Financial Overview
The Group recorded an increase of approximately 29% in its turnover for the year ended 31 March 2008 to approximately HK$142.4 million as compared to approximately HK$110.1 million in the previous year. It was mainly attributable to the significant increase of 1,049% of turnover of the provision of mobile payment gateway business. Such significant increase was due to the fact that the mobile payment gateway business grew substantially during the year. The turnover of mobile payment gateway business increased at an average rate of approximately 41.8% on a quarterly basis during the year.

The Group recorded an increase in gross profit of approximately 98% to HK$48.0 million in the current year as compared to approximately HK$24.3 million in the previous year mainly due to the increase contribution from turnover of the provision of mobile payment gateway services and the higher gross profit margin of such business.

During the year, Media Magic Group recorded a net profit after tax of approximately HK$21 million (which is 250% of the guaranteed profit guaranteed by Mr. Hsu Tung Sheng of RMB8 million for the acquisition of 31% shareholding interest in Media Magic in January 2007), of which approximately HK$11.3 million was attributable to the Company. Net loss attributable to equity holders of the Company for the year amounted to approximately HK$18.8 million (2007: net loss of approximately HK$9.1 million), which was mainly attributable to the one-off loss on disposal of the trading of electronic devices and internet appliances businesses of approximately HK18.0 million, recognition of equity-settled share-based payment of approximately HK3.7 million and one-off disposal of subsidiary’s loan of approximately HK$1.5 million.