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: 31/05/2002
Currency: HKD
Auditors' Report: Qualified
(Audited )
(Audited ) Last
Current Corresponding
Period Period
from 01/06/2001 from 01/06/2000
to 31/05/2002 to 31/05/2001
Note ('000 ) ('000 )
Turnover : 156,352 295,648
Profit/(Loss) from Operations : (82,102) (143,035)
Finance cost : (13,911) (16,797)
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 : (346,316) (154,083)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : (0.73) (0.418)
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (346,316) (154,083)
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. Turnover
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 from
construction contracts. Revenue excludes sales taxes and is after
deduction of any trade discounts. The amount of each significant category
of revenue recognised in turnover during the year is as follows:
The Group
2002 2001
HK$'000 HK$'000
Gross proceeds from machinery and parts sold * 50,490
Gross proceeds from timber sold * 3,998
Gross rentals from machinery, vessels and
investment properties * 9,332
Revenue from construction contracts * 231,828
-------- --------
156,352 295,648
======== ========
2. Segmental Information
Analysis of the principal activities and geographical locations of the
operations of the Group during the financial year are as follows:
Contribution to
(loss)/profit from ordinary activities
Group's turnover before taxation
The Group 2002 2001 2002 2001
HK$'000 HK$'000 HK$'000 HK$'000
(a) Principal activities:
Construction * 231,828 * (35,634)
Machinery, vessels and
property rental * 9,332 * (44,293)
Websites development * - * (64,380)
Sales of machinery and
parts * 50,490 * 2,778
Sales of timber * 3,998 * (18,303)
----------------------------------------
156,352 295,648 (346,316)(159,832)
======= ======= ======= =======
(b) Geographical locations of operations:
Hong Kong * 291,650 * (141,529)
The People's Republic
of China * 2,867 * (6,013)
The Republic of
Suriname * 1,131 * (12,290)
Others * - * -
----------------------------------------
156,352 295,648 (346,316)(159,832)
======= ======= ======= =======
3. Provisions for Impairment and Write Offs
Loss from ordinary activities before taxation is arrived at after
charging/(crediting):
The Group
2002 2001
HK$'000 HK$'000
Provision for impairment in value of
concession right 40,854 -
Provision for impairment in value of goodwill 14,000 -
Provision for impairment in value of investment
properties 10,330 11,050
Write-off of cash balances 140 -
Write-off of inventories 2,417 -
Write-off of plant and equipment 36,554 -
Write-off of trade and other receivables 146,008 -
-------- --------
250,303 11,050
======= ======
4. Taxation
(a) Taxation in the consolidated profit and loss account represents:
The Group
2002 2001
HK$'000 HK$'000
Provision for Hong Kong Profits Tax for the year * 46
Under/(over) provision in respect of prior years * 26
---------------
* 72
Overseas taxation * -
Deferred taxation (note 33(a)) * (5,821)
---------------
* (5,749)
====== =======
The provision for Hong Kong Profits Tax is calculated at 16% of the
estimated assessable profits for the years ended 31 May 2002 and 2001.
No provision for overseas taxation has been made as the Group sustained a
loss for overseas taxation purposes for the years ended 31 May 2002 and
2001.
(b) Taxation in the consolidated balance sheet represents:
The Group
2002 2001
HK$'000 HK$'000
Provision for Hong Kong Profits Tax for the year * 46
Balance of Hong Kong Profits Tax recoverable relating
to prior years * (461)
-----------------
Tax recoverable for Hong Kong Profits Tax * (415)
Tax payable for overseas taxation 5,536 5,622
-----------------
5,536 5,207
Representing:
Tax payable 5,536 5,622
Tax recoverable - (415)
-----------------
5,536 5,207
===== =====
5. Loss Per Share
(a) Basic loss per share
The calculation of basic loss per share is based on the loss attributable
to shareholders of HK$346,316,000 (2001: loss of HK$154,083,000) and the
weighted average of 474,217,000 (2001: 368,836,000) ordinary shares in
issue during the year.
(b) Diluted earnings per share
Diluted loss per share for each of the years ended 31 May 2002 and 2001 is
not shown as the potential ordinary shares are anti-dilutive.
* 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 year ended 31 May 2002 is not available.
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