OREANDA-NEWS. November 26, 2014. Unaudited consolidated turnover amounted to approximately HKD131,057 million and profit attributable to shareholders amounted to HKD 858 million, representing an increase of 16.6% and a decrease of 55.7% year-on-year, respectively.

Excluding asset revaluation, the unaudited underlying consolidated profit attributable to the shareholders decreased by 70.4% year-on-year. As previously disclosed in the Profit Warning announcement in 7 November 2014, the decrease was mainly attributable to the financial impact arisen from the initial stage of the joint venture with Tesco in the Group’s retail division and the stagnant growth in the Chinese retail market.

An injection of HKD 4,325 million in aggregate will be contributed from Tesco to the joint venture for funding the Group’s restructuring cost. The Group takes the view that the joint venture will assist in the long-term development of the Group’s retail division.

The Group maintained momentum in its expansion with the support of its balance sheet management. The Group has net cash of HKD 2,342 million as at 30 September 2014.

Beer division reported turnover of HKD 29,386 million, an increase of 7.2% year-on-year, and attributable profit of HKD 1,042 million.

Food division, undergoing business transition, reported turnover of HKD 12,369 million, representing an increase of 51.3% year-on-year with attributable loss of HKD 91 million.

Beverage division recorded turnover of HKD 8,219 million, representing an increase of 40.0%, and attributable profit of HKD 151 million.