KING PACIFIC<0072> - Announcement
The Stock Exchange of Hong Kong Limited takes no responsibility for
the contents of this announcement, makes no representation as to its
accuracy or completeness and expressly disclaims any liability
whatsoever for any loss howsoever arising from or in reliance upon the
whole or any part of the contents of this announcement.
KING PACIFIC INTERNATIONAL HOLDINGS LIMITED
(Incorporated with limited liability in Bermuda)
Unaudited final results for the year ended 31st March, 1999
The board of Directors (the ``Board'') of King Pacific International
Holdings Limited (the ``Company'') announces that due to delay in
finalising the audited financial statements of the Company and its
subsidiaries (the ``Group'') for the year ended 31st March, 1999, a
meeting of the Board for approving the final results and publication
of the final results in the newspaper, originally scheduled to be held
on 28th August, 1999, has been deferred. The reason for the deferred
is that the Company's auditors need to take further steps in order to
complete the audit.
Further to the Company's announcement dated 28th August, 1999, the
Board now announce the unaudited consolidated final results of the
Group for the year ended 31st March, 1999.
The Group's unaudited consolidated loss attributable to shareholders
for the year ended 31st March, 1999 was approximately HK$200,843,000,
compared with a profit of approximately HK$10,812,000 for the year
ended 31st March, 1998.
The results of the Group for the year ended 31st March, 1999 were
unavoidably affected by the sluggish economic environment under the
sustained impact of the Asian financial turnmoil. Such loss was mainly
attributable to certain provision made as stated in note 1 below.
The audit of the Group is expected to be completed by 24th September,
1999. The audit report may or may not contain a qualified opinion in
respect of the accounts of the Group for the year ended 31st March,
1999.
The audited results is expected to be published on Wednesday, 29th
September, 1999 and the 1999 annual report and accounts will be sent
to shareholders on 30th September, 1999, and the Annual General Meeting
of shareholders will be held on 26th October, 1999.
In the meantime, the Company reminds its shareholders and investors
that the final unaudited results of the Group might be different from
the final audited results. The shareholders and investors of the
Company are advised to exercise caution when dealing in the Company's
shares.
The Group's unaudited consolidated results for the year ended 31st
March, 1999 are as follows:
1999 1998
Notes HK$'000 HK$'000
(unaudited) (audited)
RESULTS
TURNOVER 1,733,509 3,292,772
OPERATING PROFIT/(LOSS) BEFORE
EXCEPTIONAL ITEMS (56,415) (2,661)
Exceptional items 1 (132,880) 20,225
OPERATING PROFIT/(LOSS) (189,295) 17,564
Share of losses, net of profits,
of associated companies (3,477) (4,241)
Share of loss of a jointly
controlled entity (9,579) (1,081)
PROFIT/(LOSS) BEFORE TAXATION (202,351) 12,242
Taxation 2 (454) (2,297)
PROFIT/(LOSS) BEFORE MINORITY INTERESTS (202,805) 9,945
Minority interests 1,962 867
NET PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS (200,843) 10,812
EARNINGS/(LOSS) PER
SHARE 3
Basic (30.04) 1.76
cents cents
Diluted N.A. 1.72 cents
TRANSFER FROM ACCUMULATED LOSSES
TO CAPITAL REDEMPTION RESERVES ON
REPURCHASE OF OWN SHARES 362 100
FINAL DIVIDEND 4 --- ---
Notes:
1. Exceptional Items
1999 1998
HK$'000 HK$,000
(unaudited) (audited)
Provision against interests in associated
companies, other investments and non-recovery
of related loans receivable (62,472) (2,500)
Provision for non-recovery of a deposit (38,630) ---
Provision against other receivable (11,589) ---
Provision for bad and doubtful debts (15,105) ---
Provisions for diminutions in values of
short term investments (5,084) (3,213)
Gain on disposal of associated companies --- 23,275
Gain on disposal of short term investments --- 2,663
(132,880) 20,225
2. Taxation
Hong Kong profits tax has not been provided as the Group did not
generate any assessable profits arising in Hong Kong during the year.
Hong Kong profits tax for 1998 was provided at the rate of 16.5% on
the estimated assessable profits arising in Hong Kong during that year.
Group
1999 1998
HK$'000 HK$,000
(unaudited) (audited)
Provision for taxation in respect of
profits for the year:
Hong Kong --- 1,400
Underprovision in prior year:
Hong Kong 454 897
Taxation charge for the year 454 2,297
No provision for taxation is required in respect of associated
companies and jointly controlled entity as no assessable profits were
earned by the associated companies and jointly controlled entity
during the year.
3. Earnings/(Loss) Per Share
The basic loss per share for the year ended 31st March, 1999 has been
calculated, and the basic and diluted earnings per share for the year
ended 31st March, 1998, have been restated, in accordance with the
provisions of Statement of Standard Accounting Practice No. 5 (revised)
``Earnings per share'' issued by the Hong Kong Society of Accountants
in May 1998.
(a) Basic earnings/(loss) per share
The calculation of basic earnings/(loss) per share is based on the net
loss attributable to shareholders of HK$200,843,324 (1998: net profit
of HK$10,811,549) and the weighted average of 668,556,728 shares (1998:
614,516,881 shares) in issue during the year.
(b) Diluted earnings/(loss) per share
Diluted loss per share for the current year has not been presented as
the effect of any dilution is anti-dilutive.
The calculation of diluted earnings per share in the prior year was
based on the net profit attributable to shareholders of HK$10,811,549
and the weighted average of 626,946,410 shares in issue to reflect the
effect of all dilutive potential shares during that period.
Reconciliation of weighted average number of shares used in
calculation of basic earnings per share and diluted earnings per share:
1998
Weighted average number of shares used in
calculation of basic earnings per share 614,516,881
Deemed issue of shares for no consideration arising
from share options 12,429,529
Weighted average number of shares used in calculation
of diluted earnings per share 626,946,410
4. Dividend
The directors have no intention to recommend the payment of any
dividends in respect of the year ended 31st March, 1999, (1998: Nil).
By order of the Board
Cheng Chao Ming
Managing Director
Hong Kong, 30th August, 1999
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