LED International's shares soar on annual results

30th Dec 2013 16:23

LED International Holdings' shares surged on Monday after the supplier of energy saving products narrowed its losses on the back of a rise in revenues.The group posted a loss before tax of $19.2m Hong Kong dollars for the year to end of June 2013, compared to last year's loss of HK$39.4m.Results were driven by LED element product contract revenue which rose to HK$22.18m from HK$19.7m previously.It offset a fall in EMC contract revenue, down to HK$29,000 from HK$56,000 due mainly to a drop in margins.Overall the group recorded a slight rise in operating revenue by HK$2,391,000 over 2012. During the period the firm underwent a restructuring which included the disposal of its interest in LED International Conservation Holdings and LED International Green Energy Corp.LED also bought an interest in Shenzhen Lamp Energy Management Investment Company, which was renamed Shenzhen Green Pearl Energy Management Services Company. The group announced alongside its results that it has secured a working capital loan of RMB6m from Rubyfield Holdings Limited and Speedy Dragon Holdings. LED has completed a conditional placing of new ordinary shares with the investors, raising RMB31m.Shares jumped 84.09% to 0.40p at 16:23.RD