CHANGCHUNDAXING<08067> - Results Announcement (Q3, 2003, Summary)
Changchun Da Xing Pharmaceutical Company Limited announced on 13/11/2003:
(stock code: 08067)
Year end date :31/12/2003
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 1/1/2003 from 1/1/2002
to 30/9/2003 to 30/9/2002
RMB'000 RMB'000
Turnover : 51,703 55,176
Profit/(Loss) from Operations : 23,682 31,589
Finance cost : (1,415) (319)
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 : 22,297 26,875
% Change Over the Last Period : -17.03%
EPS / (LPS)
Basic (in dollar) : RMB 0.04 RMB 0.059
Diluted (in dollar) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : 0 0
Profit (Loss) after ETD Items : 22,297 26,875
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
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 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 30 September
2003 2002
RMB'000 RMB'000
Hong Kong 0 0
PRC 0 4,395
------- -------
Tax charge for the period 0 4,395
======= ========
The PRC income tax is computed according to the relevant laws and
regulations in the PRC. The applicable income tax rate was 15%
(2002:15%). 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.
4. Earnings per share
The calculation of basic earnings per share is based on the
unaudited net profit for the period
ended 30 September 2003 of approximately RMB 22,297,000
(2002: RMB 26,875,000) and on the weighted average of 561,000,000
shares in issue during the period ended 30 September 2003
(2002: 454,410,256 shares)
5. Interim dividend
The Board does not recommend the payment of a interim dividend for
the period ended 30 September 2003 (2002: nil).
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