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SCMP Reporter

Nine companies listed on the Growth Enterprise Market (GEM) have announced quarterly and first-half results, with only three posting strong earnings.

The others either had profits of only a few million dollars or losses.

Greencool Technology Holdings, a refrigerant engineering company, said net profit for the first half of the year surged 22.7 times to 115 million yuan (about HK$107 million), making it the GEM board's most profitable firm.

Turnover was 169 million yuan during the period.

Taiwan-funded polyester manufacturer Far Eastern Polychem Industries said half-year profit was HK$90.1 million, or a year on year growth of 36.9 per cent in net earnings.

Turnover was HK$628.37 million during the first half, for growth of 30 per cent against the same period last year.

The company attributed the rise to the mainland's robust polyester industry.

'The current production capacity of chips and polyester filaments has failed to match rapidly growing demand, resulting in significant increases in both the sales and volume and products' unit selling prices,' said chairman Hsu Shu-tong.

Information appliance-maker Yuxing Infotech Holdings managed only 29.5 per cent growth in net profit year on year to HK$73.98 million for the first half, against the 220.67 per cent net profit growth for the year to December 31 last year.

Chairman Zhu Weisha said the previous dramatic profit growth was due to an initial low comparison base and that in future growth would hold steady at an average annual rate of 20 per cent to 30 per cent.

Turnover increased 28.2 per cent to HK$286.07 million.

Ceramics manufacturer Taiwanese Intcera High Tech reported a HK$21.2 million interim loss, a 4.1 times increase compared with the first half last year.

Intcera lost HK$10.8 million in the second quarter this year after losing HK$10.4 million in the first quarter.

First-half turnover was HK$7.52 million and contracts due for completion by the end of the year amounted to HK$41.5 million.

Losses in telecommunications services provider TS Telecom Technologies increased 71.46 per cent to HK$6.23 million in the quarter to June 30 from HK$3.63 million a year earlier.

Turnover declined 18.81 per cent to HK$7.02 million.

The company posted a net profit of HK$40.3 million in the year to March 31.

Meanwhile, optical image designer Syscan recorded an interim loss of HK$9.8 million, down 40.6 per cent. Turnover rose 4.5 times to HK$18 million.

The other four GEM companies releasing results yesterday recorded only slight profits.

Peking University-backed Beijing Beida Jade Bird Sci-Tech saw net profit of 9.38 million yuan for the first half, on turnover of 15.66 million yuan.

H share Shanghai Fudan Microelectronics made 84,000 yuan for the interim period, compared with a loss of 590,000 yuan last year.

However, turnover jumped three times to 11.5 million yuan.

Computer software company Flexsystem reported a 26 per cent increase in profit to HK$5.52 million for the three months to June 30 while Grandmass Enterprise Solution - also involved in software - saw interim profit of HK$1.18 million for the period to June 30.



Most GEM firms struggling