CGL Annual Report 2016
CGL completed a Reverse Takeover of NZAX listed RIS Group Ltd. in February this year.
Key Highlights of the report are :
• Profit Before Tax $8,220,797
• Total Comprehensive Income $8,051,768
• Total Assets $18,660,840
• Current Assets $3,150,840
• Profit per share 6.03cps
• The accounts in the Annual Report have been prepared using “Reverse Acquisition Accounting”.
• The balance date of CGL has been changed from 30 June to 31 March bringing the parent Company balance date to coincide with the trading subsidiary (16 Park Avenue Ltd.).
• The Loss on acquisition of $403,016 plus Takeover costs of $495,200 have both been written off in the period to 31 March 2016.
Mr. John Chow, Chairman of Chow Group Ltd. said, “A maiden profit of $8,051,768 is a tremendous start for the Group. The Directors and management have been very busy completing the listing then the accounts and Annual Report. We are proud of what we have achieved to date and we are working hard to find ways to further increase shareholder value.
Our Annual report has been produced in record time and is available on our website www.chowgroup.co.nz. Our Annual Meeting will be held in August. We are working on further opportunities and we will announce these as soon as we are able”.
On behalf of the Board of Directors