----------+-------------+
Tinci Holdings Limited
Notes to the condensed consolidated interim financial statements
for the six months ended 30 June 2010
1. General information
Tinci Holdings Ltd (the "Company") is incorporated in Hong Kong under the Hong
Kong Companies Ordinance. The Company is a public listed company and its shares
are quoted on the AIM market of the London Stock Exchange. The principal place
of business of the Company and its subsidiaries (collectively "the Group") is
Guangzhou, China.
The interim results for the six months ended 30 June 2010 are unaudited and do
not constitute statutory accounts within the meaning of s.240 of the Companies
Act 1985.
2. Basis of preparation
The Directors are responsible for the preparation of the Group's unaudited
interim financial results. These unaudited interim financial results should be
read in conjunction with the 2009 annual financial statements. The accounting
policies adopted in preparing the unaudited interim financial information for
the six months ended 30 June 2010 are consistent with those used in the
preparation of the Group's annual financial statements for the year ended 31
December 2009.
The consolidated financial statements incorporate the financial statements of
the Company and its subsidiary undertakings.
3. Changes in accounting policies
The Group has adopted the following amendments to standards which are relevant
to the Group's operations and are mandatory for the financial year beginning 1
January 2010.
- IAS 27 (Revised) Consolidated and Separate
Financial Statements
- IAS 39 (Amendment) Financial Instruments:
Recognition and
Measurement - Eligible Hedged Items
- IFRS 3 (Revised) Business Combinations
The adoption of the above new and revised IFRSs has no material impact on these
condensed consolidated financial statements.
The Group has not early applied the following new and revised IFRSs that have
been issued but are not yet effective.
+---------------------+----------------------+----------------+
| | |Effective for |
| | | accounting |
| | | periods |
| | | beginning on |
| | | or after |
+---------------------+----------------------+----------------+
| IAS 24 (Revised) | Related Party |1 January 2011 |
| | Disclosures | |
+---------------------+----------------------+----------------+
| IFRS 9 | Financial |1 January 2013 |
| | Instruments | |
+---------------------+----------------------+----------------+
The directors of the Company anticipate that the application of the other new
and revised standards, amendments or interpretations will have no material
impact on the financial statements.
Tinci Holdings Limited
Notes to the condensed consolidated interim financial statements
for the six months ended 30 June 2010
4. Foreign currency
The functional currency of the subsidiary undertakings is Renminbi ("RMB"), and
the presentation currency of the Group is RMB. Transactions in currencies other
than RMB are recorded at rates of exchange prevailing on the dates of the
transactions. At each balance sheet date, monetary assets and liabilities that
are denominated in foreign currencies are retranslated at the rates prevailing
on the balance sheet date, and gains or losses arising on retranslation are
included in the net profit for period. Non-monetary assets and liabilities are
translated using historical rates, and exchange rate differences arising are
classified as equity and transferred to foreign currency translation reserve.
On consolidation, the assets and liabilities of foreign operations are
translated at the exchange rate prevailing on the balance sheet date. Income and
expense items are translated at the average exchange rates for the period/year.
For the six months ended 30 June 2010, the foreign operations' financial
statements have been translated from GBP and HKD to RMB at the following
exchange rates:
+--------+---------+-+---------+-+---------+-+---------+----------+-+----------+
| | Period | | Average | | Period | | Average | Year end | | Average |
| | end | | rates | | end | | rates | rates | | rates |
| | rate | | Period | | rate | | Period | as at | | Year to |
| | as at | | to | | as at | | to | 31 | | 31 |
| | 30 | | 30 June | | 30 | | 30 June | December | | December |
| | June | | 2010 | | June | | 2009 | 2009 | | 2009 |
| | 2010 | | | | 2009 | | | | | |
+--------+---------+-+---------+-+---------+-+---------+----------+-+----------+
| | | | | | | | | | | |
+--------+---------+-+---------+-+---------+-+---------+----------+-+----------+
| RMB: | 10.2135 | | 10.3765 | | 11.3379 | | 10.2224 | 10.9780 | | 10.6831 |
| GBP | | | | | | | | | | |
+--------+---------+-+---------+-+---------+-+---------+----------+-+----------+
| RMB: | 0.8724 | | 0.8775 | | 0.8815 | | 0.8814 | 0.8805 | | 0.8812 |
| HKD | | | | | | | | | | |
+--------+---------+-+---------+-+---------+-+---------+----------+-+----------+
5. Turnover
The principal activity of the Company is investment holding. The principal
activities of the Group during the period were developing, selling and
installing large-scale flue gas desulphurisation equipment to power stations.
Details of the principal activities of the wholly-owned subsidiaries are as
follows:
SubsidiariesPrincipal activities
World International Investment Investment holding
Limited
Guangzhou Tinci Sanhe Developing, manufacturing and
installing
Environmental Engineering Co. Ltd Flue Gas Desulphurisation Systems
Turnover represented the percentage of contract revenue completed and
recognised.
Turnover for the period is wholly attributable to activities undertaken in
China.
Tinci Holdings Limited
Notes to the condensed consolidated interim financial statements
for the six months ended 30 June 2010
6. (Loss)/profit per ordinary share
+--------------------------+-------------+-+-------------+-+-----------+-+
| | | | Year | |
| | | | ended | |
+--------------------------+-----------------------------+-+-----------+-+
| | 6 months ended 30 | | 31 | |
| | June | | December | |
+--------------------------+-----------------------------+-+-----------+-+
| | 2010 | | 2009 | | 2009 | |
+--------------------------+-------------+-+-------------+-+-----------+-+
| | (unaudited) | | (unaudited) | | (audited) | |
+--------------------------+-------------+-+-------------+-+-----------+-+
| (Loss)/profit on | -3,600 | | 1,173 | | 1,199 | |
| ordinary activities | | | | | | |
| after taxation (in | | | | | | |
| RMB'000) | | | | | | |
+--------------------------+-------------+-+-------------+-+-----------+-+
| | | | | | | |
+--------------------------+-------------+-+-------------+-+-----------+-+
| | | | | | | |
+--------------------------+-------------+-+-------------+-+-----------+-+
| Weighted average number | 52,950 | | 52,950 | | 52,950 | |
| of ordinary | | | | | | |
| Shares in issue (in | | | | | | |
| thousands) | | | | | | |
+--------------------------+-------------+-+-------------+-+-----------+-+
| | | | | | | |
+--------------------------+-------------+-+-------------+-+-----------+-+
| (Loss)/profit per | | | | | | |
| ordinary share | | | | | | |
+--------------------------+-------------+-+-------------+-+-----------+-+
| Basic and diluted | -0.068 | | 0.022 | | 0.023 | |
| profit/(loss) per share | | | | | | |
| (in Reminbi) | | | | | | |
+--------------------------+-------------+-+-------------+-+-----------+-+
7. Dividend
The Board is not recommending the payment of an interim dividend for the six
months ended 30 June 2010.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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