9th Jul 2010 07:00
SINOSOFT TECHNOLOGY PLC
("SINOSOFT" OR "THE COMPANY")
Trading Update
The Board of Sinosoft has been informed that the Company recently closed certain foreign exchange contracts which have, in aggregate, resulted in a net loss to the Company of approximately $3.8 million. The consequence of this is that the Company expects to report a loss for the first half of 2010 and that the group's cash and cash equivalents at 30 June 2010 will be materially below the $14.9 million at 31 December 2009 reported in the Company's audited accounts for the year ended 31 December 2009.
The exact nature of this trading activity is being investigated as the Board is of the opinion that it had not authorised this level of exposure to foreign currency derivatives.
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For further information, please contact:
For further information please contact:
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Sinosoft Technology plc |
Mr. Yifa Yu |
yuyifa@sinosoft-technology.com |
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|
Westhouse Securities Limited |
Tim Metcalfe / Richard Baty
|
020 7601 6100 |
|
Tavistock Communications |
Simon Compton |
020 7920 3150 |
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