Press Room
Preliminary results for the year ended 31 December 2007
Et-china, a leading travel services group in the fast growing region of South China, announces its preliminary results for the year ended 31 December 2007.
Highlights:
| Year ended 31 December 2007 | Reported RMB |
Reported £* | Pro-Forma** RMB |
Pro-Forma** Reported £ |
| Revenue | 1,291.6m | 88.6m | 1,709m | 117m |
| Gross Profit | 114.6m | 7.9m | 163m | 11m |
| Net Loss*** | (50.4)m | (3.5m) | - | - |
*figures in £ are for illustrative purposes only, all translated using the RMB:£ 2007 year end average exchange rate of 14.58
**Proforma figures are for illustrative purposes only. They include the results for GZL for the whole of 2007 rather than from the date of its acquisition on 26 April 2007. No adjustments have been made to any acquisition accounting entries. The proforma figures are unaudited.
***Net Loss included part of the IPO cost of £1.4 million.
- Strong growth in each of the Group's divisions
- GZL, package holiday division achieved net revenues of RMB 1,226.4 million since its acquisition by Et-china.
- Et-china, serving Frequent Independent Travel market, net revenue of RMB 51.4 million
- e-ticketing JV, net revenue increase to RMB 28.2 million
- Extended exclusive e-ticketing JV with China Southern Airlines to 2018
- Balance sheet strengthened，cash and cash equivalents at end of 2007 was RMB 187.6 million or £12.9 million
- Successful £5.5 million fundraising from Och-Ziff, Ellerston and LFG in May 2008
Matthew Ng, President and Chief Executive Officer, commented:
"The current year is progressing well and despite the extreme weather conditions experienced earlier in the year, the Chinese travel sector as a whole continues to demonstrate dynamic progress. The Group's southern focus, where Guangzhou Airport is seeing the fastest growing passenger traffic of any of China's airports, ensures we are well placed to take advantage of this growth. Now, with the latest £5.5 million fund raising, we are well positioned to accelerate our growth and acquisition plans throughout 2008 and we can look forward with some considerable degree of confidence."
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 |