VANDA SYSTEMS<00757> - Results Announcement
Vanda System & Communications Holdings Limited announced on 23/7/2003:
(stock code: 00757 )
Year end date: 31/3/2003
Currency: HKD
Auditors' Report: Unqualified
(Audited )
(Audited ) Last
Current Corresponding
Period Period
from 1/4/2002 from 1/4/2001
to 31/3/2003 to 31/3/2002
Note ('000 ) ('000 )
Turnover : 1,024,638 1,103,086
Profit/(Loss) from Operations : (149,452) (164,977)
Finance cost : (18,757) (28,860)
Share of Profit/(Loss) of
Associates : 417 (1,163)
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : (173,815) (191,069)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : (0.412) (0.455)
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (173,815) (191,069)
Final Dividend : NIL NIL
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Final 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. An analysis of turnover and operating profit / (loss) from
continuing operations and discontinued operations
2003 2002
HK$'000 HK$'000
Turnover
Continuing operations 1,024,470 1,085,905
Discontinued operations 168 17,181
---------- ---------
1,024,638 1,103,086
--------- ---------
Profit / (loss) before tax
Continuing operations (169,889) (190,884)
Discontinued operations 2,097 (5,402)
---------- ---------
(167,792) (196,286)
---------- ---------
2. Loss from operating activities
2003 2002
HK$'000 HK$'000
This is arrived at after (charging) and crediting :
Interest income 2,944 7,708
Dividend income from listed investments - 54
Gain on disposal of subsidiaries - 7,339
Gain on disposal of an associate - 561
Loss on disposal/write off of fixed assets (987) (14,488)
Provisions for and write off of bad and doubtful debts
(9,197) (26,425)
Unrealised holding losses on other investments (57,202) (1,091)
Impairment of long term investments (76,361) -
Revaluation deficit of investment properties (8,157) (2,630)
Surrender fee paid for termination of tenancy agreement
(3,469) -
Loss on disposal of subsidiaries (4,690) -
Gain on disposal of discontinued operations 2,747 -
Loss on disposal of an associate (314) -
Compensation for loss of office to directors (2,691) -
Redundancy costs (1,848) (4,815)
Provisions for impairment of deferred development costs
- (4,330)
Amortisation of goodwill on acquisition of subsidiaries
- (2,508)
Impairment of goodwill on acquisition of subsidiaries
- (9,533)
Provision for loss on put option - (10,000)
Loss on disposal of other investments (51) (61)
Impairment of interest in an associate - (237)
Loss on deemed disposal of partial interests in subsidiaries
- (682)
Cost of inventories sold (826,889) (929,891)
Depreciation (12,871) (20,027)
========= ==========
3. Loss per share
The calculation of basic loss per share is based on the net loss from
ordinary activities attributable to shareholders for the year of
HK$173,815,000 (2002: HK$191,069,000), and the weighted average of
421,535,000 (2002: 420,214,000) ordinary shares in issue during the year.
Diluted loss per share amounts for the years ended 31st March, 2003 and
2002 have not been disclosed as the potential ordinary shares of the Group
outstanding during these years had an anti-dilutive effect on the basic
loss per share for these years.
4. Comparative amounts
Certain items included under other operating expenses are either
significant to this year's consolidated profit and loss account or of an
unique one-off nature. Accordingly the Directors consider it more
appropriate to disclose these items on separate line disclosure on the
face of the consolidated profit and loss account and the comparative
amounts have been reclassified to conform with the current year's
presentation.
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