PEAKTOP INT'L<0925> - Results Announcement
Peaktop International Holdings Limited announced on 26/5/1999:
(stock codes: Ord: 925 & War: 1178)
Year end date: 31/12/1998
Currency: HKD
Last
Current Corresponding
Period Period
from 1/1/1998 from 1/1/1997
to 31/12/1998 to 31/12/1997
Turnover : 325,016,000 367,622,000
Profit-Continuing Operations
- Operating Profit/(Loss) : 28,214,000 42,810,000
- Exceptional Items : N/A N/A
- Discontinued Operations : N/A N/A
Total Operating Profit/(Loss) : 28,214,000 42,810,000
Share of Profit/(Loss) of
Associated Companies : (2,000) N/A
Profit/(Loss) after Tax & MI : 24,069,000 38,539,000
% Change over Last Period : -37.5%
EPS/(LPS)-Basic : 9.3 cents 20.72 cents
-Diluted : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 24,069,000 38,539,000
Final Dividend per Share : 3 cents Nil
(Specify if with other options) : N/A N/A
B/C Dates for Final Dividend : 22/6/1999 to 28/6/1999 bdi.
Payable Date : 5/7/1999
B/C Dates for Annual General Meeting : 22/6/1999 to 28/6/1999 bdi.
Other Distribution for Current Period : N/A
B/C Dates for Other Distribution : N/A
Remarks:
(1) Basis of presentation and consolidation
The consolidation financial statements have been prepared using the merger
basis of accounting. Under this basis, the Company has been treated as
the holding company of its subsidiaries for the financial years presented
rather than from the date of their acquisition pursuant to the Group
reorganization on 20 December 1997. Accordingly, the consolidated results
of the Group for the years ended 31 December 1997 and 1998 include the
results of the Company and its subsidiaries with effect from 1 January
1997 or since their respective dates of incorporation, where this is a
shorter period.
(2) Earnings per share
The calculation of earnings per share is based on the net profit
attributable to shareholders for the year of HK$24,069,000 (1997:
HK$38,539,000) and the weighted average of 245,621,918 ordinary shares
(1997: 186,000,000 ordinary shares) in issue during the year.
Diluted earnings per share has not been calculated as no diluting events
existed during 1998 and 1997.
The comparative number of shares used to calculate the 1997 earnings per
share represents the pro forma issued share capital of the Company
comprising 1,000,000 shares issued nil-paid on incorporation of the
Company, 1,000,000 shares issued for the acquisition of the entire issued
share capital of Peaktop Investment Holdings (B.V.I.) Limited and the
capitalization issue of 184,000,000 shares, based on the assumption that
all of these shares had been in issue throughout 1997.
(3) Dividend
1998 1997
HK$'000 HK$'000
Special dividend - 25,000
Proposed final dividend 7,440 -
------- --------
7,440 25,000
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The directors recommend the payment of a final dividend of HK3 cents per
share in respect of the year ended 31 December 1998 to all shareholders
whose names appear on the register of members of the Company on 28 June
1999.
The 1997 special dividend of HK$25,000,000 was proposed and paid by
certain subsidiaries of the Group to their then shareholders prior to the
Group reorganization.
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