SPREADPROSPECTS<00572> - Results Announcement
Spread Prospects Holdings Limited announced on 6/4/2004:
(stock code: 00572 )
Year end date: 31/12/2003
Auditors' Report: Unqualified
(Audited ) Last
from 1/1/2003 from 1/1/2002
to 31/12/2003 to 31/12/2002
Note ('000 ) ('000 )
Turnover : 337,588 262,506
Profit/(Loss) from Operations : 101,407 90,545
Finance cost : (2,871) (3,265)
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 : 78,718 75,960
% Change over Last Period : +3.6 %
EPS/(LPS)-Basic (in dollars) : 0.228 0.253
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 78,718 75,960
Final Dividend : RMB 0.04 NIL
per Share (HK$0.038)
(Specify if with other : N/A N/A
B/C Dates for
Final Dividend : 12/6/2004 to 18/6/2004 bdi.
Payable Date : 30/6/2004
B/C Dates for Annual
General Meeting : 12/6/2004 to 18/6/2004 bdi.
Other Distribution for : N/A
B/C Dates for Other
Distribution : N/A
1. BASIS OF PREPARATION & PRINCIPAL ACCOUNTING POLICIES
The shares of the Company are listed on the Main Board of The Stock
Exchange of the Hong Kong Limited (the "Stock Exchange") with effect from
2 July 2003.
In the current year, the Group has adopted, for the first time, Hong Kong
Financial Reporting Standard ("HKFRS") - the Statement of Standard
Accounting Practice ("SSAP") 12 (Revised) "Income Taxes" issued by the
Hong Kong Society of Accountants (the "HKSA"). The term of HKFRS is
inclusive of SSAPs and interpretations approved by the HKSA.
SSAP 12 (Revised) "Income taxes"
The principal effect of the implementation of SSAP 12 (Revised) is in
relation to deferred tax. SSAP 12 (Revised) requires the adoption of a
balance sheet liability method, whereby deferred tax is recognised in
respect of all temporary differences between the carrying amount of assets
and liabilities in the financial statements and the corresponding tax
bases used in the computation of taxable profit, with limited exceptions.
The adoption of SSAP 12 (Revised) has had no significant effect on the
results for the current or prior accounting periods.
The financial statements have been prepared under the historical cost
convention and in accordance with accounting principles generally accepted
in Hong Kong.
The final dividend of HK$0.038 (equivalent to RMB0.04) per share has been
proposed by the directors and is subject to approval by the shareholders
in general meeting.
Dividend for the year ended 31 December 2002 was paid by a subsidiary to
its then shareholders prior to the Group's Reorganisation (details of the
Reorganisation are set out in the prospectus dated 10 June 2003).
3. EARNINGS PER SHARE
The calculation of basic earnings per share is based on the net profit for
the year of RMB78,718,000 (2002: RMB75,960,000) and the weighted average
of 344,916,164 shares (2002: 300,000,000 shares) that would have been in
issue throughout the year. The 300,000,000 shares that were issued prior
to the listing of the Company's shares on The Stock Exchange of Hong Kong
Limited (the "Stock Exchange") and pursuant to the Reorganisation are
treated as if they had been in issue throughout both years.
No diluted earnings per share is presented as there were no potential
dilutive ordinary shares during both years.