Jimei profit almost halved

Jimei International Entertainment Group Limited (Jimei) posted a significant drop of 45.8 per cent in profit for the first half of this year, according to the company’s filing posted on the Hong Kong Stock Exchange yesterday.
Profit attributable to the owner of the company for this first half-year totalled HK$28.6 million (US$3.7 million) compared to HK$52.8 million in the same period of 2015.The company explained that the notable decline in profit was due to the rise in finance coasts of approximately HK$28.9 million during the period.
Other factors involved the impairment loss on trade and other receivables of HK$56.3 million as well as the gain on change in fair value of derivative financial liabilities of HK$68.7 million.
Meanwhile, the turnover of the company for the past six months this year recorded a year-on-year increase of 18.1 per cent to HK$132.7 million compared to HK$112.4 million a year a ago.
Jimei gained a slight increase of 0.16 per cent in revenue in the entertainment and gaming sector, totaling HK$130.6 million vis-a-vis HK$112.4 million in the corresponding period last year. Gross profit was HK$60.5 million for the period compared to last year’s HK$60.6 million.
Jimei is an investment holding company principally engaged in the entertainment and gaming business, the trading of chemical products, and energy conservation and environmental protection products.