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Harmony Asset Limited: Harmony Asset Limited Announces Profit Warning

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  Published in House and Home on Thursday, January 29th 2009 at 12:59 GMT, Last Modified on 2009-01-29 13:00:04 by Market Wire
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HONG KONG, CHINA and TORONTO, ONTARIO--(Marketwire - Jan. 29, 2008) - Harmony Asset Limited (TSX:HAR)(HKEX:0428) announces a profit warning regarding its 2008 fourth quarter financial results.

The Board of Directors of Harmony Asset Limited (the "Company") wishes to inform the shareholders of the Company and potential investors that the continual global economic and financial turmoil in the second half of 2008 had significant impact on its profitability. Based on a preliminary review of the management accounts, the Company is expected to record further substantial losses in the fourth quarter of 2008, when compared to the corresponding period in the previous year. The expected losses were attributable to unrealised loss on fair value changes on financial assets through profit and loss, investment deposits written off and impairment loss on accounts receivable, all of which was a result of a combination of the economic slowdown and uncertainties in the global financial markets.

This profit warning announcement is only based on a preliminary review of the management accounts of the Company, which has neither been confirmed nor audited by the Company's auditors. Audited financial results of the Company for the year ended December 31, 2008 will be announced as soon as practicable and the related 2008 annual report will be released subsequently.

ABOUT HARMONY

Harmony Asset Limited is a Hong Kong-based investment company focused primarily on unlocking value in overlooked, privately and publicly held, emerging Chinese companies. Harmony focuses on the private industry that is shifting to process technology and value-added services. It positions itself in sound emerging private companies, with the emphasis on those focusing on high growth from the domestic market in the following sectors: resources and materials, manufacturing/technology, and food and retail.