Hankore loses RMB114.7m in FY14

But gross profit jumps 30.5%.

Mainboard-listed HanKore Environment Tech Group recorded a loss of RMB114.7 million ($23.32m) in FY 2014, on back of non-cash fair value loss and non-recurring expenses.

However, the group reported a 63.3% yoy increase in revenue to RMB522.2 million and a 30.5% yoy
increase in gross profit to RMB209.3 million for FY2014 compared with its restated financial
statement for FY2013. 

OSK DMG notes that HanKore has adopted the International Financial Reporting Standards (IFRS) in its financial statement presentation for FY14, as compared with the Singapore Financial Reporting Standards (SFRS) previously.

“The reported profit figure will differ largely from our estimates done using the SFRS. We will review our estimates accordingly.HanKore is in the midst of completing the deal for the acquisition of all waste water
treatment assets of China Everbright,” noted the report.