SHANDONG MOLONG<08261> - Results Announcement (Q3, 2005, Summary) Shandong Molong Petroleum Machinery Company Limited announced on 09/11/2005: (stock code: 08261 ) Year end date :31/12/2005 Currency :RMB Auditors' report :N/A 3rd 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 1/1/2005 from 1/1/2004 to 30/9/2005 to 30/9/2004 RMB'000 RMB'000 Turnover : 520,459 352,001 Profit/(Loss) from Operations : 92,254 56,145 Finance cost : (2,538) (3,823) 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 : 58,080 44,703 % Change Over the Last Period : +29.92% EPS / (LPS) Basic (in dollar) : RMB 0.097 RMB 0.092 Diluted (in dollar) : N/A N/A Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit (Loss) after ETD Items : 58,080 44,703 3rd Quarter Dividends per Share : NIL NIL (specify if with other options) : N/A N/A B/C Dates for 3rd 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 Shandong Molong Petroleum Machinery Company Limited Signature : Name : Chan Wing Nang, Billy Title : Company Secretary 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 preparation The Company was incorporated as a joint stock company with limited liability in the Peopleˇ¦s Republic of China (the ˇ§PRCˇ¨) on 30 December 2001 and its H shares were listed on the GEM (the ˇ§Listingˇ¨) on 15 April 2004. On 16 August 2004, the Company became a Sino Foreign Invested Joint Stock Limited. The unaudited financial statements of the Group have been prepared in accordance with Hong Kong Accounting Standard ("HKAS") 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants and the disclosure requirements of the GEM Listing Rules. The principal accounting policies used in the preparation of the unaudited financial statements are consistent with those used in the preparation of the Company's annual financial statements for the year ended 31 December 2004, except that the Company has changed certain of its accounting polcies following its adoption of new/ revised Hong Kong Financial Reporting Standards and Hong Kong Accounting Standards ("new HKFRS") which are effective for accounting periods commencing on or after 1 January 2005. The Directors considered that the adoption of the new HKFRS has had no material effect on how the results for the current or prior accounting periods are prepared and presented, except HKAS 17 "Leases" as explained below. The adoption of revised HKAS 17 has resulted in a changed of accounting policy relating to the reclassification of lease premium for land from fixed assets to operating leases. The up-front prepayments made for the lease premium for land are expensed in the profit and loss account on a straight line basis over the period of th lease or when there is impairment, the impairment loss is expensed in the profit or loss account. In prior years, the lease premium for land was accounted for at cost less accumulated depreciation and accumulated impairment losses and included in properties of fixed assets. HKAS 17 has been applied retrospectively. The profit attributable to shareholders for the nine months ended 30 September 2004 has not been changed in view of the adoption of this new accounting standard. 2. Earnings per share The calculation of the basic earnings per share is based on the profit attributable to shareholders of approximately RMB 21,524,000 and RMB 58,080,000 for the three months and nine months ended 30 September 2005 ( 2004: RMB 19,643,000 and RMB 44,703,000) and on the weighted average of approximately 596,174,000 (2004: 488,265,000) shares in issue during the period. Diluted earnings per share is not presented for the three months and nine months ended 30 September 2005 and 2004 as there were no potential dilutive securities in existence during the relevant periods. |