OP Financial incurs loss of HK$137.05mln

The investment company still optimistic that the first half of the financial year was a period for sowing seeds aimed at future growth.

OP Financial Investments Limited (“OP Financial”), a professional investment company, on Thursday announced its interim results for the six months ended 30 September 2010.

The Group made significant developments in new arrangements and partnerships. Other than Kaisun Energy Group Limited whose share price fell since the last report, all main direct investment positions countered with sound performance, resulting in a relatively flat performance for the first half of 2010.

The Group incurred a net loss of HK$137.05 million (2009: profit of HK$423.90 million). Net assets grew to approximately HK$1.61 billion, for a net increase of 9.04% during the review period. The Group recorded a basic loss per share of HK15.86 cents from a gain of HK54.03 cents for the corresponding period in 2009, according to an OP Financial report.

OP Financial remained well composed throughout the first half of the financial year, and focused on strengthening existing relationships. Most notably, the Group announced an arrangement with China Investment Corporation (“CIC”) in September 2010, to explore investment opportunities in the agri-sector focusing on Kazakhstan.

Mr. Zhang Zhi Ping, Chairman of OP Financial, said, “The first half of the financial year was a period for sowing seeds; we focused on cementing a solid foundation for future business growth. Developing our existing relationships and creating a robust investment portfolio is the key to a sustainable business. Our exclusive relationship with CIC in Kazakhstan is just the most recent example of how our China insight can help investment partners, and ultimately our shareholders, discover opportunities where others cannot.”