Semper Holdings (02340.HK) expects an annual loss of HK $15 million to HK $31 million after tax from continuing operations

2022-05-03 0 By

Suntech Holdings (02340.HK) announced that the company expects to record an after-tax loss of HK $15 million to HK $31 million from continuing operations for the year ending December 31, 2021.For the year ended 31 December 2020, an after-tax loss of approximately HK $99.3 million (restated) was recorded from continuing operations.The loss for the year was mainly due to the reduction of revenue from works in progress for completed projects in the range of hk $17 million to HK $33 million, subject to audit results, and invoised but not paid for.The Group is preparing legal action to recover outstanding payments in connection with the above items.Nevertheless, adjustments are expected to be made to revenue for the current year, subject to the strict application of relevant accounting standards.In addition, the loss after tax from continuing operations decreased in the current year as compared to the previous year, mainly because :(a) there was no repetition of the significant loss of more than hk $90 million recognized in certain completed projects of the interior decoration and special projects business in the previous year;And (b) there is no recurrence in the current year of the cost of about HK $10 million incurred in respect of employees’ compensation claims in the previous year.Taking into account the results from discontinued businesses, the Group is expected to record total earnings due to equity holders of HK $4 million to HK $20 million in the current year as compared to HK $14.8 million in the previous year.The difference is attributable mainly to the non-recurrence of the epidemic subsidy of approximately HK $86 million recognized in the previous year and the factors affecting the performance of the going concern.