401 HOLDINGS<00401> - Results Announcement (Summary)
401 Holdings Limited announced on 26/7/2002:
(stock code: 401)
Year end date: 31/3/2002
Currency: HKD
Auditors' Report: Modified
Review of Interim Report by: N/A
(Audited)
(Audited) Last
Current Corresponding
Period Period
from 1/4/2001 from 1/4/2000
to 31/3/2002 to 31/3/2001
('000) ('000)
(Restated)
Turnover : 22,844 165,343
Profit/(Loss) from Operations : (92,676) (249,588)
Finance cost : (3,228) (4,876)
Share of Profit/(Loss) of Associates : 53 (973)
Share of Profit/(Loss) of
Jointly Controlled Entities : - -
Profit/(Loss) after Tax & MI : (101,364) (243,200)
% Change over Last Period : N/A
EPS/(LPS)-Basic : (0.70 cent) (2.24 cents)
-Diluted : N/A N/A
Extraordinary (ETD) Gain/(Loss) : - -
Profit/(Loss) after ETD Items : (101,364) (243,200)
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 : -
B/C Dates for Other Distribution : N/A
Remarks:
1. OPERATING LOSS
The operating loss is stated after crediting and charging the following
and other charges in Remark 2:
2002 2001
HK$'000 HK$'000
Crediting
Interest income 945 2,353
Gross rental income from properties 3,114 934
Less : Outgoings 1,803 353
Net rental income from properties 1,311 581
Net exchange gain - 191
Charging
Auditors' remuneration
- current year 361 798
- under provision in prior year - 185
Depreciation of owned fixed assets 1,591 1,481
Depreciation of fixed assets held under finance leases
- 3,880
Net exchange loss 26 -
Operating lease rentals in respect of land and buildings
4,008 5,528
Operating lease rentals in respect of plant and machinery
305 387
Staff costs excluding directors' emoluments
16,005 42,243
2. OTHER CHARGES
2002 2001
HK$'000 HK$'000
Waiver of debts 201 8,928
Provision for bad and doubtful debts (11,940) (26,404)
Gain on disposal of subsidiaries 6,779 6,607
Loss on disposal and write off of fixed assets
(1,951) (3,571)
Net realised loss on disposal of investment securities
- (2,157)
Impairment loss on investment securities
(21,287) (90,830)
Provision for diminution in value of inventories
(1,898) -
Impairment loss on fixed assets (125) -
Provision for diminution in value of properties for sale
(3,449) (780)
Impairment of goodwill recognised upon the adoption of SSAP 31
- (41,543)
------------------------
(33,670) (149,750)
========================
3. LOSS PER SHARE
The calculation of basic loss per share is based on the following data:
2002 2001
HK$'000 HK$'000
(restated)
Loss
Net loss for the year 101,364 243,200
Dividend for preference shares 636 776
-----------------------
Loss for the purpose of basic loss per share
102,000 243,976
=======================
Number of shares
Weighted average number of shares
for the purpose of basic loss per share
14,528,227,063 10,872,009,615
======================================
Basic loss per share
Current year/prior year as previously reported
0.70 cents 1.86 cents
==================================
As retrospectively restated 0.70 cents 2.24 cents
==================================
Diluted loss per share for the year has not been presented as the effect
of any dilution is anti-dilutive.
In the current year, the Group has adopted a number of new Statements of
Standard Accounting Practice (SSAPs). Adoption of these standards has led
to a number of changes in the Group's accounting policies. In addition,
the new standards have introduced additional and revised disclosure
requirements which have been adopted in these financial statements.
Comparative amounts for the prior year have been restated in order to
achieve a consistent presentation.
For more details, please refer to the press announcement today.
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