Hong Kong

EFT Solutions announces Positive Profit Alert for the year of FY2020

EFT Solutions Holdings Limited, a leading electronic fund transfer at point-of-sale ("EFT-POS") solution provider in Hong Kong, has announced that, the Group is expected to record an increase in the unaudited profit and total comprehensive income attributable to the Shareholders by approximately HKD20.8 million or 495.2% to approximately HKD25.0 million for the year ended 31 March 2021.

This is as compared to approximately HKD4.2 million for the year ended 31 March 2020, the firm reported in a press release.

It was mainly attributable to the combined effect of (i) the increase in other income due to the gain on one off disposal of associate and receipt of government subsidies under the Anti-Epidemic Fund; (ii) the decrease in finance cost due to absence of interest expenses on promissory notes for the year ended 31 March 2021; and (iii) the decrease in other losses and administrative expenses as some items of expenses were no longer incurred or were considerably reduced during the year ended 31 March 2021 such as the loss on disposal of subsidiaries and legal and professional fee for disposal of subsidiaries for the year ended 31 March 2020 respectively.