CHANGCHUNDAXING<08067> - Results Announcement (Q1, 2003, Summary) Changchun Da Xing Pharmaceutical Company Limited announced on 13/5/2003: (stock code: 08067) Year end date :31/12/2003 Currency :RMB 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 1/1/2003 from 1/1/2002 to 31/3/2003 to 31/3/2002 RMB'000 RMB'000 Turnover : 20,778 20,153 Profit/(Loss) from Operations : 10,730 11,156 Finance cost : (302) (127) 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 : 10,428 9,460 % Change Over the Last Period : +10.23% EPS / (LPS) Basic (in dollar) : RMB 0.019 RMB 0.024 Diluted (in dollar) : N/A N/A Extraordinary (ETD) Gain/(Loss) : 0 0 Profit (Loss) after ETD Items : 10,428 9,460 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 Changchun Da Xing Pharmaceutical Company Limited Signature : Name : Yau Chung Hang Title : Qualified Accountant 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 presentation The Company was incorporated as a joint stock limited company in the People's Republic of China ("PRC") on 27 December 1993 under the provisions of the PRC Company Law. The Company's H shares were listed on the Growth Enterprise Market of The Stock Exchange of Hong Kong Limited on 28 June 2002. The Company is principally engaged in the manufacture and sale of medicine in the PRC. On 17 January,2003, the Company and its major shareholder, Changchun Kuangcheng Pharmaceutical Factory invested RMB 600,000 and RMB 400,000, representing 60% and 40% of the registered capital respectively, to co-found Changchun Zhong Da Healthcare Company. The principal activity of this company is production and sale of healthcare medication products. The company did not commence its business for the period ended 31 March 2003. The principal accounting policies adopted in preparing the unaudited results conform with accounting standards issued by the Hong Kong Society of Accountants. 2.Turnover Turnover represents the invoiced value of goods sold, net of value-added tax, trade discounts and returns. 3. Taxation Period ended 31 March 2003 2002 RMB'000 RMB'000 Hong Kong 0 0 PRC 0 1,569 ------- ------- Tax charge for the period 0 1,569 ======= ======== The PRC income tax is computed according to the relevant laws and regulations in the PRC. The applicable income tax rate was 15% (2001:15%). The Company was registered as a Sino-Foreign joint stock limited company on 20 December 2002, it is exempted from income tax for two years starting from year ended 31 December 2003, its first profit-making year after the registration, followed by a 50% reduction of income tax for the next three years. The subsidiary, Changchun Zhong Da Healthcare Prouct Company had not commenced its business during the period, thus, no assessable profits and hence no PRC income tax was provided. 4. Earnings per share The calculation of basic earnings per share is based on the unaudited profit attributable to shareholders for the period ended 31 March 2003 of approximately RMB 10,428,000 (2002: RMB 9,460,000) and on the weighted average of 561,000,000 shares in issue during the period ended 31 March 2003 (2002: 400,000,000 shares) No dilutive earnings per share is shown for the period ended 31 March 2003 as there were no diluive potentail shares. 5. Interim dividend The Board does not recommend the payment of a interim dividend for the period ended 31 March 2003 (2002: nil) |