Applied Dev (HKG:0519) Expects Sinking to Red for 1H

   Date:2012-02-06

Applied Development Holdings (HKG:0519) has warned that it expects a loss for the six-month interim period ended 31 December 2011, as compared to a profit for the previous corresponding period.

The board of directors believes that such possible loss is mainly due to losses resulting from a decrease in rental income resulting from the disposal of the entire issued share capital of Applied Electronics Limited by the group in March 2011 which held investment properties, and from an extra-ordinary litigation cost incurred in connection with litigation proceedings involving a former director of the company, Mimi Wong Kar-gee, during the period. As compared to the corresponding six-month interim period ended 31 December 2010, the company earned a significant profit on disposal of other assets.

Regarding the legal proceedings between the group and Wong, the board has been advised by legal advisors of the company that the group holds strong position in the litigation proceedings with Wong.



 

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