VC HOLDINGS<08101> - Results Announcement
Value Convergence Holdings Limited announced on 14/08/2006:
(stock code: 08101 )
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 : 93,765 52,534
Profit/(Loss) from Operations : 31,502 7,777
Finance cost : (16,092) (5,388)
Share of Profit/(Loss) of
Associates : N/A N/A
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : 15,410 2,389
% Change over Last Period : +545 %
EPS/(LPS)-Basic (in dollars) 4 : 0.0614 0.0099
-Diluted (in dollars) 4 : 0.0600 0.0097
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 15,410 2,389
2nd Quarter Dividend 5 : 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
Value Convergence Holdings Limited
Name : HO, Lawrence Yau Lung
Title : President & Vice Chairman
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
These unaudited consolidated financial statements have been prepared in
accordance with Hong Kong Accounting Standard 34 ("HKAS 34") Interim
Financial Reporting, and the applicable disclosure requirements of
Chapter 18 of the Rules Governing the Listing of Securities on the GEM
of the Stock Exchange. They have been prepared on the historical cost
basis except for certain financial instruments, which are measured at
fair values.
The accounting policies used in the unaudited consolidated financial
statements are consistent with those followed in the preparation of
the Group's annual financial statements for the year ended 31st
December 2005 except as described below.
In the current period, the Group has applied, for the first time, a
number of new standards, amendments and interpretations (hereinafter
collectively referred to as "new HKFRSs") issued by the HKICPA that are
effective for accounting periods beginning on or after 1st December
2005 or 1st January 2006 respectively. The application of the new HKFRSs
has had no material effect on how the results for the current and prior
accounting periods are prepared and presented. Accordingly, no prior
period adjustments has been required.
The Group has not early applied the new standards, amendments and
interpretations that have been issued but are not yet effective. The
directors of the Company anticipate that the application of these
standards, amendments or interpretations will have no material impact
on the financial statements of the Group.
2. Revenue
Arising principally from the investment banking and financial services
business, revenue comprise of the provision of initial public offerings,
mergers and acquisitions, and other corporate finance related advisory
services; along with securities, futures and options broking and
dealing.
3. Income tax expense
No provision for Hong Kong or overseas profits tax had been made in the
financial statements as the assessable profits of individual company
within the Group for the six months ended 30th June 2006 were offset by
the unused tax losses (six months ended 30th June 2005: Nil).
As at 30th June 2006, the Group had estimated unused tax losses of
approximately HK$142,741,000 (30th June 2005: HK$167,273,000) to carry
forward against future taxation income. These estimated tax losses have
no expiry date but are subject to the approval of the Hong Kong Inland
Revenue Department.
4. Earnings per share
The calculation of the basic and diluted earnings per share is based on
the following data:
Six months ended 30th June
2006 2005
HK$'000 HK$'000
Earnings
Earnings for the purposes of basic and
diluted earnings per share 15,410 2,389
======= =======
'000 '000
Number of shares
Weighted average number of
ordinary shares for the purposes of
basic earnings per share 251,071 242,103
Effect of dilutive potential ordinary shares:
Share options 5,852 4,570
------- -------
Weighted average number of ordinary
shares for the purposes of diluted
earnings per share 256,923 246,673
======= =======
5. DIVIDEND
No dividends had been paid or declared by the Company for the six months
ended 30th June 2006 (six months ended 30th June 2005: Nil).
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