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Sun East reports 3Q FY09 Results (14 May 09)

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  • Revenue: -70% (3Q09), -29% (9M09)
  • Net Profit: -426% (3Q09), -610% (9M09)
  • Outlook: The exclusive sale right agreements between the Company and all four of its distributors expired on 31 March 2009 and the Company decided against renewing or extending the exclusive sale right agreements due to the unsatisfactory collection of receivables from these distributors over the previous nine months.
  • The Company is actively negotiating the settlement and has been consulting legal advice in respect of the overdue amount with these customers.
  • In the event that the Company and the distributors are unable to conclude a satisfactory arrangement of the overdue amounts, any adjustment to bad debts provision would further affect the Group’s performance.
  • The Company is currently in the process of recruiting and evaluating new distributors and as such, no sales will be reported from the month of April 2009 onwards until new distributors are appointed.

FINANCIAL RECORDS

Revenue (HKD '000)

FY 1Q 2Q 3Q 4Q Total

2009 119,069 53,294 25,860
2008 69,619 121,824 85,871 130,752 408,066
2007 70,690 63,664 74,643 101,650 310,647
2006 47,208 32,468 45,263 89,626 214,565
2005 NA NA 26,903 41,429 151,049
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Earnings (HKD '000)

FY 1Q 2Q 3Q 4Q Total

2009 (20,339) (338,678) (58,882)
2008 30,018 32,997 18,069 (12,523) 68,561
2007 21,954 25,021 14,686 41,301 102,962
2006 11,646 12,122 14,308 34,827 72,903
2005 NA NA 8,750 26,266 60,118
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Dividends

FY Interim Final Special (SGD)

NA
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Bonus / Rights / Stock Split

Date Type Details

NA
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Share Data (HKD)

NAV = $0.005
EPS = $(0.0098) (9M FY09)
No of Shares = 489,100,000
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ANALYSTS' TARGET PRICES

Broker Recommendation Target Price Date

NA



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