CHENGDUTOP TECH<08135> - Results Announcement (Q3, 2002, Summary)
Chengdu Top Sci-Tech Company Limited announced on 14/11/2002:
(stock code :08135)
Year end date :31/12/2002
Currency :RMB
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
RMB'000 RMB'000
Turnover : 80,481 83,227
Profit/(Loss) from Operations : 7,693 31,767
Finance cost : (1,438) (1,513)
Share of Profit/(Loss) of Associates : N/A N/A
Share of Profit/(Loss) of Jointly
Controlled Entites : N/A N/A
Profit/(Loss) after Taxation & MI : 3,399 25,557
% Change Over the Last Period : -86.70 %
EPS / (LPS)
Basic (in dollar) : RMB 0.005 RMB 0.0411
Diluted (in dollar) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit (Loss) after ETD Items : 3,399 25,557
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
Chengdu Top Sci-Tech Company Limited
Signature :
Name : Fan Jing Ru
Title : Executive Director
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) Organisation
The Company was incorporated in the People's Republic of China as a
joint stock limited liability company on 24 January 1993 and the
Company's H Shares were successfully listed on GEM on 30 March 2001.
(2) Basis of preparation and principal accounting policies
The Group's unaudited consolidated results have been prepared in
accordance with Statements of Standard Accounting Practice (the "SSAP")
issued by the Hong Kong Society of Accountants and accounting
principles generally accepted in Hong Kong and with the disclosure
requirements of the Rules Governing the Listing Securities on the GEM
of the Stock Exchange (the "GEM Listing Rules").
The principal accounting policies adopted in the accounts are
consistent with those used in the annual financial statements for the
year ended 31 December 2001 of the Group.
(3) Reasons for decrease in turnover and profit
For the nine months ended 30 September 2002, the Group recorded a
turnover of approximately RMB80,481,000 and a profit attributable
to shareholders of approximately RMB3,399,000. This repesented a drop
of 3.3% in terms of turnover as compared with the same period last
year. The decrease was due to the reasons that the completion and
delivery of certain information technology solutions projects were
deferred, and that the Group followed the market trend to reduce the
price of its products as well as the demand for "TPHMIS Housing
Reform Management Information System" was reduced. The deferral of
the projects were at the requests of the customers and they are
expected to be completed in the fourth quarter of 2002. As the prices
were reduced and the relatively low profit margin products and value
added services were proportionately increased in the turnover, both
the gross profit and the profit from operations were diluted. As a
result of the Group's active expansion in the marketing activities,
the turnover of the third quarter was increased as compared with the
same period last year. Despite the improved gross profit, the third
quarter was resulted in a loss due to the rise of operational costs
and the drop of subsidy income. The subsidy income was dropped as the
Group did not receive financial refund in the third quarter and the
sales of certain approved software products, which the Group is
entitled tax refund, were reduced. Hence, the Group has taken
initiatives to implement cost control measures and to strengthen its
management team and enhance its human resources development programmes
in order to push the overall profit up again.
(4) Earnings per share
The calculation of basic earnings per share is based on the profit
attributable to shareholders for the nine months ended 30 September
2002 of approximately RMB3,399,000 (nine months ended 30 September
2001: approximately RMB25,557,000) and on the weighted average of
outstanding 676,000,000 shares for the nine months ended 30 September
2002 (during the nine months ended 30 September 2001: 621,523,810
shares).
No diluted earnings per share for the nine months ended 30 September
2001 and 2002 have been presented because there were no dilutive
potential ordinary shares in existence during the periods.
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