BEIJING YANHUA<00325> - Results Announcement (Summary)
Sinopec Beijing Yanhua Petrochemical Company Limited announced on
13/8/2002:
(stock code: 325)
Year end date: 31/12/2002
Currency: RMB
Auditors' Report: N/A
Review of Interim Report by: Auditors
(Unaudited)
(Unaudited) Last
Current Corresponding
Period Period
from 1/1/2002 from 1/1/2001
to 30/6/2002 to 30/6/2001
('000) ('000)
Turnover : 4,207,354 4,045,629
Profit/(Loss) from Operations : 178,400 178,150
Finance cost : (113,207) (50,529)
Share of Profit/(Loss) of Associates : N/A N/A
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : 33,074 73,193
% Change over Last Period : -54.8%
EPS/(LPS)-Basic : RMB0.010 RMB0.022
-Diluted : - -
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 33,074 73,193
Interim Dividend per H 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) The profit from operations for the six-month period ended 30 June 2002
was restated by the following two adjustments:
(1) The other expenses excluding the employee reduction expenses was
reclassified from a separate item under profit from operations to the
item above profit from operations;
(2) Reversal of the amortization of land use right during the period
RMB'000
Profit from operations:
Profit from operations as previously reported: 165,690
(1) Less:
Other expenses as previously reported 14,182
Employee reduction expenses (18,378)
--------
Other expenses as restated (4,196) 4,196
(2) Add:
Reversal of the amortization of land use
right during the period 8,264
------
Profit from operations as restated 178,150
========
(2) RMB'000
Profit after tax:
Profit after tax as previously reported 67,656
Reversal of the amortization of land use
right during the period 8,264
Deferred tax effect on the reversal of amortization (2,727)
--------
Profit after tax as restated 73,193
========
Effective 1 January 2002, the Company restated the land use rights at
historical cost and reversed the entire revaluation surplus on land use
rights. In previous years, land use rights were recognised in the balance
sheet at the revalued amount and amortised on a straight line basis over
the period of the rights of 50 years. This change has been accounted for
retrospectively by restating comparatives and adjusting the opening
balances of respective reserves at 1 January 2001.
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