JF FURNISHINGS<08310> - Results Announcement (Q3, 2005, Summary)
JF Household Furnishings Limited announced on 11/11/2005:
(stock code: 08310 )
Year end date :31/12/2005
Currency :HKD
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 01/01/2005 from 01/01/2004
to 30/09/2005 to 30/09/2004
$'000 $'000
Turnover : 146,680 108,357
Profit/(Loss) from Operations : 22,531 18,884
Finance cost : (912) (1,024)
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 : 18,724 15,364
% Change Over the Last Period : +21.87%
EPS / (LPS)
Basic (in dollar) : HKD 0.149 HKD 0.122
Diluted (in dollar) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit (Loss) after ETD Items : 18,724 15,364
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
JF Household Furnishings Limited
Signature :
Name : Cheung Wai Tak
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 and principal accounting policies
The unaudited quarterly results have been prepared in accordance
with the applicable disclosure requirements of Chapter 18 of the
Rules Governing the Listing of Securities on the Growth Enterprise
Market of the Stock Exchange of Hong Kong Limited.
The unaudited quarterly results have been prepared in accordance
with accounting principles generally accepted in Hong Kong and
comply with accounting standards issued by the Hong Kong Institute
of Certified Public Accountants. They have been prepared under the
historical cost convention and in accordance with the disclosure
requirements of the Hong Kong Companies Ordinance and the GEM
Listing Rules.
For the financial year commencing 1 January 2005, the Group has
adopted all new Hong Kong Financial Reporting Standards (HKFRSs),
Hong Kong Accounting Standards (HKASs) and Interpretations
(hereinafter collectively referred to as ¡§new HKFRSs¡¨) issued by
the Hong Kong Institute of Certified Public Accountants that are
effective for accounting periods beginning on or after 1 January
2005. The adoption of the new HKFRSs has had no material effect on
how the results for the current or prior accounting periods are
prepared and presented.
2. Turnover
The Group is principally engaged in manufacturing and sales of
furnishings and home products and accessories primarily used in the
kitchens and bathroom. Turnover represents invoiced value of goods
sold, net of value-added tax, and after allowance for goods returned
and trade discounts.
3. Taxation
No provision for profits tax in the Cayman Islands or the British
Virgin Islands has been made as the Group had no income assessable
for the periods.
Pursuant to the relevant laws and regulations in the PRC,
(A.C.R. Equipment Supplies (Ningbo) Co.,
Ltd.) (¡§JF Ningbo¡¨), a subsidiary of the Company operating in
Zhejiang Province, the PRC, is subject to enterprise income tax rate
at 26.4% on its taxable profit in accordance with Income Tax Law of
People's Republic of China for Enterprises with Foreign Investment
and Foreign-Enterprises. JF Ningbo is entitled to a two-year exemption
from enterprise income tax starting from its first profit-making year
followed by a 50% reduction for the subsequent three years. JF Ningbo
was in its fourth and fifth profit-making years during the Relevant
Periods.
Pursuant to the relevant laws and regulations in the PRC,
(Ningbo JF Metal Products Co., Ltd).
(¡§JF Metal¡¨), a subsidiary of the Company operating in Zhejiang
Province, the PRC, is subject to enterprise income tax rate at
26.4% on its taxable profit in accordance with Income Tax Law of
People's Republic of China for Enterprises with Foreign Investment
and Foreign Enterprises. JF Metal is entitled to a two-year
exemption from enterprise income tax starting from its first
profit-making year followed by a 50% reduction for the subsequent
three years. JF Metal only commenced its formal business
operation in January 2005.
4. Dividends
The Directors do not recommend the payment of dividend for the nine
months ended 31 September 2005. (2004: Nil)
5. Earnings per share
The calculation of basic earnings per share is based on the
consolidated profit attributable to shareholders during the three
month period ended 30 September 2005 of approximately HK$6.8 million
(2004: HK$6.6 million) and 126,000,000 ordinary shares of the Company
in issue on 8 September 2005, assuming the shares were outstanding
for the entire periods.
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