VANDA SYSTEMS<00757> - Results Announcement (Summary)
Vanda System & Communications Holdings Limited announced on 08/03/2004:
(stock code: 00757 )
Year end date: 31/12/2003
Currency: HKD
Auditors' Report: Unqualified
(Audited ) (Audited )
9-Month ended 12-Month ended
from 01/04/2003 from 01/04/2002
to 31/12/2003 to 31/03/2003
Note ('000 ) ('000 )
Turnover : 688,786 1,024,638
Profit/(Loss) from Operations : (52,072) (149,452)
Finance cost : (8,675) (18,757)
Share of Profit/(Loss) of
Associates : (109) 417
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : (76,185) (173,815)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : (0.084) (0.412)
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (76,185) (173,815)
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
Period from
1 April 2003 Year ended
to31 December 31 March
2003 2003
HK$'000 HK$'000
Turnover
Continuing operations 688,786 1,024,470
Discontinued operations - 168
-------- ----------
688,786 1,024,638
======== ==========
Profit / (loss) before tax
Continuing operations (60,856) (169,889)
Discontinued operations - 2,097
-------- ----------
(60,856) (167,792)
======== ==========
2. Loss from operating activities
Period from
1 April 2003 Year ended
to31 December 31 March
2003 2003
HK$'000 HK$'000
This is arrived at after (charging) / crediting :
Interest income 1,230 2,944
Impairment of leasehold land and buildings (12,161) -
Revaluation deficit of investment properties (1,500) (8,157)
Impairment of a long term investment (3,700) (76,361)
Unrealised holding losses on other investments (3,266) (57,202)
Provision for loss on put option (1,500) -
Provisions for and write off of bad and
doubtful debts (8,244) (9,197)
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
Compensation for loss of office to directors - (2,691)
Cost of inventories sold (557,910) (826,889)
Cost of services provided (32,218) (27,775)
Depreciation (6,526) (12,871)
========== ==========
3. Loss per share
The calculation of the basic loss per share is based on the net
loss from ordinary activities attributable to shareholders for the period
of HK$76,185,000 (year ended 31 March 2003: HK$173,815,000) and the
weighted average of 908,068,000 (year ended 31 March 2003: 421,535,000)
ordinary shares in issue during the period.
Diluted loss per share amounts for the period and the prior year
have not been disclosed as the share options, convertible bonds and
options granted to the convertible bondholders outstanding during the
period and the prior year had an anti-dilutive effect on the basic loss
per share for the period and the prior year.
4. Change of accounting year end date
On 31 December 2003, the Board of Directors of the Company announced the
change of the Company's accounting year end date from 31 March to 31
December. Accordingly, the consolidated profit and loss account and
related notes covered a nine month period from 1 April 2003 to 31 December
2003.
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