Financial Results 2014/15

1. 2014/15 was a challenging year for the OFCA Trading Fund. The profit before tax fell to HK$86.5 million from HK$95.1 million in 2013/14. The rate of return on average net fixed assets decreased to 24.2% from 26.0% a year before. This was primarily the result of increased expenditure as compared with that of last year.
   
   
2. The total revenue at HK$484.6 million was higher than last year’s HK$473.4 million due to higher revenue from licence fees, partly offset by lower interest income from the placement with the Exchange Fund.
   
   
3. On the expenditure side, the total expenditure rose by 5.2% to HK$398.1 million in 2014/15 due to increase in staff costs and operating expenses.
   
   
4. Looking ahead, with the continued growth of the communications sector, a robust financial position and a dedicated and professional team in OFCA, we are well placed to face the challenges in the coming year.
   
   

Highlights of the financial performance:

	2014/15 HK$'m	2013/14 HK$'m
Revenue	484.6	473.4
Expenditure	398.1	378.3
Pre-tax profit	86.5	95.1
Proposed dividend	72.2	79.4
Return on ANFA	24.2%	26.0%

Revenue

Licence fees	85.8% (86.5%)
Service charges	5.2% (4.9%)
Interest income	7.7% (8.5%)
Miscellaneous revenue	1.3% (0.1%)

Expenditure

Staff	79.1% (76.5%)
Operation	16.9% (18.8%)
Consultancy	0.7% (1.3%)
Depreciation & amortisation	3.3% (3.4%)

* In parentheses are 2013/14 figures