PHOENIX TV<08002> - Results Announcement
Phoenix Satellite Television Holdings Limited announced on 11/05/2006:
(stock code: 08002 )
Year end date: 31/12/2006
Currency: HKD
Auditors' Report: N/A
Interim report reviewed by: Audit Committee
Important Note:
This result announcement form only contain extracted information
from and should be read in conjunction with the detailed results
announcement of the issuer, which can be view on the GEM website
at http://www.hkgem.com
(Unaudited )
(Unaudited ) Last
Current Corresponding
Period Period
from 01/01/2006 from 01/01/2005
to 31/03/2006 to 31/03/2005
Note ('000 ) ('000 )
Turnover 2 : 254,333 258,449
Profit/(Loss) from Operations 3 : 52,136 49,514
Finance cost : 0 0
Share of Profit/(Loss) of
Associates : 0 0
Share of Profit/(Loss) of
Jointly Controlled Entities : (465) 0
Profit/(Loss) after Tax & MI : 42,212 41,055
% Change over Last Period : +2.82 %
EPS/(LPS)-Basic (in dollars) 4 : 0.0085 0.0083
-Diluted (in dollars) 4 : 0.0085 0.0083
Extraordinary (ETD) Gain/(Loss) : 0 0
Profit/(Loss) after ETD Items : 42,212 41,055
1st Quarter Dividend : N/A N/A
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
1st Quarter Dividend : N/A
Payable Date : N/A
B/C Dates for (-)
General Meeting : N/A
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
For and on behalf of
Phoenix Satellite Television Holdings Limited
Name : Yeung Ka Keung
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 ACCOUNTING POLICIES
The unaudited condensed consolidated financial statements 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 ("HKICPA") and applicable disclosure
requirements of the Hong Kong Companies Ordinance and the Rules
Governing the Listing of Securities on the Growth Enterprise Market
of The Stock Exchange of Hong Kong Limited.
The unaudited condensed consolidated financial statements should be
read in conjunction with the Company's 2005 annual financial statements.
The accounting policies and methods of computation used in the
preparation of the unaudited condensed consolidated financial
statements are consist with those used in the Company's annual
financial statements for the year ended 31 December 2005.
The unaudited condensed consolidated financial statements have been
prepared in accordance with those Hong Kong Financial Reporting
Standards ("HKFRS") standards and interpretations issued and effective
as at the time of preparing the financial statements. The HKFRS
standards and interpretations that will be applicable at 31 December
2006, including those that will be applicable on an optional basis, are
not known with certainty at the time of preparing these unaudited
condensed consolidated financial statements.
The unaudited condensed consolidated financial statements have been
prepared in accordance with HKAS, HKFRS, and interpretations of HKAS
together "HKFRSs") issued and effective as at the time of preparing
this information.
2. TURNOVER FROM CONTINUING OPERATIONS AND DISCONTINUED OPERATIONS
01/01/2006 01/01/2005
to to
31/03/2006 31/03/2005
HK$'000 HK$'000
CONTINUING OPERATIONS 254,333 258,449
DISCONTINUED OPERATIONS 0 0
TOTAL 254,333 258,449
Prior to the fourth quarter of 2005, the Group reported its advertising
(broadcasting and magazines) revenue and the agency commission expenses
on a gross basis. Subsequent to that quarter the Group changed the
presentation of its advertising revenue by reporting the advertising
(broadcasting and magazines) revenue net of related agency commission
expenses, as in the opinion of the Directors, this presentation
improves the comparability to similar companies in the Group's industry
and also provides more relevant information on the revenue
transaction. This change has no effect to the income statement of the
Group. As a result of this change which has been retroactively
applied, the revenue and operating expenses for the current period and
the comparative figures for 2005 have been reduced by approximately
HK$42,892,000 and HK$40,580,000 for the period ended 31 March 2006 and
2005, respectively.
3. PROFIT/(LOSS) FROM CONTINUING OPERATIONS AND DISCONTINUED OPERATIONS
01/01/2006 01/01/2005
to to
31/03/2006 31/03/2005
HK$'000 HK$'000
CONTINUING OPERATIONS 52,136 49,514
DISCONTINUED OPERATIONS 0 0
TOTAL 52,136 49,514
4. EARNINGS PER SHARE
Basic
Basic earnings per share is calculated by dividing the profit
attributable to equity holders of the Company by the weighted average
number of ordinary shares in issue during the period.
01/01/2006 01/01/2005
to to
31/03/2006 31/03/2005
Profit attributable to equity
holders of the Company (HK'000) 42,212 41,055
Weighted average number of
ordinary shares in issue
('000) 4,938,746 4,937,349
Basic earnings per share (HK cents) 0.85 0.83
Diluted
Diluted earnings per share is calculated by adjusting the weighted
average number of ordinary shares outstanding to assume conversion of
all dilutive potential ordinary shares. The Company has one category
of dilutive potential ordinary shares which is share options. A
calculation is done to determine the number of shares that could have
been acquired at fair value (determined as the average annual market
share price of the Company's shares) based on the monetary value of
the subscription rights attached to outstanding share options. The
number of shares calculated as above is compared with the number of
shares that would have been issued assuming the exercise of the
share options.
01/01/2006 01/01/2005
to to
31/03/2006 31/03/2005
Profit attributable to equity
holders of the Company used to
determine diluted earnings per
share (HK'000) 42,212 41,055
Weighted average number of
ordinary shares in issue
('000) 4,938,746 4,937,349
Adjustment for share option
('000) 3,621 15,272
Weighted average number of
ordinary shares for diluted
earnings per share ('000) 4,942,367 4,952,621
Diluted earnings per share
(HK cents) 0.85 0.83
5. DIVIDEND
The Directors do not recommend the payment of an interim dividend for
the three months ended 31 March 2006 (three months ended 31 March
2005: nil).
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