KING PACIFIC<0072> - Results Announcement
King Pacific International Holdings Limited announced on 22/10/1999:
(stock code: 72)
The accounts which contain the following results are qualified by
the Company's auditor. For more details, please refer to the press
announcement to be issued by the Company on 25/10/1999.
Year end date: 31/3/1999
Currency: HK$
Last
Current Corresponding
Period Period
from 1/4/1998 from 1/4/1997
to 31/3/1999 to 31/3/1998
('000) ('000)
Turnover/Interest Income : 1,733,509 3,292,772
Profit-Continuing Operations
- Operating Profit/(Loss) : (56,415) (2,661)
- Exceptional Items : (132,880) 20,225
- Discontinued Operations : - -
Total Operating Profit/(Loss) : (189,295) 17,564
Share of Profit/(Loss) of
Associated Companies : (13,056) (5,322)
Profit/(Loss) after Tax & MI : (200,843) 10,812
% Change over Last Period : N/A
EPS/(LPS)-Basic : (30.04 cents) 1.76 cents
-Diluted : N/A 1.72 cents
Extraordinary (ETD) Gain/(Loss) : - -
Profit/(Loss) after ETD Items : (200,843) 10,812
Final Dividend per Share : Nil Nil
(Specify if with other options) : Nil Nil
B/C Dates for Final Dividend : Nil
Payable Date : Nil
B/C Dates for (-) General Meeting : Nil
Other Distribution for Current Period : Nil
B/C Dates for Other Distribution : Nil
Remarks:
(1) Exceptional Items
1999 1998
HK$'000 HK$'000
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
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2. 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
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