|The Board of Directors of Founder Holdings Limited wishes to inform the shareholders of the Company that the Group is expected to record a substantial loss for the six months ended 30 June 2001.
The Board of Directors (the "Board") of Founder Holdings Limited (the "Company", which together with its subsidiaries are collectively referred to as the "Group") announces that based on the unaudited financial statements of the Group, the Group is expected to record a substantial loss for the six months ended 30 June 2001, principally attributable to the following reasons:
1. Unexpected slow down in non-media systems integration business especially in the banking sector.
2. Delay in the completion of certain sales contracts for our non-media systems integration business.
3. Over-expansion of our operational team of non-media systems integration business.
For the year ended 31 December 2000, our non-media systems integration business accounted for 40.5% of the Group's consolidated turnover and contributed to 57.8% of the Group's consolidated gross profit.
As the Group's results for the six months ended 30 June 2001 have not yet been finalised, the Board is not in a position to quantify the relevant financial effect at this stage. The Board expects to announce such results in mid September 2001.
Shareholders of the Company and investors should exercise caution when dealing in the shares of the Company.
By Order of the Board
Founder Holdings Limited
Cheung Shuen Lung
Hong Kong, 27 August 2001
Please also refer to the published version of this announcement in the Hong Kong iMail and Hong Kong Economic Times.
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