BAKER GROUP<01190> - Results Announcement (Summary)
Baker Group International Holdings Limited (Provisional Liquidators
Appointed) announced on 14/10/2003:
(stock code: 01190 )
Year end date: 31/05/2003
Currency: HKD
Auditors' Report: N/A
Review of Interim Report by: Neither
(Unaudited )
(Unaudited ) Last
Current Corresponding
Period Period
from 01/06/2002 from 01/06/2001
to 30/11/2002 to 30/11/2001
Note ('000 ) ('000 )
Turnover : 1,401 107,202
Profit/(Loss) from Operations : (3,286) (12,939)
Finance cost : * (7,688)
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 : 192,124 (20,627)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : 0.361 (0.046)
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 192,124 (20,627)
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. Turnover and Segmental Information
The principal activities of the Group are construction, sale of timber
from its timber concessions, trading of machinery and parts, website
development, leasing of machinery, vessels and property investment.
Turnover represents the aggregate of sales value of goods supplied to
customers, rental income, revenue from sales of machinery and revenue form
construction contracts. Revenue excludes sales taxes and is after
deduction of any trade discounts. An analysis of the Group's turnover and
contribution to operating profit/(loss) for the period by principal
activities and markets is as follows:
Profit/(loss)
Turnover from operations
6 months 6 months 6 months 6 months
ended ended ended ended
30.11.2002 30.11.2001 30.11.2002 30.11.2001
HK$'000 HK$'000 HK$'000 HK$'000
(a) Principal activities:
Construction * 103,835 * (6,039)
Machinery, vessels and
property rental * 950 * (3,796)
Sale of machinery and
building materials * - * -
Sales of timber 1,401 2,417 * (10,792)
--------- -------- --------- --------
1,401 107,202 188,724 (20,627)
===== ======= ======= ========
(b)Geographical locations of markets:
Hong Kong * 104,785 * (9,835)
The People's Republic of China * 1,552 * (1,760)
The Republic of Suriname * 865 * (9,032)
--------- -------- -------- --------
1,401 107,202 188,724 (20,627)
===== ======= ======= ========
2. Profit/(Loss) from Operations
6 months 6 months
ended ended
30.11.2002 30.11.2001
(HK$'000) (HK$'000)
Profit/(loss) from operations is
arrived at after charging:
Depreciation 3,298 6,045
Amortization of timber concession
rights - 2,550
3. Gain on Deconsolidation of a Subsidiary and Debt Restructuring
Costs
On 15 July 2002, the High Court of Hong Kong issued a winding up order
against Luen Cheong Tai Construction Company Limited ("LCTC"), a wholly
owned subsidiary of the Company. A winding-up petition had been presented
by Hennabun Resources against LCTC on 18 February 2002. As a consequence
of the loss of control of LCTC, the Company has deconsolidated LCTC as
from 1 June 2002. As a result of the Restructuring Proposal, the Company
has provided for additional liabilities which are expected to be settled
under the proposed Debt Restructuring arrangement.
4. Taxation
The amount of taxation charged to the condensed consolidated profit and
loss account represents:
6 months 6 months
ended ended
30.11.2002 30.11.2001
(HK$'000) (HK$'000)
Hong Kong * -
Overseas * -
---------- ----------
(3,400) -
======= =======
(a) Taxation in the consolidated profit and loss account represents:
Provision for Hong Kong Profits Tax
for the year * -
Under/(over) provision in respect of
prior years * -
---------- ----------
* -
======= =======
Overseas taxation * -
Deferred taxation * -
---------- ----------
(3,400) -
======= =======
(b) Taxation in the consolidated balance sheet represents:
30.11.2002 31.5.2002
HK$'000 HK$'000
Provision for Hong Kong Profits Tax
for the year * *
Balance of Hong Kong Profits Tax
recoverable relating to prior years * *
Tax recoverable for Hong Kong Profits
Tax * *
Tax payable for overseas taxation * *
---------- ----------
* 5,536
======= =======
Representing:
Tax payable - 5,536
Tax recoverable - -
---------- ----------
- 5,536
======= =======
5. Earnings/(Loss) Per Share
(a) Basic earnings/(loss) per share
The calculation of basic earnings/(loss) per share is based on the Group's
profit attributable to shares of HK$192,124,000 (2001: loss of
HK$20,627,000) and the weighed average of 532,554,501 (2001: 445,054,501)
ordinary shares in issue during the period.
(b) Diluted earnings/(loss) per share
Diluted earnings/(loss) per share for each period ended 30 November 2002
and 2001 is not shown as the potential ordinary shares are anti-dilutive.
6. Dividends
The Provisional Liquidators do not recommend the payment of an interim
dividend for the six months ended 30 November 2002.
* The Provisional Liquidators have encountered difficulties in recovering
ther books and records of the Group and limited information has been made
available to them. As a result, certain information in the financial
statements of the Group for the six months ended 30 November 2002 is not
available.
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