Samachar Live
Press Release

EFT Solutions announces 2017/18 annual results

Revenue surged by 76.5%

Continues to develop
electronic
payment software solutions and hardware supporting services

 


Financial
Highlights

 

Year ended 31 March

 

HK$’000

2018

2017

Change

Revenue

94,148

53,282

76.5%

Gross profit

48,833

22,048

121.8%

Profit before tax

27,391

1,134

2,390.9%

Profit (loss) for
the year

21,698

(1,295)

1,769.2%

Basic earnings
(loss) per share (HK cents)

4.52

(0.31)

1,558.1%


 








HONG KONG, CHINA – 
Media
OutReach 

 – 22 June, 2018 – 
EFT
Solutions Holdings Limited


(“the
Company
“, together with its subsidiaries, the “Group“; Stock Code: 8062) announced its annual results. For the
year ended 31 March 2018 (“FY2018”), the Group recorded revenue of
approximately HK$94.1 million (2017: HK$53.3 million), representing a
significant increase of approximately 76.5% which is mainly due to an increase
in provision of software solution services of approximately 1,052.2% compared
to that in FY2017.

 

In FY2018, the Group recorded profit for
the year of approximately HK$21.7 million (2017: loss of approximately HK$1.3 million).
The turnaround result was mainly due to completion of an increased number of
software solution projects with high contract values in FY2018, which is set
off against the increase in the share-based payment expenses, and absence of
nonrecurring listing expenses, boosted the profit of the Group.


Business Review

The Group intends to implement the business
strategies to expand and diversify the business offering to increase revenue streams.
The strategies are aimed to promote the business opportunities in the following
areas:

 

Acquiring host software services — As at
31 March 2018, the Group has actively participated in merger and acquisitions
to look for more business opportunities and approached potential customers to
develop tailor-made data system and software to meet their specific needs and
to strengthen their capabilities;

 

Food and beverage service providers — As
at 31 March 2018, the Group has launched project of EFT-POS terminals with one
of the largest food and beverage service providers in Hong Kong and will
continue to identify and explore more business opportunities in different
industries in Hong Kong to promote and offer a wide range of EFT-POS terminals
including “pay at table” devices with functionality and to develop tailored
software;

 

Public car parking systems — As at 31 March
2018, the Group has sourced a batch of EFT-POS terminals to the customer in
Australia for provision of “Smart” parking. The Group actively identify and
explore more business opportunities like the provision of self-service car park
payment system in overseas countries; and


 

Taxi — As at 31 March 2018, the Group has
continued to explore more opportunities in this category to provide all-in-one
“Smart” payment solutions services so as to promote the Group’s services and
increase the number of taxis accepting credit and debit card payments.


 

The Group also intends to expand the
services and product portfolio. In FY2018, the Group have expanded the
information technology workforce for total EFT-POS solutions and workforce by
recruiting more staffs to develop software solutions for new models of EFT-POS
terminal and acquire host software services. Also, the Group have upgraded the
server to achieve higher capacity and security and purchased additional
computers for enhancing information technology and network system. In order to
increase the product portfolio and increase the market share through potential strategic
acquisitions or arrangements, the Group have invested in Open S
parkz
Pty Ltd
which
became an associate of the Group and
paid deposit as an earnest
money to Hung Wai Holdings Limited for proposed investment in FY2018.


 


Future
Outlook

In recent years, cashless payment method
becomes one of the main payment methods. During the year, the Group has
assembled and organized a larger system development team and specialists on
acquiring host software so as to improve the business performance and to cope
with large scale projects such as projects from banks and renowned corporations
ranging from leading railway operators to food and beverage companies.

 

Further, with the growing integration of
mobile payment methods and ongoing new payment technologies, the Group
anticipated there will be a rapid development of the mobile payment market. As
the EFT-POS terminal manufacturers are actively developing and upgrading their
terminals so as to keep abreast of the fast-paced payment technology, new
versions of EFT-POS terminals are emerging in the market incorporating the most
cutting-edge payment technology. EFT-POS terminal distributors can therefore
take advantage of the structural development of the payment market and approach
acquirers and merchants for upgrading their older model EFT-POS terminals. All
of these provide significant opportunities for the Group to expand the market
share and strengthen the market position in Hong Kong’s electronic payment
industry by increasing our capabilities and offering diverse and high quality
services.


 


Mr. Lo Chun Kit
Andrew, Chairman, Chief Executive Officer and Executive Director of the Group


said, “Digital wallets become
more and more popular in Hong Kong market recently, the Hong Kong Monetary
Authority is also going to launch Faster Payment System which have accelerated
the industry development. It is believed that the electronic payment ecosystem
will
become more diversified and mature. With our rich experience in the
industry and the MobiCloud mobile payment transaction system, we have been
endeavored in providing one-stop payments solutions to the customers, in order
to
upgrade
merchants’ system and enhance their operational efficiency, as well as to expand
our services to different aspects and provide comprehensive electronic payment software
solutions and hardware supporting services. We will continue to look for local
and overseas expansion opportunities
in order to increase market shares
and consolidate our market position.”



About EFT Solutions Holdings
Limited


EFT Solutions Holdings
Limited (S
tock Code: 8062) has been committed
to providing a full range of electronic payment solutions, supporting software
and peripheral devices. It aims at providing the most suitable electronic
payment solution for different customers, as well as providing value-added
function for EFT-POS terminal, and coordinating terminal installation. Its EFT-POS
terminal service covers major chain stores and department stores in Hong Kong,
including SOGO, PARKnSHOP, DFS and Watsons.

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