VC HOLDINGS<08101> - Results Announcement
Value Convergence Holdings Limited announced on 13/11/2006:
(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 30/09/2006 to 30/09/2005
Note ('000 ) ('000 )
Turnover 2 : 125,665 77,440
Profit/(Loss) from Operations : 40,616 11,807
Finance cost : (23,146) (8,413)
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 : 17,470 3,394
% Change over Last Period : +414.7 %
EPS/(LPS)-Basic (in dollars) 4 : 0.0694 0.0139
-Diluted (in dollars) 4 : 0.0679 0.0137
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 17,470 3,394
3rd Quarter Dividend 5 : N/A N/A
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
3rd 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 and 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
The unaudited consolidated financial statements have been prepared on
the historical cost basis except for certain financial instruments,
which are measured at fair values.
The consolidated financial statements have been prepared in accordance
with Hong Kong Financial Reporting Standards issued by the Hong Kong
Institute of Certified Public Accountants. In addition, the
consolidated financial statements include applicable disclosures
required by the Rules Governing the Listing of Securities on the GEM of
the Stock Exchange and by the Hong Kong Companies Ordinance.
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 nine months ended 30th September 2006 were
offset by the unused tax losses (nine months ended 30th September 2005:
Nil).
As at 30th September 2006, the Group had estimated unused tax losses of
approximately HK$140,037,000 (30th September 2005: HK$165,842,000) to
carry forward against future taxation income. These estimated tax
losses have no expiry date but are subject to the approval of the Hong
Kong Inland Revenue Department.
4. Earnings per share
The calculation of the basic and diluted earnings per share is based on
the following data:
Nine months ended 30th September
2006 2005
HK$'000 HK$'000
Earnings
Earnings for the purposes of basic and
diluted earnings per share 17,470 3,394
======= =======
'000 '000
Number of shares
Weighted average number of
ordinary shares for the purposes of
basic earnings per share 251,653 244,591
Effect of dilutive potential ordinary shares:
Share options 5,700 3,902
------- -------
Weighted average number of ordinary
shares for the purposes of diluted
earnings per share 257,353 248,493
======= =======
5. DIVIDEND
No dividends had been paid or declared by the Company for the nine
months ended 30th September 2006 (nine months ended 30th September 2005
: Nil).
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