Sparkle Roll (970 HK): Morgan-Stanley-Backed Auto Dealer in Profit Warning; Impairment Losses on Goodwill and Intangible Assets

14 April 15

(970) Sparkle Roll: Sparkle Roll Group Limited issued profit warning for the year ended 31 March 2015 due to the (i) decrease in revenue and gross profit from sales of automobiles, watches and jewelries due to the PRC government’s anti-extravagance policies; (ii) approximately HK$10,000,000 losses onforward foreign exchange contracts as a result of the depreciation of the Euro and Swiss Franc against Hong Kong dollars; and (iii) approximately 30% increase in finance costs arising from purchase of automobiles in the fourth quarter of the current financial year.

02 July 14

(970) Sparkle Roll: Sparkle Roll said Mok Henry Wing Kai has tendered his resignation as the chief financial officer, the company secretary and an authorized representative due to personal reasons but retained as a consultant to the company starting from 1 October 2014 to 31  December 2014 or such later date as mutually agreed

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