LED International counts wider losses

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.

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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