YUE FUNG INT'L<00965> - Results Announcement (Summary)
Yue Fung International Group Holding Limited announced on 27/9/2002:
(stock code: 965)
Year end date: 31/5/2002
Currency: HKD
Auditors' Report: Unqualified
Review of Interim Report by: N/A
(Audited)
(Audited) Last
Current Corresponding
Period Period
from 1/6/2001 from 1/6/2000
to 31/5/2002 to 31/5/2001
('000) ('000)
(Restated)
Turnover : 425,666 338,534
Profit from Operations : 36,924 17,773
Finance cost : (8,102) (10,979)
Share of Profit/(Loss) of Associates : - -
Share of Profit/(Loss) of
Jointly Controlled Entities : - -
Profit after Tax & MI : 23,042 3,213
% Change over Last Period : +617.1%
EPS -Basic : $1.24 $0.83
-Diluted : $1.24 $0.82
Extraordinary (ETD) Gain/(Loss) : - -
Profit after ETD Items : 23,042 3,213
Final Dividend per Share : NIL NIL
(Specify if with other options) : N/A N/A
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. In accordance with the requirements of Hong Kong Statement of Standard
Accounting Practice ("HKSSAP") no.31 "Impairment of assets" and the
transitional provisions of HKSSAP 30 "Business combinations", a prior year
adjustment has been made concerning the impairment of goodwill arising
prior to the adoption of HKSSAP 30 which was eliminated against reserves.
The adjustment, which represents a change in accounting policy, has been
applied retrospectively in accordance with HKSSAP 2 "Net profit or loss
for the period, fundamental errors and changes in accounting policies".
Goodwill in the amount of HK$37,981,000 was impaired in the prior year.
Due to this change in accounting policy, the Group's profit from operating
activities and net profit from ordinary activities attributable to
shareholders for the year then ended were decreased by HK$37,981,000 to
HK$17,773,000 and HK$3,213,000, respectively.
2. The calculation of basic earnings per share and diluted earnings per
share in the prior year have been adjusted to reflect the share
consolidation after the balance sheet date, which was approved by the
shareholders at the special general meeting held on 27 September 2002.
The calculation of basic earnings per share is based on the net profit
from ordinary activities attributable to shareholders for the year of
HK$23,042,000 (2001: HK$3,213,000) and the weighted average of 18,573,000
(2001: 3,877,000) ordinary shares in issue during the year, adjusted to
reflect the rights issue during the year and the share consolidation after
the balance sheet date.
The calculation of diluted earnings per share is based on the net profit
from ordinary activities attributable to shareholders for the year of
HK$23,042,000 (2001: HK$3,213,000) and the weighted average of 18,588,000
(2001: 3,916,000) ordinary shares, as further detailed below.
A reconciliation of the weighted average number of shares used in basic
earnings per share calculation to that used in the diluted earnings per
share calculation is as follows:
2002 2001
Weighted average number of shares used in
basic earnings per share calculation 18,573,000 3,877,000
Weighted average number of shares assumed
to have been issued on the deemed
exercise of all options outstanding during the year,
adjusted to reflect the rights issue during the year
and the share consolidation after the balance sheet date
15,000 39,000
__________ _________
Weighted average number of shares used in
the diluted earnings per share calculation 18,588,000 3,916,000
__________ _________
__________ _________
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