ICN HOLDINGS<08004> - Results Announcement (Q1, 2002/2003, Summary)
International Capital Network Holdings Limited announced on 13/12/2002
(stock codes: Ord: 08004)
Year end date :31/07/2003
Currency :HKD
Auditors' report :N/A
Review of 1st 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 01/08/2002 from 01/08/2001
to 31/10/2002 to 31/10/2001
$'000 $'000
Turnover : 247 690
Profit/(Loss) from Operations : (7,284) (598)
Finance cost : N/A N/A
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 : (7,284) (598)
% Change Over the Last Period : N/A
EPS / (LPS)
Basic (in dollar) : (HKD 0.0228) (HKD 0.0023)
Diluted (in dollar) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit (Loss) after ETD Items : (7,284) (598)
1st Quarterly Dividends per Share : NIL NIL
(specify if with other options) : N/A N/A
B/C Dates for 1st 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
International Capital Network Holdings Limited
Signature :
Name :Hui Chuen Kin, Daniel
Title :Chairman and Managing 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. Basis of preparation
The Company was incorporated and registered as an exempted
company with limited liability in the Cayman Islands under the
Companies Law of the Cayman Islands on 12th July, 2001. Pursuant
to a group reorganization (the ¡§Reorganisation¡¨) in preparation
for the listing of the Company¡¦s shares on the Growth Enterprise
Market (¡§GEM¡¨) of The Stock Exchange of Hong Kong Limited
(the ¡§Stock Exchange¡¨), the Company became the ultimate holding
company of the Group on 10th November, 2001. Further details
of the Reorganisation are set out in the prospectus of the Company
dated 20th November, 2001. The ordinary shares of HK$0.01
each of the Company (the ¡§Shares¡¨) have been listed on the GEM
of the Stock Exchange since 30th November, 2001.
The Reorganisation has been reflected in the accounts by
regarding the Group, which comprises the company and its
subsidiaries, as a continuing entity. Accordingly, the combined
results of the Group for the period from, 1st August, 2001
to 31st October, 2001 have been prepared on a merger basis, which
are based on the unaudited results of the Group as if the current
group structure of the Group had been in existence throughout
the period from 1st August, 2001 to 31st October, 2001. All
material intra-group transactions and balances have been eliminated
on combination.
2. Significant accounting policies
The financial information have been prepared under the historical
cost convention, as modified for the revaluation of certain
investment in securities. The financial information have been
prepared in accordance with the accounting principles generally
accepted in Hong Kong as set out in the financial statements of
the Company dated 28th October, 2002.
3. Turnover
Turnover represents the net amounts received and receivable
from services provided by the Group to outside clients and
interest income from loan receivables during the period.
4. Taxation
No provision for Hong Kong profits tax was made as the Company
had no assessable profits for the three months ended 31st October, 2002
(three months ended 31st October, 2001: Nil).
There were no material unprovided deferred tax liabilities as
at 31st October, 2002 (2001: Nil).
5. Loss per Share
The calculation of basic loss per Share is based on the loss
attributable to shareholders of approximately HK$7,283,842
for the three months ended 31st October, 2002 (three months ended
31st October, 2001: loss of approximately HK$598,134 and on
the assumption that 264,000,000 Shares had been in issue throughout
the period) and on the basis that 320,000,000 Shares had been
in issue throughout the period.
No diluted earnings per Share for the three months ended
31st October, 2002 and 2001 have been presented because
there were no dilutive potential ordinary shares in existence
during the periods.
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