ICN HOLDINGS<08004> - Results Announcement (Q2, 2002/2003, Summary)
International Capital Networks Holdings Limited announced on 13/03/2003:
(stock code: 08004)
Year end date :31/07/2003
Currency :HKD
Auditors' report :N/A
Review of 2nd 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 31/01/2003 to 31/01/2002
$'000 $'000
Turnover : 474 2,354
Profit/(Loss) from Operations : (17,218) (594)
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 : (17,218) (594)
% Change Over the Last Period : N/A
EPS / (LPS)
Basic (in dollar) : (HKD 0.0538) (HKD 0.021)
Diluted (in dollar) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit (Loss) after ETD Items : (17,218) (594)
2nd Quarterly Dividends per Share : NIL NIL
(specify if with other options) : N/A N/A
B/C Dates for 2nd 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 Networks Holdings Limited
Signature :
Name : Hui Chuen Kin Daniel
Title : Chairman
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.General
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.
The Company's shares have been listed on the GEM of the Stock
Exchange on 30th November, 2001. The Company is an investment holding
company. The principal activities of the Group are the provision of
business development and corporate advisory services.
2.Principal accounting policies and basis of preparation
The unaudited consolidated financial statements have been prepared
under the historical cost convention.
The unaudited consolidated financial statements have been prepared
in accordance with Statement of Standard Accounting Practice 25
`Interim Financial Reporting' and the disclosure requirements set out
in Chapter 18 of the Rules Governing the Listing of Securities on the
Growth Enterprise Market of The Stock Exchange of Hong Kong Limited.
Pursuant to a group reorganisation (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 9th 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 financial statements 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 and the corresponding financial
period of last year 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 relevant
periods. All material intra-group transactions and balances have been
eliminated on combination.
The accounting policies and methods of computation used in the
preparation of interim accounts are consistent with those used in the
annual accounts for the year ended 31st July, 2002.
3.Turnover
Turnover represents the net amounts received and receivable from
services provided by the Group to outside clients in Hong Kong during
the period.
4.Taxation
No provision for Hong Kong profits tax was made as the Company had
no assessable profits for the Period
(six months ended 31st January, 2002: Nil). There were no
material unprovided deferred tax liabilities as at 31st January, 2003.
5.Profit / (loss) per Share
The calculation of basic profit / (loss) per Share is based on the
profit / (loss) attributable to shareholders of
HK$17,218,125 (loss) for the Period
(six months ended 31st January, 2002:
HK$594,284 (loss)) and on the
basis that 320,000,000 Shares in issue during
the Period (six months ended 31st
January, 2002: on the basis that 320,000,000 Shares in issue).
No diluted earnings per Share for the Period
(six months ended 31st January, 2002: Nil) has been
presented because there were no dilutive potential ordinary shares in
existence during the period.
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