KWONG SANG HONG<00189> - Results Announcement (Summary)
The Kwong Sang Hong International Limited announced on 12/8/2002:
(stock code: 189)
Year end date: 30/11/2002
Currency: HK$
Auditors' Report: N/A
Review of Interim Report by: Both Audit Committee and Auditors
(Unaudited)
(Unaudited) Last
Current Corresponding
Period Period
from 1/12/2001 from 1/12/2000
to 31/5/2002 to 31/5/2001
('000) ('000)
Turnover : 24,940 66,848
Profit/(Loss) from Operations : 1,562 (47,496)
Finance cost : (805) (679)
Share of Profit/(Loss) of Associates : (1,572) 864
Share of Profit/(Loss) of
Jointly Controlled Entities : Nil Nil
Profit/(Loss) after Tax & MI : (929) (11,151)
% Change over Last Period : N/A
EPS/(LPS)-Basic : (0.10 cent) (1.16 cents)
-Diluted : N/A N/A
Extraordinary (ETD) Gain/(Loss) : Nil Nil
Profit/(Loss) after ETD Items : (929) (11,151)
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. Basis of presentation and comparative figures
The condensed financial statements have been prepared under the historical
cost convention, as modified for the revaluation of investment properties
and other investments. The accounting policies adopted are consistent
with those followed in the preparation of the Group's annual financial
statements for the year ended 30th November, 2001, except as described
below.
During the period, the Group has adopted the Statement of Standard
Accounting Practice ("SSAP") 1 (Revised) "Presentation of Financial
Statements" issued by the Hong Kong Society of Accountants in advance of
their effective dates. The revised standards have introduced revised
disclosure requirements which have been adopted in these condensed
financial statements. Comparative amounts for the prior period have been
restated in order to achieve a consistent presentation.
2. Turnover
Turnover represents the aggregate of amounts received and receivable from
sales of properties, property rental income and cosmetics goods sold to
outside customers less returns.
3. Segment information
Business segments
Property development Property leasing Cosmetics
Six months ended Six months ended Six months ended
31st May, 31st May, 31st May,
2002 2001 2002 2001 2002 2001
HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000
Segment revenue
9,183 53,843 12,629 11,005 3,128 2,000
=====================================================================
Segment result
(2,578) (43,404) 9,746 8,437 727 742
=====================================================================
Other losses
(3,868) (347) - (946) - -
Share of results of associates
(23) (286) - - (1,073) (41)
Other operations Consolidated
Six months ended 31st May, Six months ended 31st May,
2002 2001 2002 2001
HK$'000 HK$'000 HK$'000 HK$'000
Segment revenue
- - 24,940 66,848
==============================================================
Segment result
- - 7,895 (34,225)
===================================
Unallocated corporate expenses (6,333) (13,271)
-------------------------
Profit (Loss) from operations 1,562 (47,496)
Finance costs (805) (679)
Investment income 3,923 13,689
Other losses
(1) 3 (3,869) (1,290)
Share of results of associates
(476) 1,191 (1,572) 864
--------------------------
Loss before taxation (761) (34,912)
Taxation (886) 24,306
-------------------------
Loss after taxation (1,647) (10,606)
=========================
Geographical segments
Revenue by Contribution to
geographical markets profit (loss) from operations
Six months ended 31st May, Six months ended 31st May,
2002 2001 2002 2001
HK$'000 HK$'000 HK$'000 HK$'000
Hong Kong
16,514 58,140 (4,835) (54,257)
Elsewhere in the PRC
8,426 8,708 6,397 6,761
-------------------------------------------------------------------------
24,940 66,848 1,562 (47,496)
=========================================================================
4. Condensed consolidated statement of changes in equity
Share Share Contributed
capital premium surplus
HK$'000 HK$'000 HK$'000
At 1st December, 2000 383,960 681,650 437,153
Exchange adjustment, net of
minority interests - - -
Share of associates' reserves
movement during the year - - -
Loss for the year - - -
----------------------------------------------------------------------
At 30th November, 2001
383,960 681,650 437,153
Exchange adjustment, net of
minority interests - - -
Share of associates' reserves
movement during the period - - -
Loss for the period - - -
----------------------------------------------------------------------
At 31st May, 2002 383,960 681,650 437,153
========================================================================
Exchange Accumulated
reserve profits Total
HK$'000 HK$'000 HK$'000
At 1st December, 2000
1,348 208,903 1,713,014
Exchange adjustment, net of
minority interests
1,110 - 1,110
Share of associates' reserves
movement during the year
173 - 173
Loss for the year
- (70,972) (70,972)
---------------------------------------------------------
At 30th November, 2001
2,631 137,931 1,643,325
Exchange adjustment, net of
minority interests
(52) - (52)
Share of associates' reserves
movement during the period
(589) - (589)
Loss for the period
- (929) (929)
---------------------------------------------------------
At 31st May, 2002
1,990 137,002 1,641,755
==========================================================
5. Staff expenses and depreciation
Six months ended 31st May,
2002 2001
HK$'000 HK$'000
Staff expenses
- Selling & marketing expenses (130) (119)
- Administrative expenses (2,434) (3,350)
---------------------------------
(2,564) (3,469)
================================
Depreciation
- Selling & marketing expenses (48) (1)
- Administrative expenses (22) (17)
---------------------------------
(70) (18)
================================
6. Other operating expenses
Six months ended 31st May,
2002 2001
HK$'000 HK$'000
Gain on disposal of investment properties
- 56
Legal expenses in respect of lawsuits
(1,846) (7,883)
-------------------------------
(1,846) (7,827)
================================
During the period, the legal expenses were incurred for legal disputes in
respect of property development projects in Hong Kong and the PRC.
7. Investment income
Six months ended 31st May,
2002 2001
HK$'000 HK$'000
Interest income 1,509 7,610
Unrealised holding gain on other investments
1,408 5,073
Dividend income from other investments
1,006 1,006
-------------------------------
3,923 13,689
===============================
8. Other losses
Six months ended 31st May,
2002 2001
HK$'000 HK$'000
Impairment loss on interest in associates
(3,869) (1,290)
===============================
9. Taxation
Six months ended 31st May,
2002 2001
HK$'000 HK$'000
The (charge) credit comprises:
Company and subsidiaries
- Hong Kong
current period (796) (846)
overprovision for prior years
5 25,283
--------------------------------
(791) 24,437
--------------------------------
Associates
- Hong Kong (80) (121)
- Other than Hong Kong (15) (10)
--------------------------------
(95) (131)
--------------------------------
(886) 24,306
================================
Hong Kong Profits Tax has been provided for at the rate of 16% on the
estimated assessable profits for the period. Taxation on profits of
subsidiaries and associates arising outside Hong Kong has been provided
for in accordance with the relevant local jurisdictions. The taxation
credit in 2001 mainly represents a reversal of provision made upon refund
of tax paid in previous years at the final resolution of an outstanding
tax dispute.
No provision for deferred taxation has been recognised in the financial
statements as the amount involved is not significant.
Deferred tax has not been recognised in respect of the surplus or deficit
arising on the revaluation of investment properties and investment
securities as profits or losses arising on the disposal of these assets
would not be assessable or allowable for tax purpose. Accordingly, the
revaluation does not constitute a timing difference for tax purposes.
10. Loss per share
The calculation of the loss per share is based on the loss attributable to
shareholders for the six months ended 31st May, 2002 of HK$929,000 (period
ended 31st May, 2001: HK$11,151,000) and on the 959,899,416 (period ended
31st May, 2001: 959,899,416) ordinary shares in issue throughout the
period.
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