SIIC MEDTECH<08018> - Results Announcement (Final, 2002, Summary)
SIIC Medical Science and Technology (Group) Limited announced on 18/03/2003:
(stock code: 08018 )
Year end date: 31/12/2002
Currency: HKD
Auditors' Report: Unqualified
Important Note:
This result announcement form only contain extracted information
from and should be read in conjunction with the detailed results
announcement of the issuer, which can be view on the GEM website
at http://www.hkgem.com
(Audited )
(Audited ) Last
Current Corresponding
Period Period
from 01/01/2002 from 01/01/2001
to 31/12/2002 to 31/12/2001
Note ('000 ) ('000 )
Turnover 2 : 842,386 723,911
Profit/(Loss) from Operations : 231,844 157,576
Finance cost : (154) (4)
Share of Profit/(Loss) of
Associates : 24,161 27,577
Share of Profit/(Loss) of
Jointly Controlled Entities : 669 259
Profit/(Loss) after Tax & MI : 87,521 232,685
% Change over Last Period : -62.4 %
EPS/(LPS)-Basic (in dollars) 4 : 0.141 0.375
-Diluted (in dollars) 4 : 0.141 N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 87,521 232,685
Final Dividend : 0.04 0.03
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Final Dividend : 06/05/2003 to 09/05/2003bdi.
Payable Date : 22/05/2003
B/C Dates for Annual
General Meeting : 06/05/2003 to 09/05/2003bdi.
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
For and on behalf of
SIIC Medical Science and Technology (Group) Limited
Name : Wong Mei Ling, Marina
Title : Company Secreary
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
whatsever 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 financial statements have been prepared under the historical cost
convention as modified for revaluation of certain properties and in
accordance with accounting principles generally accepted in Hong Kong.
In the current year, the Group has adopted, for the first time, a
number of new and revised Statements of Standard Accounting Practice
("SSAP(s)") issued by the Hong Kong Society of Accountants. The
adoption of these SSAPs has had no material effect on the results for
the current or prior accounting periods. Accordingly, no prior period
adjustment has been required.
2. Turnover
Turnover represents the net amounts received and receivable for goods
sold by the Group to outside customers during the period.
For the years ended 31st December, 2002 and 2001, the Group was
engaged in the manufacture and sale of Chinese medicine and health
supplement products. More than 90% of the Group's turnover,
contribution to operating profit and assets was attributable to this
business segment and located in the PRC.
3. Exceptional items
The directors considered that in the light of the recurring operating
losses of a jointly controlled entity and unfavourable market
conditions, the interest in this jointly controlled entity is
considered to be irrecoverable. Accordingly, in 2002, an impairment
loss of HK$15,300,000 in respect of the whole interest in this
jointly controlled entity was recognized in the income statement for
the year in which HK$2,445,000 has been credited to interests in
jointly controlled entities and the remaining of HK$12,855,000 has
been credited to goodwill reserve.
In 2001, after the listing of the shares of Shanghai Jahwa, a jointly
controlled entity of the Group, on the Shanghai Stock Exchange A
Shares Market, the Group's interest in it diluted from 40% to 28.15%
resulting an exceptional income of over HK$155 million on deemed
disposal of interests.
4. Earnings per share
The calculation of the basic and diluted earnings per share for the
year is based on the following data:
2002 2001
Earnings:
Net Profit for the year and
earnings for the purpose of
basic and diluted earnings
per share HK$87,521,000 HK$232,685,000
============= ==============
Number of shares
Weighted average number of
ordinary shares for the
purpose of basic earnings
per share 620,000,000 620,000,000
Effect of dilutive potential
ordinary shares - share
option 230,382 -
------------ ------------
Weighted average number of
ordianry shares for the
purpose of diluted earnings
per share 620,230,382 620,000,000
=========== ===========
Diluted earnings per share is not presented as there were
no dilutive potential ordinary shares in existence in 2001.
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