CHANGCHUNDAXING<08067> - Results Announcement (Q1, 2004, Summary)
Changchun Da Xing Pharmaceutical Company Limited announced on 13/5/2004:
(stock code: 08067 )
Year end date :31/12/2004
Currency :RMB
Auditors' report :N/A
1st Quarterly Report Reviewed 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 01/01/2004 from 01/01/2003
to 31/03/2004 to 31/03/2003
$'000 $'000
Turnover : 21,521 20,778
Profit/(Loss) from Operations : 10,993 10,730
Finance cost : (1,127) (302)
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 : 9,866 10,428
% Change Over the Last Period : -5.39%
EPS / (LPS)
Basic (in dollar) : RMB 0.018 RMB 0.019
Diluted (in dollar) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit (Loss) after ETD Items : 9,866 10,428
1st Quarter Dividends per Share : NIL NIL
(specify if with other options) : N/A N/A
B/C Dates for 1st Quarter 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
(bdi: both days inclusive)
For and on behalf of
Changchun Da Xing Pharmaceutical Company Limited
Signature :
Name : Yau Wing Yiu
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.
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 set up a new company in the PRC,
Changchun Zhong Da Healthcare Product Company Limited
with one of its major shareholders, Changchun Kuancheng Pharmaceutircal
Factory. The Company is 60% owned by the Company and 40% by
Changchun Kuancheng Pharmaceutircal Factory. The principal activity of
the Company is production of healthcare medication products.
2. Principal accounting policies
The principal accounting policies adopted in preparing the
audited results conform with accounting principles generally
accepted in Hong Kong and accounting standards issued by
the Hong Kong Society of Accountants.
3. Turnover
Turnover represents the invoiced value of goods sold, net of
value-added tax, trade discounts and returns.
The Group's turnover and operating profit are entirely derived
from the PRC on the sales of pharmaceutical products. Accordingly,
no analysis by business or geographical segment is provided.
4. Taxation
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. The subidiary, Changchun Zhong Da Healthcare
Product Company Limited has not commenced business during
the period. Thus, it had no assessable profits and hence no
PRC income tax was provided for the three months ended 31 March 2004
5. Earnings per share
The calculation of basic earnings per share is based on the
unaudited profit attributable to shareholders for the three months
ended 31 March 2004 of approximately RMB 9,866,000
(2003: RMB 10,428,000) and on the weighted average of 561,000,000
shares in issue during the three months ended 31 March 2004
(2003: 561,000,000 shares)
6. Dividend
The Board does not recommend the payment of
any interim dividend in respect of the three months ended
31 March 2004(2003:Nil)
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