Led International Holdings Share News (LED)

LONDON (Alliance News) - LED International Holdings Ltd Monday said its pretax loss narrowed in its most-recent full year, as revenues increased.

The energy-efficiency technology company operating in China and Hong Kong said its pretax loss narrowed to HKD19.2 million for the year ended June 30, compared from HKD39.5 million the previous year.

The company said light-emitting-diode-element sales increased 12% to HKD22.2 million from HKD19.8 million supported by new sales opportunities.

LED also lowered its administrative expenses and distribution costs slightly. However, the company noted that the results were skewed by a HKD23.6 million operating expense which hit the company the previous year due to impairment losses.

The company also noted that it lost HKD2.5 million during the period due to the disposal of some of its subsidiaries, but the company does not expect this to occur again.

LED International also Monday said it had completed a conditional placing of shares raising roughly GBP3.1 million. The placing is conditional on a proposed 1-for-100 share consolidation.

LED International noted that it had been notified in September of a claim related to a fire at the Harbour Grand Hotel in Hong Kong in April 2012. Media at the time has said that the fire may have started a giant LED display screen supplied to the hotel by LED International. However, the company said the screen had been inspected by the hotel, and it was never contacted by the fire investigator. It said that the claim was without merit, and it has received no response to questions it has asked about the letter it has received.

LED International shares doubled on news of the placing and share consolidation to 0.44 pence, putting the company top of the AIM movers Monday.

By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1

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