EFT Solutions announces positive profit alert for the nine months of FY2020

HONG KONG, Feb. 5, 2021 /PRNewswire/ -- EFT Solutions Holdings Limited ("EFT Solutions", Stock Code: 8062), a leading electronic fund transfer at point-of-sale ("EFT-POS") solution provider in Hong Kong, is pleased to announce that, the Group is expected to record a year-over-year increase in the unaudited profit and total comprehensive income attributable to the Shareholders by approximately HK$10.7 million or 194.5% to approximately HK$16.2 million for the nine months ended 31 December 2020. Such increase was mainly attributable to the combined effect of (i) the decrease in finance cost due to absence of interest expenses on promissory notes for the nine months ended 31 December 2020; (ii) the decrease in other losses and administrative expenses as some items of expenses were no longer incurred or were considerably reduced during the nine months ended 31 December 2020 such as the loss on disposal of subsidiaries

and legal and professional fee for disposal of subsidiaries for the nine months ended 31 December 2019 respectively; (iii) the decrease in administrative expenses due to subsidy obtained from the government's employment support scheme; and (iv) partially offset by the decrease in revenue and gross profit for the nine months ended 31 December 2020 compared to the nine months ended 31 December 2019.

Mr. Lo Chun Kit Andrew, Chairman and Chief Executive Officer of EFT Solutions said, "The group will continue to penetrate into electronic payment market, to achieve business growth as well as maximize return of our shareholders and investors, under the rapid development on the digital payment market, especially the popularity of the QR code payment, Faster Payment System ("FPS") and e-wallet payment system."

About EFT Solutions Holdings Limited

EFT Solutions Holdings Limited (Stock Code: 8062) has been committed to providing a full range of electronic payment solutions, supporting software and peripheral devices. It aims at providing the most suitable electronic payment solution for different customers, as well as providing add-value function for EFT-POS terminal, and coordinating terminal installation and maintenance service. Its EFT-POS terminal service covers major chain stores and department stores in Hong Kong.

Source: EFT Solutions Holdings Limited
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