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China Enterprises Limited Announces Year-End Results

HONG KONG, April 16, 2019 (GLOBE NEWSWIRE) -- The Board of Directors of the Company announced the following financial information for the year ended December 31, 2018:

UNAUDITED CONSOLIDATED RESULTS FOR THE YEAR ENDED DECEMBER 31, 2018

Financial Highlights

  Year ended
December 31, 2018
Year ended
December 31, 2017
Revenue Nil Nil
Operating loss Rmb(2.3M) Rmb(2.2M)
(Loss) Profit before income tax Rmb(6.6M) Rmb6.5M
Net (loss) income Rmb(6.6M) Rmb6.5M
(Loss) Earnings per common share Rmb(0.74) Rmb0.73

The Company does not have an operating subsidiary up to the date of this press release, and the Company is actively seeking new opportunities with respect to its business.

The Rmb2.3 million loss from operating activities represented the general and administrative expenses incurred for the year ended December 31, 2018. General and administrative expenses were comprised of expenditures for personnel and administrative functions, including accounting, information technology, human resources, legal and administration. The general and administrative expenses in 2017 were Rmb2.2 million.

Apart from the general and administrative expenses of Rmb2.3 million, components of net loss of Rmb6.6 million for the year ended December 31, 2018 were interest income of Rmb5.4 million, and gain on dissolution of subsidiaries of Rmb1.3 million, offset by net realized loss on investments of Rmb1.8 million, unrealized loss on marketable securities of Rmb8.4 million, and interest expense of Rmb0.8 million.

The Company presently anticipates that it will hold its forthcoming Annual General Meeting in Hong Kong as soon as practicable in 2019.

For more information, please contact:

Hong Kong       New York
China Enterprises Limited        Pristine Advisers 
Tel: (852) 3151 0300       Tel: (631) 756-2486
Fax: (852) 2542 0298        Fax: (646) 478-9415

/EIN News/ --


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