SINO BIOPHARM<08027> - Results Announcement (Q3, 2002, Summary)
Sino Biopharmaceutical Limited announced on 06/11/2002:
(stock code: 08027)
Year end date :31/12/2002
Currency :HKD
Auditors' report :N/A
Review of 3rd Quarterly Report by :Audit Committee
Important Note :
This result announcement form only contains extracted information from
and should be read in conjunction with the detailed results announcement
of the issuer, which can be viewed on the GEM website at
http://www.hkgem.com
(Unaudited) (Unaudited)
Current Last
Corresponding
Period Period
from 01/01/2002 from 01/01/2001
to 30/09/2002 to 30/09/2001
$'000 $'000
Turnover : 525,142 399,255
Profit/(Loss) from Operations : 119,490 97,468
Finance cost : (784) (1,335)
Share of Profit/(Loss) of Associates : 0 0
Share of Profit/(Loss) of Jointly
Controlled Entites : 0 0
Profit/(Loss) after Taxation & MI : 56,146 51,492
% Change Over the Last Period : +9.04%
EPS / (LPS)
Basic (in dollar) : HKD 0.187 HKD 0.172
Diluted (in dollar) : HKD 0.176 HKD 0.163
Extraordinary (ETD) Gain/(Loss) : 0 0
Profit (Loss) after ETD Items : 56,146 51,492
3rd Quarterly Dividends per Share : NIL NIL
(specify if with other options) : N/A N/A
B/C Dates for 3rd Quarterly Dividends: N/A
Payable Date : N/A
B/C Dates for (-) General Meeting : N/A
Other Distribution for Current Period: NIL
B/C Dates for Other Distribution : N/A
For and on behalf of
Sino Biopharmaceutical Limited
Signature :
Name : Wong Pui Shan
Title : Company Secretary
Responsibility statement
The directors of the Company (the "Directors") as at the date hereof
hereby collectively and individually accept full responsibility for the
accuracy of the information contained in this results announcement form
(the "Information") and confirm, having made all reasonable inquiries,
that to the best of their knowledge and belief the Information are
accurate and complete in all material respects and not misleading and
that there are no other matters the omission of which would make the
Information herein inaccurate or misleading. The Directors acknowledge
that the Stock Exchange has no responsibility whatsoever with regard
to the Information and undertake to indemnify the Exchange against all
liability incurred and all losses suffered by the Exchange in connection
with or relating to the Information.
Remarks:
(1) Basis of preparation
The Groupˇ¦s financial statements have been prepared in accordance
with Hong Kong Statements of Standard Accounting Practice,
accounting principles generally accepted in Hong Kong and the
disclosure requirements of the Hong Kong Companies Ordinance. They
have been prepared under the historical cost convention, except for
the periodic remeasurment of certain fixed assets.
During the corresponding prior periods, the Group adopted certain
revised Statements of Standard Accounting Practices ˇ]ˇ¨SSAPsˇ¨ˇ^.
To comply with these revised SSAPs, certain comparative figures for
the quarter ended 30 September 2001 have been restated.
(2) Turnover
Turnover represents the invoiced value of goods sold, net of
discounts and returns and dividend income. All significant
intra-Group transactions have been eliminated on consolidation.
The Groupˇ¦s turnover arose from the following activities:
For the three months For the nine months
ended 30 September, ended 30 September,
2002 2001 2002 2001
Unaudited
Unaudited Unaudited Unaudited (restated)
HK$ˇ¦000 HK$ˇ¦000 HK$ˇ¦000 HKDˇ¦000
Sales of goods 214,526 146,634 525,142 394,540
Dividend income - - - 4,715
________ ________ ________ ________
Total 214,526 146,634 525,142 399,255
======== ======== ======== ========
(3) Taxation
For the three months For the nine months
ended 30 September, ended 30 September,
2002 2001 2002 2001
Unaudited Unaudited Unaudited Unaudited
HK$ˇ¦000 HK$ˇ¦000 HK$ˇ¦000 HKDˇ¦000
Hong Kong - - - -
PRC income tax 4,251 2,816 10,997 7,097
________ ________ ________ ________
Total 4,251 2,816 10,997 7,097
======== ======== ======== ========
No Hong Kong profits tax has been provided for the three months
and nine months ended 30 September, 2002 as there was no assessable
profit arising in or derived from Hong Kong during these periods.
(2001:Nil)
PRC income tax is provided at the rates applicable to enterprises
in the PRC on the income for statutory reporting purposes, adjusted
for income and expenses items which are not assessable or
deductible for income tax purposes based on existing PRC income
tax regulations, practices and interpretation thereof.
Pursuant to the Income Tax Law of the PRC concerning Foreign
Investment Enterprises and Foreign Enterprises and various local
income tax laws, joint venture companies are subject to the
statutory income tax rate of 33˘M (30˘M state income taxes plus
3˘M local income taxes) unless the enterprise is qualified as a
"High and New Technology Enterprises" or is located in specially
designated regions or cities for which more favorable effective
tax rates apply. The Groupˇ¦s principal operating subsidiaries
are qualified as ˇ§High and New Technology Enterpriseˇ¨ for which
preferential tax rate of 15˘M applies and are entitled to an income
tax exemption for two years commencing from the first profitable
year (after deducting losses carried forward), and a 50˘M
reduction for the succeeding three years.
As of 30 September, 2002, JCTT and CTF are subject to income tax
rate of 7.5˘M and 10˘M respectively (2001: both JCTT and CTF:7.5˘M).
There are no material potential deferred tax liabilities for which
provision has not been made (2001: Nil).
(4) Dividends
The Board does not recommend the payment of an interim dividend
for the three months ended 30 September, 2002. (2001: Nil)
(5) Earnings per share
The calculation of the basic earnings per share is based on profit
from the ordinary activities attributable to shareholders for the
three months and the nine months ended 30 September, 2002 of
HK$21,757,000ˇ]2001: HK$18,519,000ˇ^and HK$56,146,000ˇ]2001:
HK$51,492,000ˇ^respectively and the 300,000,000
ˇ]2001:300,000,000ˇ^ ordinary shares in issue during the
respectively periods.
Diluted earnings per share for the three months and nine months
ended 30 September,2002 is based on 300,000,000 ordinary shares
which is the weighted average number of ordinary shares in issue
during the period plus the weighted average number of 19,528,302
sharesˇ]2001: 20,347,826 sharesˇ^and 19,722,222 sharesˇ]2001:
16,645,391 sharesˇ^, respectively deemed to be issued at average
fair value if all outstanding options had been exercised during the
respective periods.
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