Playmates Holdings (00635) said it expects to record a significant decrease in profit after income tax for the year ended 31 December 2014 as compared to that of 2013.
The decrease is mainly due to a significantly lower revaluation surplus arising from the revaluation of the Group's investment properties for the year. The Group expects that the revaluation surplus for the year is around HK$437 million as compared to HK$767 million for 2013; and a significantly higher income tax expense of the company's major subsidiary, Playmates Toys (00869) group. The increase in the income tax expense reflects the impact of a normalized tax rate in 2014 as tax credits due to accumulated losses in prior years were substantially utilized during 2013.
Its annual results announcement is expected to be released by the end of March.
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