PDF《2018》

171 Annual Report

2018 二零一八年年报

5 MANAGING DIRECTOR'

S STATEMENTS 董事总经理报告 REVIEW OF RESULTS The results of the Group has recorded a turnaround from profit in last year to loss for the current year. The loss attributable to owners of the Company for

2018 was approximately HK$49,375,000 (2017: profit of approximately HK$260,201,000). Basic loss per share was 2.14 HK cents (2017: earnings of 11.29 HK cents). The current year'

s results recorded a change from profit to loss was mainly due to the results of the subsidiary, Taizhou United East Petrochemical Company Limited ( TZ United East ) and the principal associate, Zhong Hai You Qi (Tai Zhou) Petrochemical Company Limited ( Zhong Hai You Qi ) were both affected by (i) the turbulence of international crude oil prices and (ii) TZ United East'

s voluntarily suspension of its production for a five months period from May to September

2018 in order to carry out the necessary major overhaul on its production facilities. As TZ United East was unable to earn subcontracting income from Zhong Hai You Qi during the period of suspended production to mitigate its operating expenditure, TZ United East therefore recorded a significant increase in operating losses of approximately HK$373,638,000. At the same time, as TZ United East was not able to provide subcontracting services to Zhong Hai You Qi during the period of suspended production, Zhong Hai You Qi has to change its production method to produce and sell petrochemical products with much lower profit margins. Moreover, international crude oil prices suddenly dropped significantly in the last two months of 2018, resulted in a significant decrease in the profit contribution from Zhong Hai You Qi of approximately HK$185,102,000 as a result of decrease in the gross margin of its products and the provision of impairment loss in respect of it inventories. The change in fair value of financial assets at fair value through profit or loss mainly includes realized gain from disposal of financial assets, net valuation gain and interest income from structured bank deposits amounting to approximately HK$122,429,000 in aggregate which has partially compensated the adverse effect on profit brought about by reasons described in the above paragraph. 业绩回顾 本集团业绩从上一年度录得溢利转为本年度 录得亏损.2018 年度本公司拥有人应占年 内亏损约 49,375,000 港元 (2017 年:溢利约 260,201,000 港元) .每股基本亏损为 2.14 港仙(2017 年:盈利 11.29 港仙) . 本年度业绩由溢利转亏损主要是由於附属公 司泰州东联化工有限公司 ( 「泰州东联」 ) 与 主要联营公司中海油气 (泰州) 石化有限公司 ( 「中海油泰州石化」 ) 业绩均因受到 (i) 国际 原油价格的波动;

与(ii) 年内泰州东联自愿 於2018 年5月至

9 月期间暂停生产五个月, 以便为其生产设备进行必须之大型检修的影 响所致.由於暂停生产期间,泰州东联无法 赚取来自中海油泰州石化的加工费收入弥补 其经营支出而导致泰州东联亏损大幅增加约 373,638,000 港元.同时,由於泰州东联於 暂停生产期间无法为中海油泰州石化提供加 工服务,中海油泰州石化需要改变其生产工 艺,转而生产及销售低毛利率的化工产品. 此外,国际原油价格於

2018 年最后两个月突 然大幅下跌,导致中海油泰州石化因产品毛 利率下降及存货提拨减值亏损而导致其溢利 贡献大幅减少约 185,102,000 港元. 以公允值计量且其变动计入损益的金融资产 公允值变动主要包括出售金融资产已变现收 益、重估净收益及结构性银行存款之利息收 入约为 122,429,000 港元,并且部份抵销上 文所描述的负面原因对溢利带来的影响. Silver Grant International Industries Limited 银建国际实业有限公司