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Future World Financial Holdings Limited Announces Positive Profit Alert and Turnaround to Profit for 2016

Future World Financial Holdings Limited
2017-02-20 17:45 4505

HONG KONG, Feb. 20, 2017 /PRNewswire/ -- The Board of Directors (the "Board") of Future World Financial Holdings Limited (the "Company", together with its subsidiaries, the "Group") wishes to inform the shareholders and potential investors of the Company that based on the unaudited consolidated management accounts of the Group and the information currently available to the Company, the Group expects to record a net profit of approximately HK$140 million (the "Net Profit") for the year ended 31 December 2016 as compared to a net loss recorded by the Group for the year ended 31 December 2015.

The Net Profit is mainly attributable to: -

  1. New development of e-commerce business. Since September 2016, the Group has expanded its business portfolio to e-commerce including the establishment of a Membership Points Redemption Online Shopping Platform and the subsequent development of Blockchain application technology. Revenue approximately of HK$70,000,000 and net profit therefrom had contributed to the Group's overall performance and led to an improvement in the final results for the year ended 31 December 2016. The Board expects that the Group will benefit from the continual growth of this new business by its subsequent development of Blockchain application technology.
  2. Disposal of a subsidiary which indirectly held an investment property in Hong Kong. Upon completion of the said disposal in July 2016, the Group recorded a gain on disposal after taking into account the change of fair value of consideration shares as at year end date.
  3. Fair value gains on investment property. It is expected that a fair value gain on investment property will be recorded for the year ended 31 December 2016. The valuation report is still subject to the final review by the independent valuer and auditor of the Company respectively.

The Company is still in the process of finalising the consolidated results of the Group for the year ended 31 December 2016. This positive profit alert is only an assessment by the Board based on the information currently available, which has not been reviewed nor audited by the Company's auditor. Shareholders and potential investors of the Company are advised to read carefully the announcement of the Company in relation to the results of the Group for the year ended 31 December 2016, which is expected to be released in late March 2017.

About Future World Financial Group

Future World Financial Holdings Limited (00572.HK) is principally engaged in trading business and related services, securities trading and investment, provision of financing services, investment property in Hong Kong and development of e-commerce. The Group actively explores opportunities to diversify its business portfolio into operations with significant growth potential.

Media Contact:

t6.communications limited 
Veronica Yum or Jenny Lee 
tel: +852-2511-8388
email: futureworld@t6pr.com

Source: Future World Financial Holdings Limited
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