NEW WORLD INFRA<00301> - Results Announcement
New World Infrastructure Limited announced on 20/03/2003:
(stock code: 00301 )
Year end date: 30/06/2003
Currency: HKD
Auditors' Report: N/A
Review of Interim Report by: Audit Committee
(Unaudited )
(Unaudited ) Last
Current Corresponding
Period Period
from 01/07/2002 from 01/07/2001
to 31/12/2002 to 31/12/2001
Note ('000 ) ('000 )
Turnover : 309,366 401,189
Profit/(Loss) from Operations : (139,399) 104,897
Finance cost : (381,153) (420,793)
Share of Profit/(Loss) of
Associates : 105,383 110,931
Share of Profit/(Loss) of
Jointly Controlled Entities : 430,142 352,840
Profit/(Loss) after Tax & MI : (98,165) 100,110
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : (0.1) 0.08
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (98,165) 100,110
Interim Dividend : NIL NIL
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Interim Dividend : N/A
Payable Date : N/A
B/C Dates for (-)
General Meeting : N/A
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
1. Details of items before taxation which are of exceptional nature:
Six months Six months
ended 31.12. ended 31.12.
2002 2001
HK$'000 HK$'000
Continuing operations
Gain on disposal of unlisted
investments 118,541 -
Gain on disposal of subsidiaries 15,514 -
Gain on disposal of jointly
controlled entities - 113,676
Impairment losses on other investments (179,997) (52,139)
Impairment losses on fixed assets (35,000) (77,500)
Loss on disposal of non-trading
securities listed outside Hong Kong (41,749) -
Provision for payments on account of
proposed joint ventures (18,677) (2,340)
========= =========
2. (Loss)/earnings per share
The calculation of (loss)/earnings per share is based on the loss for the
period of HK$98,165,000 (six months ended 31.12.2001: profit attributable
to the shareholders of HK$70,618,000 after adjusting for the interest of
HK$29,492,000 on the mandatorily convertible bonds) and the weighted
average of 952,180,007 (six months ended 31.12.2001: 855,330,742) shares
in issue during the period.
The diluted loss per share for the period is not presented as the Company
has no dilutive potential shares at the period end (six months ended
31.12.2001: n/a).
3. Analysis of turnover and profit/(loss) from operations
Turnover
Six months Six months
ended 31.12.2002 ended 31.12.2001
HK$'000 HK$'000
Continuing operations 13,246 34,814
Discontinuing operations (Note) 296,120 366,375
--------- ---------
309,366 401,189
========= ==========
Profit/(loss) from operations
Six months Six months
ended 31.12.2002 ended 31.12.2001
HK$'000 HK$'000
Continuing operations (205,082) (78,041)
Discontinuing operations (Note) 65,683 182,938
--------- ---------
(139,399) 104,897
========= ==========
Note: During the six months ended 31 December 2002, New World Group
undertook a reorganisation to streamline its organisation structure and to
create a greater business focus among its affiliated businesses. The
reorganisation was completed after the end of this interim period on 29
January 2003. The discontinuing operations represented the Group's
investments in roads, bridges, water treatment, power plant projects (the
"Infrastructure Assets") and investment in Pacific Ports Company Limited
("PPC", renamed NWS Holdings Limited). As part of the reorganisation, the
Company disposed of its investments in Infrastructure Assets to PPC for a
consideration of approximately HK$10,227 million comprising cash, PPC
shares (the "Consideration Share") and undertaking by PPC to pay certain
liabilities of the Group. In addition, the Group converted all preference
shares of PPC into ordinary shares and thereafter distributed all the PPC
ordinary shares including the Consideration Shares to the shareholders of
the Company.
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