Ping Shan Tea Group Limited announced audited consolidated financial results for the year ended December 31, 2016. For the year, the company reported revenue of HKD 302,250,000 as compared to HKD 822,524,000 a year ago. Loss attributable to equity shareholders of the company was HKD 972,735,000 as compared to HKD 826,673,000 a year ago. Loss before tax was HKD 974,297,000 as compared to HKD 824,657,000 a year ago. Basic loss per share were 4.86 cents as compared to 4.81 cents a year ago. Loss from operations was HKD 862,070,000 against HKD 706,069,000 a year ago. The decrease in revenue was mainly due to continued sluggish consumer markets, especially the tea products for business gifts. The loss after tax was mainly attributable to impairment loss on goodwill of approximately HKD 910.0 million. During the year, the total capital expenditure of the Group for the expansion of various plants and erection of new buildings was approximately HKD 0.8 million against approximately HKD 0.2 million a year ago. During the year, the net cash generated from operating activities approximately HKD 430.6 million against net cash used in operating activities of approximately HKD 50.6 million a year ago.