RCG releases 2012 financials, downed 26.2 %

The Board of Directors of RCG is pleased to announce the unaudited consolidated results of the Company and its subsidiaries for the year ended 31 December 2012 together with comparative figures for the year ended 31 December 2011.

Summary
- Revenues decreased by 26.2% to US$131.7 million (HK$1,022.6 million)
- Gross margin: –62.8%
- Adjusted loss before taxation (pre amortization charge) $113.3 million
- Loss before taxation of $237.8 million
- Adjusted Loss per share (pre amortization charge) of $0.19

Operational Highlights
- Continued rationalisation of the corporate structure through the disposal of less profitable and dormant business units
- Focus on the operating segments of Trading of Security & Biometric Products. Solutions, Projects and Services, Internet & Mobile Application & Related Accessories and Commodity Trading
- Refocusing of newly acquired businesses in the sector of Internet & Mobile Application & Related Accessories
- On 14 January 2012, the Company held a special general meeting for shareholders to vote on the relevant resolution to approve the proposed refreshment of the general mandate that was not passed
- On 25 June 2012, the Company held a special general meeting for shareholders to vote on the relevant resolution to approve the issue and creation of 2% coupon three year convertible notes of $11.4 million and the allotment upon its conversion into ordinary shares that was duly passed
- On 1 July 2012, the Company announced the appointment of Chong Cha Hwa, Brandson, as an executive Director, and the resignations of both Liu Kwok Bond and Li Mow Ming, Sonny, as independent non-executive Directors, all with effect from 1 July 2012
- On 27 August 2012, the Company announced the appointment of Kwan King Wah and Zeng Min as independent non-executive Directors with effect from 27 August 2012