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dynasty fine wines group ltd (828) Details

Dynasty Fine Wines Group Limited, an investment holding company, produces and sells grape wine products primarily in the People’s Republic of China and Hong Kong. The company offers approximately 100 types of wine products in 5 categories, including red wines, white wines, sparkling wines, ice wine, and brandy under the Dynasty brand name. It also manufactures and sells unprocessed wine; and sells foreign brand wines. The company sells its wine products through a network of distributors and retail shops, as well as through online. Dynasty Fine Wines Group Limited was founded in 1980 and is based in Wanchai, Hong Kong.

620 Employees
Last Reported Date: 09/17/12
Founded in 1980

dynasty fine wines group ltd (828) Top Compensated Officers

Chairman and Chairman of Nomination Committee
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Qualified Accountant, Company Secretary and F...
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Chief Accountant, Executive Director and Head...
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Chief Senior Food Engineer, Technical Directo...
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Vice Chief Engineer of Dynasty Winery
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Compensation as of Fiscal Year 2014.

dynasty fine wines group ltd (828) Key Developments

Dynasty Fine Wines Group Ltd. Announces Delay in Publication of 2014 Interim Results

The Board of Dynasty Fine Wines Group Ltd. announced that the update of the internal investigation has not been finalised and PwC indicated that it would only be able to continue their work to complete the audit on the 2012 annual results upon the completion of the internal investigation, the publication of the 2012 annual results and the 2013 annual results and the dispatch of 2012 annual report and the 2013 annual report will continue to be delayed. Due to the incompletion of the audit of the 2012 annual results and the 2013 annual results and subject to the results of the internal investigation, the progress of the preparation and finalisation of the 2014 interim results are affected and delayed. As such, the publication of the 2014 interim results will be delayed and such delay constitutes a breach of Rule 13.49(6) of the Listing Rules.

Dynasty Fine Wines Group Ltd. Reports Unaudited Consolidated Earnings Results for the Six Months Ended June 30, 2014 and Year Ended December 31, 2013

Dynasty Fine Wines Group Ltd. reported unaudited consolidated earnings results for the six months ended June 30, 2014 and year ended December 31, 2013. For the six months, the company reported revenue of HKD 324,784,000 compared to HKD 393,629,000 a year ago. Operating loss was HKD 59,715,000 compared to HKD 108,887,000 a year ago. Loss before income tax was HKD 61,906,000 compared to HKD 110,800,000 a year ago. Loss attributable to owners of the company was HKD 63,444,000 compared to HKD 121,118,000 a year ago primarily due to the distribution cost saving following the effective implementation of cost control policy. The drop in revenue was the result of a decrease in sales volume and the decrease in average ex-winery sales price. For the year, the company reported revenue of HKD 781,617,000 compared to HKD 953,907,000 a year ago. The drop in revenue was the result of a decrease in sales volume. Operating loss was HKD 339,985,000 compared to HKD 177,813,000 a year ago. Loss before income tax was HKD 345,413,000 compared to HKD 179,520,000 a year ago. Loss attributable to owners of the company was HKD 356,058,000 compared to HKD 187,882,000 a year ago primarily due to the decrease in gross profit, an increase in distribution costs as a percentage of revenue compared to the previous year's due to continuous increase in investment in brand building, sales and marketing in response to the market change and sustainable development of the Company; and an increase in administrative expenses in respect of legal and accounting professional services.

Dynasty Fine Wines Group Ltd. Provides Consolidated Earnings Guidance for the Six Months Ended June 30, 2014

Dynasty Fine Wines Group Ltd. provided consolidated earnings guidance for the six months ended June 30, 2014. For the period, the company anticipated the group would continue to record an unaudited consolidated loss as compared to the unaudited loss for the same period last year. Such loss estimate is mainly attributable to decrease in gross profit and its margin as a result of: a decrease in sales volume compared to same period last year as a result of government policy of restrictions on entertainment and hospitality; and weaker demand of domestic wine products amid the slower economic growth in the people's republic of China and impact of imported wines; and a decrease in average selling price compared to same period last year because of shift of product mix to more medium to low-end products in response to the market demand. The board, however, expects that the amount of the unaudited consolidated loss for the six months ended 30 June 2014 would be significantly less than unaudited consolidated loss for the same period last year by ranging from 40%-50%, subject to adjustments in the future. The decrease in the amount of the loss was primarily due to the distribution cost saving following the effective implementation of cost control policy.

 

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