KWONG SANG HONG<0189> - Results Announcement
The Kwong Sang Hong International Limited announced on 6/3/2001:
(stock code: 189)
Year end date: 30/11/2000
Currency: HK$ (Audited)
(Audited) Last
Current Corresponding
Period Period
from 1/12/1999 from 1/12/1998
to 30/11/2000 to 30/11/1999
('000) ('000)
Turnover : 97,528 247,125
Profit/(Loss) from Operations : (409,777) 30,614
Finance cost : (1,416) (3,399)
Share of Profit/(Loss) of Associates : 2,327 (28,400)
Share of Profit/(Loss) of
Jointly Controlled Entities : NIL NIL
Profit/(Loss) after Tax & MI : (434,815) (4,424)
% Change over Last Period : N/A
EPS/(LPS)-Basic : (55 cents) (0.7 cent)
-Diluted : N/A N/A
Extraordinary (ETD) Gain/(Loss) : NIL NIL
Profit/(Loss) after ETD Items : (434,815) (4,424)
Final Dividend per Share : NIL NIL
(Specify if with other options) : - -
B/C Dates for Final 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 properties, property rental income and cosmetics goods sold
to outside customers less returns. Dividend income previously included in
turnover for the year ended 30th November, 1999 has been excluded from
turnover to conform with the presentation of current year.
2. Segmental Information
An analysis of the Group's turnover and contribution to (loss)/profit from
operations by principal activities and geographical markets is as follows:
Contribution to (loss)/profit
Turnover from operations
2000 1999 2000 1999
HK$'000 HK$'000 HK$'000 HK$'000
Principal activities:
Property trading 62,774 210,080 378 46,118
Property rental 29,692 31,439 17,904 17,306
Cosmetics sales 5,062 5,606 1,090 3,458
-----------------------------------------------
97,528 247,125 19,372 66,882
===============
Other revenue 8,638 12,700
Selling & marketing expenses (1,729) (3,666)
Administrative Expenses (15,525) (25,464)
Other operating expenses (418) (13,783)
Impairment loss recognised in respect of
properties held for sale (10,115) (6,055)
Impairment loss & aborted costs
recognised in respect of properties
held for development (410,000) -
------------------------
(Loss)/profit from operations (409,777) 30,614
========================
Geographical markets:
Hong Kong 80,931 232,108 5,013 55,047
Other regions in the People's
Republic of China (the "PRC")
16,597 15,017 14,359 11,835
------------------------------------------------
97,528 247,125 19,372 66,882
================
Other revenue 8,638 12,700
Selling & marketing expenses (1,729) (3,666)
Administrative expenses (15,525) (25,464)
Other operating expenses (418) (13,783)
Impairment loss recognised in respect of
properties held for sale (10,115) (6,055)
Impairment loss & aborted costs
recognised in respect of properties
held for development (410,000) -
------------------------
(409,777) 30,614
========================
3. Staff expenses and depreciation
Year ended 30th November,
2000 1999
HK$'000
Staff expenses
- Selling & marketing expenses 184 150
- Administrative expenses 6,231 8,007
---------------------
6,415 8,157
=====================
Depreciation
- Selling & marketing expenses 115 396
- Administrative expenses 38 54
---------------------
153 450
======================
4. Taxation
Year ended 30th November,
2000 1999
HK$'000 HK$'000
The charge comprises :
Company and subsidiaries
- Hong Kong
current year 3,059 12,938
prior years (2,674) -
tax rebates - (1,012)
- Other than Hong Kong (421) 136
-----------------------
(36) 12,062
======================
Associates
- Hong Kong 232 279
- Other than Hong Kong 25 1,233
---------------------
257 1,512
----------------------
221 13,574
======================
Hong Kong Profits Tax has been provided for at the rate of 16% on the
estimated assessable profits for the year. Taxation on profits of
subsidiaries and associates arising outside 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.
No provision for deferred taxation has been recognised in the financial
statements as the amount involved is not significant.
5. Loss per share
The calculation of the basic loss per share is based on the loss
attributable to shareholders of HK$434,815,000 (1999: HK$4,424,000) and on
the weighted average number of 790,493,050 (1999: 613,496,416) ordinary
shares in issue during the year.
6. Consolidated statement of recognised gains and losses
Year ended 30th November,
2000 1999
HK$'000 HK$'000
Exchange differences arising on
translation of overseas operations 12 473
Share of associates' exchange
differences arising on translation of
overseas operations 368 300
----------------------
Net gains not recognised in the consolidated
income statement 380 773
Loss attributable to shareholders (434,815) (4,424)
-----------------------
Total recognised losses (434,435) (3,651)
=======================
7. Movement on Share Premium
During the year, the Company issued 346,403,000 ordinary shares and raised
approximately HK$179.4 million (net of expenses) and the share premium
account was thereby increased by HK$40.86 million.
8. Other operating expenses
Year ended 30th November,
2000 1999
HK$'000 HK$'000
(Deficit)/surplus on revaluation of
investment properties (1,911) 5,367
Gain/(loss) on disposal of investment
properties 2,732 (17,276)
Legal expenses in respect of lawsuits (1,239) (1,874)
------------------------
(418) (13,783)
========================
9. Impairment loss and aborted costs recognised in respect of properties
held for development.
As a result of a decrease in development value, an impairment loss and
aborted costs of HK$410 million was provided for the Group's property
under development project in Hong Kong.
10. Investment income
Investment income represents interest income of HK$8.3 million (1999:
HK$7.4 million) less/add unrealised holding loss on listed and unlisted
other investments of HK$5.4 million (1999: gain of HK$6.6 million).
11. Comparative figures
Certain comparative figures have been reclassified to conform with the
current year's presentation.
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