KWONG SANG HONG<0189> - Results Announcement
The Kwong Sang Hong International Limited announced on 29/8/2000:
(stock code: 189)
Year end date: 30/11/2000
Currency: HKD (Unaudited)
(Unaudited) Last
Current Corresponding
Period Period
from 1/12/1999 from 1/12/1998
to 31/5/2000 to 31/5/1999
('000) ('000)
Turnover
- Continuing : 48,309 24,723
- Discontinued : NIL NIL
Operating Profit/(Loss)
- Continuing : 8,154 2,640
- Discontinued : NIL NIL
Total Operating Profit/(Loss) : 8,154 2,640
Share of Profit/(Loss) of
Associated Companies : 1,598 2,007
Share of Profit/(Loss) of
Jointly Controlled Entities : NIL NIL
Profit/(Loss) after Tax & MI : (11,197) 469
% Change over Last Period : N/A
EPS/(LPS)-Basic : (1.68 cents) 0.08 cent
-Diluted : N/A N/A
Extraordinary (ETD) Gain/(Loss) : NIL NIL
Profit/(Loss) after ETD Items : (11,197) 469
Interim Dividend per Share : NIL NIL
(Specify if with other options) : - -
B/C Dates for Interim Dividend : N/A
Payable Date : N/A
B/C Dates for (-) General Meeting : N/A
Other Distribution for Current Period : N/A
B/C Dates for Other Distribution : N/A
Remarks:
1. Turnover
Turnover represents the aggregate of amounts received and receivable from
the sales of trading properties, property rental income, and cosmetics
goods sold to outside customers less returns. Sales proceed and cost of
investment properties previously included in turnover and cost of sales
for the period ended 31st May 1999 have been reclassified to gain/(loss)
on disposal of investment properties to conform with the presentation of
the current period and 1999 audited annual financial statements.
2. Staff expenses and depreciation
Six months ended 31st May
2000 1999
HK$'000 HK$'000
Staff expenses
- Selling & marketing expenses 122 76
- Administrative expenses 3,438 5,121
-------------------------
3,560 5,197
=========================
Depreciation
- Selling & marketing expenses 88 230
- Administrative expenses 22 29
-------------------------
110 259
=========================
3. Taxation
Six months ended 31st May,
2000 1999
As restated
HK$'000 HK$'000
The charge comprises:
Company and subsidiaries
- Hong Kong
current year 1,540 872
tax rebates - (844)
- Other than Hong Kong - 192
--------------------------
1,540 220
==========================
Associates
- Hong Kong profits tax 109 144
- Other than Hong Kong 9 817
--------------------------
118 961
--------------------------
1,658 1,181
==========================
Hong Kong Profits Tax has been provided for at the rate of 16% (1999: 16%)
on the estimated assessable profits for the period. Taxation on profits
of subsidiaries and associates other than Hong Kong has been provided for
in accordance with the relevant local jurisdictions.
Hong Kong Profits Tax rebates represent 10% rebate in respect of the
1997/98 final assessments of Hong Kong Profits Tax. The amount was
previously classified as other income.
No provision for deferred taxation has been recognised in the financial
statements as the amount involved is not significant.
4. (Loss)/earnings per share
The calculation of the loss per share (period ended 31st May, 1999:
earnings per share) is based on the loss for the period of HK$11,197,000
(period ended 31st May, 1999: profit of HK$469,000) and on the weighted
average number of 665,407,531 (period ended 31st May, 1999: 613,496,416)
ordinary shares in issue during the period.
5. Consolidated statement of recognised gains and losses
Six months ended 31st May,
2000
HK$'000
Exchange differences arising on translation of financial
Statements of subsidiaries and associates other than
Hong Kong 645
--------
Net gains not recognised in the consolidated income
Statement 645
(Loss) attributable to shareholders (11,197)
--------
Total recognised (losses) (10,552)
========
6. Movement on share premium
In March 2000, the Company issued 122,699,000 ordinary shares at HK$0.59 each
and raised approximately HK$71 million (net of expense) and the share premium
account was thereby increased by HK$21,585,000 during the period.
7. Investment (expense)/income
Investment (expense)/income represents interest income of HK$3,722,000
(1999: HK$5,204,000) less/add unrealised holding loss on listed and unlisted
other investments of HK$4,806,000 (1999: gain HK$1,118,000).
8. Loss on disposal of an associate
The loss on disposal of an associate represents an exchange loss realised
on disposal of Dynasty Villas, Shanghai.
9. Provision for amounts due from associates
This represents reduction in value on advance to associates as a result of
share of loss sustained by associates. Comparative figures of share of
results of associates in 1999 have been reclassified to conform with the
presentation of the current period and 1999 audited annual financial
statement.
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