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Financial Highlights

˙  Revenue from the Group’s operations for the three months ended 31 March 2018 amounted to US$5.8 million, representing an increase of US$0.5 million or 9% as compared to US$5.3 million for the corresponding period in 2017. Such increase in revenue was primarily attributable to the increase in sales of the Group’s raw materials.

 

˙  The gross profit margin for the three months ended 31 March 2018 was 20.9%, representing a decrease of 1 percentage point compared to 21.9% for the three months ended 31 March 2017. Such slight margin decline was mainly attributable to the extra manufacturing cost amounts arising from conversion of Renminbi (“RMB”) denominated material costs and production overheads. The weakened US$ and thus strengthened exchange rate of RMB against US$ over the periods caused a relatively higher manufacturing costs for financial information reported under US$ currency.

 

 

˙  Loss attributable to the owners of the Company for the three months ended 31 March 2018 was US$0.2 million (three months ended 31 March 2017: loss of US$0.5 million). The decrease in net loss was mainly attributable to an increase in gross profit and decrease in administrative expenses primarily in substantial share-based payment expenses incurred in the prior year period.

 

˙  The Board does not declare the payment of any interim dividend for the three months ended 31 March 2018.