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| Acquiring 70% Yinchuan Fushouyuan to Meet the Growing Demand of Booming Aging Population |
HONG KONG, Dec 3, 2015 - (ACN Newswire) - Anxian Yuan China Holdings Limited ("Anxian Yuan" or "the Group;" stock code: 0922), released its 2015 interim results announcement, that as of 30 September, 2015, Anxian Yuan has achieved a total revenue of HK$51.87 million, up 11% compared to the same period last year. Sales and distribution costs fell 42.6% while the gross margin maintained at about 76%, in line with the industry standards. Financing costs in the reporting period were HK$0.538 million, but the associate company's revenue has set off the most of financing costs. Administrative expenses, after taking share options into account, recorded an increase of HK$11.70 million as compared with that of 2014 interim. This increase in administrative expenses is only the result of a one-off accounting treatment in the reporting period. If the effect of share options on the accounts is excluded, the profit for the period would be HK$14.23 million, which is a substantial increase of 147% compared with HK$5.75 million in the same period last year.
Anxian Yuan's flagship project in Hangzhou, China has been reporting consistent growth in the past years. The Group just obtained the HK$140 million financing from CCB International at the end of October. With reference to the Group's announcement regarding the use of proceeds from this financing arrangement, it is expected the Group will generate key drivers of business growth by acquiring and investing in cemeteries and other funeral services and facilities in the future.
Anxian Yuan has just announced its acquisition of 70% equity interest in Yinchuan Fushouyuan. The transaction will enable Anxian Yuan to enjoy the future revenue from this newly added funeral land reserve of nearly 170,000 square meters. As Anxian Yuan has obtained plentiful funding from a financing arrangement just completed recently, this acquisition might only be one of a series of acquisitions in its plan in future.
Contact:
Strategic Financial Relations (China) Limited
Ms. Anita Cheung Tel: (852) 2864 4827 anita.cheung@sprg.com.hk
Ms. Jennifer Ran Tel: (852) 2864 4839 jennifer.ran@sprg.com.hk
Topic: Press release summary
Source: Anxian Yuan China Holdings Limited
Sectors: Daily Finance
https://www.acnnewswire.com
From the Asia Corporate News Network
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