JF FURNISHINGS<08310> - Results Announcement (Q3, 2006, Summary)
JF Household Furnishing Limited announced on 13/11/2006:
(stock code: 08310 )
Year end date :31/12/2006
Currency :HKD
Auditors' report :N/A
3rd 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 30/09/2006 to 30/09/2005
$'000 $'000
Turnover : 120,976 146,680
Profit/(Loss) from Operations : 16,331 22,531
Finance cost : (730) (912)
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 : 10,734 18,724
% Change Over the Last Period : -42.67%
EPS / (LPS)
Basic (in dollar) : HKD 0.0636 HKD 0.1486
Diluted (in dollar) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit (Loss) after ETD Items : 10,734 18,724
3rd Quarter Dividends per Share : NIL NIL
(specify if with other options) : N/A N/A
B/C Dates for 3rd 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 Furnishing Limited
Signature :
Name : Mr. David Cheung
Title : Financial Controller
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. Company reorganisation and basis of preparation
The Company was incorporated as an exempted company with limited
liability in the Cayman Islands on 19 January 2005 under the Companies
Law, Cap 22 (Law 3 of 1961, as consolidated and revised) of the Cayman
Islands. Pursuant to a group reorganisation, further details of which
are set out in the paragraph headed "Corporate Reorganisation" in the
section headed "Further information about the Company" in Appendix V
to the prospectus of the Company dated 5 October 2005 (the "Corporate
Reorganisation"), the Company became the holding company of the
subsidiaries of the Group. The shares of the Company are listed on
GEM.
The Group resulting from the Corporate Reorganisation is regarded as a
continuing entity. Accordingly, the unaudited financial statements of
the Group made up to 30 September 2006 and 30 September 2005 have been
prepared on the basis as if the Company had always been the holding
company of the Group using the principles of merger accounting in
accordance with the Accounting Guideline 5 "Merger Accounting for
Common Control Combinations" issued by the Hong Kong Institute of
Certified Public Accountants (the "HKICPA"). In the opinion of the
directors, the group financial statements prepared on the above basis
present fairly the results and the state of affairs of the Group as a
whole.
2. 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 GEM Listing Rules and the disclosure
requirements of the Hong Kong Companies Ordinance.
The accounting policies adopted in preparing the unaudited
consolidated results for the nine months ended 30 September 2006 are
consistent with those followed in the preparation of the Group's
annual financial statements for the year ended 31 December 2005.
3. Turnover
The Group is principally engaged in manufacturing and sales of
furnishings and home products and accessories primarily used in the
rooms, kitchens and bathroom. Turnover represents invoiced value of
goods sold, net of value-added tax, and after allowance for goods
returned and trade discounts.
4. Other Revenue
Other revenues include an one-off grant of HK$1.93 million (RMB 2.0
million) in the first quarter of 2006 by the Yuyao government for
encouraging product development of the Group.
5. Dividends
The Directors do not recommend the payment of dividend for the nine
months ended 30 September 2006. (2005: Nil)
6. Earnings per share
The calculation of basic earnings per share is based on the
consolidated profit attributable to shareholders during the nine month
period ending 30 September 2006 of approximately HK$10.7 million
(2005: approximately HK$18.7 million) and weighted average of
168,693,388 ordinary shares of the Company during the nine months
ended 30 September 2006, (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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