LED International which makes LED components and screens, said full year losses widened as it battles against challenging trading conditions but it remains cautiously optimistic about future trading.
The group, which makes LED screens, outdoor signs, lamps and energy efficient lighting said pre-tax losses widened to HK$39.482 for the year to June 30th compared to HK$30.5m a year earlier.
"The slowing growth in the domestic market and rising costs in the PRC continue to pose the major challenge to the group's continuing manufacture of LED element products during the financial year, and this was exacerbated by further wage rises," the group said in a company statement.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Revenue for the year fell to HK$19.8m compared to HK$27.5 in 2011.
"Internationally, the business environment remains challenging following the global financial crisis and the sovereign debt crisis especially in the Euro-zone and the US. Domestically, our operation was also impacted by rising inflation and slowing economic growth within the PRC throughout the year under review," LED added.
Diluted loss per share stood at 9.5 HK cents compared to 7.8 HK cents previously.
CJ
-
Barclays begins paying up to £100 compensation to customers after banking outageBarclays will pay up to £7.5 million in compensation to customers after its banking services were disrupted by an IT outage
-
Review: Shangri-La Paris – an ode to the world’s best foodNatasha Langan enjoys fine French and Chinese cuisine at the Shangri-La Paris
