PHOENIX TV<08002> - Results Announcement
Phoenix Satellite Television Holdings Limited announced on 10/08/2006:
(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 30/06/2006 to 30/06/2005
Note ('000 ) ('000 )
Turnover 2 : 500,789 509,590
Profit/(Loss) from Operations 3 : 95,409 107,869
Finance cost : 0 0
Share of Profit/(Loss) of
Associates : 0 0
Share of Profit/(Loss) of
Jointly Controlled Entities : (820) (827)
Profit/(Loss) after Tax & MI : 89,836 91,756
% Change over Last Period : -2.09 %
EPS/(LPS)-Basic (in dollars) 4 : 0.0182 0.0186
-Diluted (in dollars) 4 : 0.0182 0.0185
Extraordinary (ETD) Gain/(Loss) : 0 0
Profit/(Loss) after ETD Items : 89,836 91,756
2nd Quarter Dividend : N/A N/A
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
2nd 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:
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 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 HKAS, Hong Kong Financial Reporting
Standards standards and interpretations of HKAS issued and effective
as at the time of preparing the financial statements.
2. TURNOVER FROM CONTINUING OPERATIONS AND DISCONTINUED OPERATIONS
01/01/2006 01/01/2005
to to
30/06/2006 30/06/2005
HK$'000 HK$'000
CONTINUING OPERATIONS 500,789 509,590
DISCONTINUED OPERATIONS 0 0
TOTAL 500,789 509,590
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 of 2005 have been reduced by approximately
HK$80,669,000 for the six months ended 30 June 2005.
3. PROFIT/(LOSS) FROM CONTINUING OPERATIONS AND DISCONTINUED OPERATIONS
01/01/2006 01/01/2005
to to
30/06/2006 30/06/2005
HK$'000 HK$'000
CONTINUING OPERATIONS 95,409 107,869
DISCONTINUED OPERATIONS 0 0
TOTAL 95,409 107,869
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
30/06/2006 30/06/2005
Profit attributable to equity
holders of the Company (HK'000) 89,836 91,756
Weighted average number of
ordinary shares in issue
('000) 4,939,136 4,938,009
Basic earnings per share (HK cents) 1.82 1.86
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
30/06/2006 30/06/2005
Profit attributable to equity
holders of the Company used to
determine diluted earnings per
share (HK'000) 89,836 91,756
Weighted average number of
ordinary shares in issue
('000) 4,939,136 4,951,808
Adjustment for share option
('000) 6,933 13,799
Weighted average number of
ordinary shares for diluted
earnings per share ('000) 4,946,069 4,965,607
Diluted earnings per share
(HK cents) 1.82 1.85
5. DIVIDEND
The Directors do not recommend the payment of an interim dividend for
the six months ended 30 June 2006 (six months ended 30 June 2005:
nil).
A 2005 final dividend of HK$0.012 (2004 final dividend: HK$0.01) per
share, totaling HK$59,278,000 was paid in June 2006.
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