JF FURNISHINGS<08310> - Results Announcement (Q1, 2006, Summary)
JF Household Furnishings Limited announced on 11/05/2006:
(stock code: 08310 )
Year end date :31/12/2006
Currency :HKD
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 01/01/2006 from 01/01/2005
to 31/03/2006 to 31/03/2005
$'000 $'000
Turnover : 31,768 43,596
Profit/(Loss) from Operations : 5,611 6,866
Finance cost : (180) (340)
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 : 4,355 5,577
% Change Over the Last Period : -21.91%
EPS / (LPS)
Basic (in dollar) : HKD 0.026 HKD 0.0443
Diluted (in dollar) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit (Loss) after ETD Items : 4,355 5,577
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
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:
Basis of preparation and principal accounting policies
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 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 and the disclosure requirements of the Hong Kong
Companies Ordinance.
The accounting policies adopted in preparing the unaudited
consolidated results for the three months ended 31 March 2006 are
consistent with those followed in the preparation of the Group's
annual financial statements for the year ended 31 December 2005.
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.
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 50% tax refund in 2007 for the tax paid in
2006, if it, as a foreign-invested enterprise, exports 70% or more of
the total sales during a full financial year.
Under this provision, the Group has to pay a 26.4% tax for a full year
and the refund of half of that tax (13.2%) from the government will be
made normally in the second quarter of the following year. No
provision for this refund has been included in the tax calculation for
this reporting.
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 commenced its business in 2005 and is still
exempted from enterprise income tax for the second tax year in 2006.
Dividends
The Directors do not recommend the payment of dividend for the three
months ended 31 March 2006 (2005: Nil).
Earnings per share
The calculation of basic earnings per share is based on the
consolidated profit attributable to shareholders during the three
month period ending 31 March 2006 of HK$4.35 million (2005: HK$5.58
million) and 168,000,000 ordinary shares of the Company in issue on 13
October 2005, (2005: 126,000,000 ordinary shares of the Company in
issue on 9 September 2005, assuming the shares were outstanding for
the entire periods).
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