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China Keli Announces FY 2016 Results with Revenue Decline of 11.6% and a Loss Recorded of $7,679,201

/ -- China Keli Electric Co., Ltd. (TSX VENTURE:ZKL) ("Keli" or the "Company") today announced the financial and operating results for the year ended April 30, 2016.

For the year ended April 30, 2016 ("FY2016"), total revenue was $17,394,467 a decrease of 11.6% over FY2015 of $19,669,339, which was attributable to the decrease in sales of products and installation revenue. Gross profit in FY2016 was $3,876,701 representing 22.3% of revenue and increased 2.8% over FY2015 of $3,772,247, which was 19.2% of revenue. Operating expenses were $10,532,505 in FY2016, a decrease of $427,723 from $10,960,228 in FY2015, mainly caused by the decrease of sales commission and sales related expenses, a decrease in inventory provision, offset by the increase of provision for doubtful debt allowance and office expenses. The increased financing costs of $1,251,904 in FY2016 (FY2015: $1,109,554) due to the increased short-term bank loans, further increased the total expenses. As a result, the Company recorded a net loss of $7,679,201 in FY2016, compared with a net loss of $7,999,688 in FY2015. Basic and diluted losses per share ("EPS") were -$0.085 in FY2016, compared with -$0.088 in FY2015. EBITDA was -$5,080,707 in FY2016, compared with -$5,680,238 in FY2015. After accounting for an unrealized foreign exchange translation gain of $349,796 the Company reported a total comprehensive loss of $7,329,405 in FY2016, compared with a total comprehensive loss of $$6,459,560 in FY2015. The Company's unrealized foreign exchange income on translation of the Company's functional currency to its reporting currency is subject to fluctuations in the exchange rate between the RMB and the Canadian dollar in each reporting period.

As of April 30, 2016, the Company had total cash and cash equivalents of $462,107 compared with $405,240 as of April 30, 2015. Accounts receivable was $14,962,003 as at April 30, 2016, a decrease of 13.2% compared with $17,237,759 as at April 30, 2015. The Company's working capital deficit further decreased to -$8,439,892 as at April 30, 2016 from -$2,389,539 as at April 30, 2015, mainly because of a further increase in provision for doubtful debt allowance.

The functional currency of the Company and its subsidiaries is Chinese Yuan (also known as "Renminbi" or "RMB"). The financial and operating results of the relevant periods have been translated into Canadian dollars. Depending on the magnitude of changes in foreign currency exchange rates, the impact on the financial and operating results may or may not be material.

Full audited financial results of the Company for the fiscal year ended April 30, 2016 are available on SEDAR at

About China Keli Electric Company Ltd.

China Keli Electric Company Ltd. specializes in the manufacturing and installation of electrical components and equipment, including pre-assembled mini substations, electrical controllers, pressurized and vacuumed switchgears and circuit breakers.

For further company information please access our website:

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

This press release contains forward-looking statements based on current expectations. These forward-looking statements entail various risks and uncertainties that could cause actual results to differ materially from those reflected in these forward-looking statements. Risks and uncertainties about Keli's business are more fully discussed in the Company's disclosure materials filed with the securities regulatory authorities in Canada. All amounts are stated in Canadian dollars unless noted otherwise.

Philip Lo, Chief Financial Officer
(86) 13632 173732

Distribution channels: Energy, Technology