|Revenue and Profit Increased Significantly by 162.5% and 373.7% Respectively|
Financial Highlights https://bit.ly/2M2ylzb
HONG KONG, Aug 9, 2018 - (Media OutReach) - EFT Solutions Holdings Limited ("the Company", together with its subsidiaries, the "Group"; Stock Code: 8062) announced its first quarter result. For the three months ended 30 June 2018 ("The Reporting Period"), the Group recorded revenue of approximately HK$31.5 million which representing a significant increase of approximately 162.5% as compared with approximately HK$12.0 million in the corresponding period in 2017.
During the Reporting Period, the Group recorded profit of approximately HK$9.0 million, representing a significant increase of approximately 373.7%, mainly due to the increase in the sourcing of electronic fund transfer at point-of-sale ("EFT-POS") terminals and peripheral devices and the Group's entrance into the market of point-of-sale ("POS") software solution starting from June 2018 through the acquisition of Earn World Development Limited together with its subsidiaries ("Earn World Group").
During the Reporting Period, the Group has continued to take a leading position as an innovative EFT-POS solution provider focusing on sourcing of EFT-POS terminals and peripheral devices, and provision of EFT-POS system support services and software solution services ("EFT-POS Solution Business") in Hong Kong.
During the Reporting Period, the Group commenced the provision of POS software solution services ("POS Software Solution Business") in Hong Kong and the People's Republic of China through the acquisition of Earn World Group and the provision of embedded system solution services ("Embedded System Solution Business") in Australia through the subscription of shares in Newport Tek Pty Ltd ("Newport"). Due to such expansion, the revenue of the Group in the Reporting Period increased significantly.
EFT-POS Solution Business
During the Reporting Period, the Group recorded revenue of approximately HK$24.7 million for the EFT-POS Solution Business.
The Group is confident in well-positioning itself to continue on consolidating as the link between EFT-POS terminal manufacturers and acquirers (i.e. acquiring bank or payment processor that processes credit or debit card payments on behalf of a merchant) to provide total EFT-POS solutions including sourcing of EFT-POS terminals and peripheral devices services, together with developing software that comply with electronic payment standards acceptance certification, installation and ongoing maintenance and repair services of EFT-POS terminals and other related services. The Group also provides customized project-based software solution services so as to further capture ongoing growth opportunities and expand local market share in the EFT-POS terminal market and strengthen our payment solution technology and software solution services. The Group provides sourcing of EFT-POS terminals and peripheral devices services to acquirers as well as merchants. Leveraging our experience in the electronic payment industry and our well-established business relationships with EFT-POS terminal and peripheral device manufacturers, the Group is able to recommend suitable EFT-POS solutions to meet the requirements of our customers.
POS Software Solution Business
During the Reporting Period, the Group recorded revenue of approximately HK$5.3 million for the POS Software Solution Business. The Group entered into the market of POS software solution starting from June 2018 through the acquisition of Earn World Group.
The Earn World Group is principally engaged in the provision of software solution in retail, distribution and accounting sectors, with the objective of providing commercial software applications and retail and distribution solutions which are suitable for global operation. The Earn World Group positions itself as the link between software solution providers and the merchants to provide full software solutions including provision of software solution in retail, distribution and accounting sectors including point of sales system, ordering and inventory system, accounting system and ongoing maintenance services. The Earn World Group also provides customized project-based software solution services to meet different needs from customers.
Currently, many companies are starting to emphasize the importance of big data assets obtained by a one-stop centralized POS system with up-to-date financial analysis and various in-app lifestyle features to support business decision making. The Group's POS software solution services can provide tailor-made solutions to obtain real time payment status, inventory and accounting information to customers and provide up-to-date system enhancement to meet customer's specific needs and keep abreast of the latest technological development. It is anticipated that the POS system software solution services will become more popular due to fierce competition in business sectors especially retail sectors which would lead to an increase in demand for software solution services providing competitive edge.
Embedded System Solution Business
During the Reporting Period, the Group recorded revenue of approximately HK$1.4 million for the Embedded System Solution Business. The Group entered into the market of embedded system solution starting from April 2018 through the subscription of shares in Newport. Newport is principally engaged in the provision of embedded hardware and software solution services in sectors of finance, transportation and manufacturing to fulfill customer's specific needs and requirements.
It is anticipated that the trend of smart city development is growing in Hong Kong and developed countries in overseas. Newport's embedded system technology can be used to provide solutions to improve the payment system in the parking system and provide tailor-made hardware and software solutions which can upgrade the lifestyles in a smart living way. The market of embedded system solution is expected to grow under the global trend of smart city development.
The Group will strive its best effort to achieve business growth. The Group aims to further expand our market share and strengthen our market position in electronic payment and POS software solution and embedded system solution industries by increasing its capabilities and offering diverse and high quality one-stop integrated services.
Looking ahead, the management of the Group would make every endeavor to explore more business opportunities in payment solutions so as to strengthen the Group's financial position and maintain its growth.
Mr. Lo Chun Kit Andrew, Chairman, Chief Executive Officer and Executive Director of the Group said, "The implementation of the stored value facilities scheme by the Hong Kong Monetary Authority in late 2016 and the upcoming launch of faster payment system in September 2018 have accelerated the development of electronic payment in Hong Kong. It is anticipated that the electronic payment industry will be booming and electronic payment will become more popular with various ways of usage. The group will continue to look for local and overseas expansion opportunities in order to increase market shares, consolidate our market position, as well as maximize return of our shareholders and investors."
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, in order to bring convenience to Hong Kong citizens and make their life better. 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 renowned restaurant group, railway company, banks, major chain stores and department stores in Hong Kong.
For media inquiries, please contact:
Stimulus Investor Relations Ltd.
Contact: Ms. Hill Ho / Ms. Jessica Choi
Tel: +852 3159 2944 / +852 3159 2916
Email: email@example.com / firstname.lastname@example.org
Aug 9, 2018 00:30 HKT/SGT
Topic: Press release summary
From the Asia Corporate News Network
Copyright © 2018 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.