[ET Net News Agency, 5 July 2019] Mindtell Technology Limited (08611) said the group is
expected to record a decrease in revenue for the six months ended 31 May 2019 by
approximately 62% as compared with that of the corresponding period of 2018. The group is
also expected to record a decrease in profit before listing expenses for the six months
ended 31 May 2019 by approximately 87.2% as compared with that of the corresponding period
of 2018.
The expected decreases were mainly due to (1) the implementation phase of the existing
large-scale IT projects of the group, including Project W, have been substantially
completed. Up to 31 May 2019, over 80% of the Project W has been completed; and thus the
revenue contribution of Project W to the total revenue of the group decreased accordingly
in which it only contributed to approximately 21.1% of the total revenue of the group for
the six months ended 31 May 2019 as compared with that of approximately 78.2% of the total
revenue of the group for the six months ended 31 May 2018; and (2) incurrence of
additional administrative expenses including directors' emoluments and legal and
professional fees after listing of the shares of the company on GEM of the Stock Exchange
on 22 October 2018. (RC)