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Public company info - EPI (Holdings) Ltd. , 00689.HK

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EPI (Holdings) Ltd., 00689.HK - Company Profile
Chairman -
Share Issued (share) 5,240,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Petroleum & Gases
Corporate Profile Business Summary: The Group continued to principally engage in the business of petroleum exploration and production, money lending and investment in securities. Performance for the year: For year ended 31 December 2019, the Group reported a loss attributable to owners of the Company of HK$138,099,000 (2018: HK$115,227,000), Basic loss per share was HK2.64 cents and increased by 17% over last year (2018: HK2.26 cents). Business Review For the year under review, the Group continued to principally engage in the business of petroleum exploration and production, money lending and investment in securities. With the backdrop of the continuous trade disputes between the United States and China, the series of social events taking place in Hong Kong and the volatile sentiments of the global and local investment and credit markets, the Group had experienced a difficult year. For year ended 31 December 2019, the Group reported a loss attributable to owners of the Company of HK$138,099,000 (2018: HK$115,227,000) that was mainly resulted from the expected credit loss on loan and interest receivables of HK$61,703,000, provision of impairment loss of property, plant and equipment of the Argentina petroleum operation of HK$42,377,000 and the net loss on financial assets at fair value through profit or loss of HK$32,736,000. Basic loss per share was HK2.64 cents and increased by 17% over last year (2018: HK2.26 cents). For the year under review, the Group reported a decline in revenue by 15% to HK$60,560,000 (2018: HK$71,419,000) which mainly due to the drop in revenue of the petroleum business to HK$24,171,000 (2018: HK$43,998,000), though partly offset by the increase in revenue of the money lending business to HK$35,287,000 (2018: HK$26,369,000). Overall speaking, the Group’s petroleum exploration and production business recorded a loss of HK$46,610,000 (2018: HK$462,000) which comprised operating loss of HK$4,233,000 (2018: operating profit of HK$2,921,000) and provision of impairment loss of HK$42,377,000 (2018: HK$3,383,000), the money lending business recorded a loss of HK$35,740,000 (2018: profit of HK$10,793,000) which comprised operating profit of HK$25,963,000 (2018: HK$16,406,000) and expected credit loss of HK$61,703,000 (2018: HK$5,613,000), and the investment in securities business recorded a loss result of HK$21,460,000 (2018: HK$71,562,000) which mainly represented the net realised and unrealised loss on securities investments made by the Group. Prospects: As stated in the Company’s circular dated 12 March 2020 (the “Circular”), after due evaluation of the data and information relating to the Chañares Concession (which the CHE Concession area forms part), the Company intends, through its indirect wholly owned subsidiary in Argentina, to submit a bid offer for the Chañares Concession under the Bidding Process. The Directors considered that the submission of the bid offer presents a valuable investment opportunity to acquire a valuable petroleum asset which facilitates the development of the Group’s petroleum exploration and production business. The Bidding Process was originally scheduled to be commenced on 1 April 2020, but owing to the impact of COVID-19, on 26 March 2020, the local government authority in Argentina informed the Group that the Bidding Process will be delayed until further notice. Back on 25 March 2020, the competent person who prepared the Competent Person’s Report contained in the Circular also informed the Group that the valuation opinion is no longer valid to be used as there has been a significant drop in the international oil price since 9 March 2020. As a result, the special general meeting originally scheduled to be held on 30 March 2020 to approve the proposed transaction contemplated under the bid offer is also delayed. The Company will provide shareholders updates on this matter as and when appropriate. Although the easing of tension of the trade disputes between the United States and China since the signing of the first phase trade deal in January 2020 is expected to give a positive boost to international oil prices, the global outbreak of the COVID-19 pandemic has posed great threats to many nations and their economies, and has created significant uncertainties in global and local investment markets and volatilities of international oil prices. To prevent the spread of the virus, many countries including China, United States, United Kingdom, France, Italy and Spain have imposed measures to restrict social activities and shut down their borders by different extent which adversely affected their economies. Investors are worried that there will be slowdown of growth in major economies including United States and China or even a global recession with the result that market sentiments, including international oil prices, are very volatile. The business outlook of the Group for 2020 is challenging as uncertainties of the macro environment, particularly due to the COVID-19 pandemic, have dampened business and investor confidence. It is difficult to predict the evolution and duration of the pandemic, but hopefully it should come to an end one day. Looking forward, the management will adopt a prudent approach in managing the Group’s businesses and will diligently consider to, subject to the prevailing market conditions when the Bidding Process commences and other applicable conditions, participate in the Bidding Process.

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