GOLDEN MEDITECH<08180> - Results Announcement (Q2, 2006/2007, Summary)
GOLDEN MEDITECH COMPANY LIMITED announced on 10/11/2006:
(stock code: 08180 )
Year end date :31/03/2007
Currency :HKD
Auditors' report :N/A
2nd 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 01/04/2006 from 01/04/2005
to 30/09/2006 to 30/09/2005
$'000 $'000
Turnover : 156,013 131,671
Profit/(Loss) from Operations : 84,330 74,057
Finance cost : (5,531) (6,107)
Share of Profit/(Loss) of Associates : 229 16,191
Share of Profit/(Loss) of Jointly
Controlled Entites : 23,547 N/A
Profit/(Loss) after Taxation & MI : 91,190 195,671
% Change Over the Last Period : -53.40%
EPS / (LPS)
Basic (in dollar) : HKD 0.0611 HKD 0.1548
Diluted (in dollar) : HKD 0.0593 HKD 0.1482
Extraordinary (ETD) Gain/(Loss) : N/A (116,571)
Profit (Loss) after ETD Items : 91,190 79,100
2nd Quarter Dividends per Share : NIL NIL
(specify if with other options) : N/A N/A
B/C Dates for 2nd 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
GOLDEN MEDITECH COMPANY LIMITED
Signature :
Name : Kong Kam Yu
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.
1 Basis of preparation
The interim financial statements for the six months ended
30 September 2006 have been prepared in accordance with the Hong Kong
Accounting Standards 34 "Interim Financial Reporting" issued by
the Hong Kong Institute of Certified Public Accountants ("HKICPA")
and the applicable disclosure requirements of the rules governing
the Listing of Securities on the Growth Enterprise Market of The
Stock Exchange of Hong Kong Limited.
All intra-group transactions have been eliminated in preparing
the unaudited consolidated results included in the interim
financial statements for the six months ended 30 September 2006.
The principal accounting policies used in the preparation of the
unaudited consolidated results are consistent with those adopted in
the preparation of the annual financial statements of the Group for
the year ended 31 March 2006 except as described below.
In the current reporting period, the Group applied, for the first time,
a number of new standards, amendments and interpretations (new "HKFRSs")
issued by the HKICPA, which are effective for accounting periods
beginning on or after either 1 December 2005 or 1 January 2006. The
application of these new HKFRSs has had no material effect on how the
Group's results for the current and prior accounting periods are
prepared and presented. Accordingly, no prior period adjustments is
required.
2 Earnings per share
2.1 Basic earnings per share
The calculation of basic earnings per share for the six months
ended 30 September 2006 is based on the unaudited consolidated profit
attributable to equity shareholders of the Company of HK$91,190,000
(2005: HK$195,671,000) divided by the weighted average
number of 1,491,919,124 (2005: 1,264,124,909) shares in issue during
the period.
2.2 Diluted earnings per share
The calculation of diluted earnings per share for the six months
ended 30 September 2006 is based on the unaudited consolidated profit
attributable to equity shareholders of the Company of HK$93,103,000
(2005: HK$197,456,000) as adjusted for the interest on
convertible bonds of HK$1,913,000 (2005: HK$1,785,000) divided
by the weighted average number of 1,568,936,989 (2005: 1,332,766,711)
shares in issue during the period after adjusting for the effects of
all dilutive potential shares.
3 Exceptional gain in 2005
The Group recorded an exceptional gain on deemed disposal of an
associate of HK$116,571,000 in 2005 as a result of the initial public
offering of a former associate company on the NASDAQ Global Market
in 2005.
4 Convertible bonds
A principal amount of HK$116,000,000 remains oustanding as at
30 September 2006 under the convertible bond issued by the Company
on 6 September 2004.
The coupon interest rate of the convertible bonds is 1% per annum, and
the convertible bonds will mature in three years subsequent to the date
of issue. The outstanding principal amount of the convertible bonds may
be converted into ordinary shares of the Company at HK$1.90 per share
at any time prior to the date of maturity, subject to adjustments in
certain circumstances.
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