Press Room
Interim Results
Et-china, a leading travel services group in the fast growing region of South China, announces its un-audited interim results for the six months ended 30 June 2008.
Highlights:
| 6 months to 30 June 2008 | 6 months to 30 June 2007 | |||
| RMB million | £* | RMB million | £* | |
| Revenue | 776.7 | 56.7 | 242.7 | 17.7 |
| Gross Profit | 85.2 | 6.2 | 22.9 | 1.7 |
| Loss before tax | 19.9 | 1.5 | 19 | 1.4 |
*figures in Sterling are for illustrative purposes only, all translated using the RMB exchange rate of 13.7RMB = £1
- Chinese travel industry impacted by adverse factors
- Underlying revenue growth of 21%
- All three businesses, GZL, FIT and e-business demonstrated growth
- £5.5m of fresh funds raised in May through Zero Coupon Convertible Bonds
- Cash at 30 June of RMB 233.9 million (£17.1million) (2007: RMB 127.9 million (£9.3million)).
Matthew Ng, President and Chief Executive Officer, commented:
"I believe we have performed well in the face of a large number of external adverse factors beyond our control which created the most challenging operational environment for the travel industry in China since the SARS outbreak in 2003. Despite this, underlying revenue increased by 21% in the half year.
"The new funds raised in May have since then enabled us to significantly uplift our marketing efforts and we are already seeing our revenues rise correspondingly as a direct result, although it will be 2009 before we see a material impact.
"The potential of the Chinese travel sector remains significant and our strategically important position in the South region of China leaves us well placed to capitalise in any sector consolidation."
Contact details for enquiries:
| Et-china.com International Holdings Limited | +44 (0)207 067 0700 |
| Matthew Ng, Chief Executive Officer Ian Smith, Chairman |
|
| Seymour Pierce, Nomad and Broker | +44 (0)207 107 8000 |
| Mark Percy | |
| Weber Shandwick Financial | +44 (0)207 067 0700 |
| Terry Garrett Stephanie Badjonat John Moriarty |