ORIENT POWER<00615> - Results Announcement
Orient Power Holdings Limited announced on 16/9/2004:
(stock code: 00615 )
Year end date: 31/12/2004
Currency: HKD
Auditors' Report: N/A
Interim report reviewed by: Audit Committee
(Unaudited )
(Unaudited ) Last
Current Corresponding
Period Period
from 1/1/2004 from 1/1/2003
to 30/6/2004 to 30/6/2003
Note ('000 ) ('000 )
(Restated)
Turnover : 1,833,140 1,893,562
Profit/(Loss) from Operations : 21,827 53,635
Finance cost : (6,859) (10,203)
Share of Profit/(Loss) of
Associates : 4,294 3,997
Share of Profit/(Loss) of
Jointly Controlled Entities : (4,518) 528
Profit/(Loss) after Tax & MI : 13,698 38,373
% Change over Last Period : -64.3 %
EPS/(LPS)-Basic (in dollars) : 0.027 0.086
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 13,698 38,373
Interim Dividend : 0.5 cent 1 cent
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Interim Dividend : 6/10/2004 to 12/10/2004bdi.
Payable Date : 20/10/2004
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. SEGMENT INFORMATION
(a) Business segment
Group
Six months ended 30 June 2004
Network
information/
Home In-car entertainment
entertainment electronics solutions
HK$'000 HK$'000 HK$'000
Segment revenue:
Sales to external customers
839,225 988,905 5,010
Intersegment
sales 11 43,165 -
------------------------------------------
Total 839,236 1,032,070 5,010
======================================
Segment results (8,414) 45,927 (1,920)
========================================
Corporate
and
Others Eliminations Consolidated
HK$'000 HK$'000 HK$'000
Segment revenue:
Sales to external customers
- - 1,833,140
Intersegment
sales - (43,176) -
---------------------------------------------------------
Total - (43,176) 1,833,140
=====================================================
Segment results 1,057 - 36,650
=========================
Corporate and unallocated
expenses (14,823)
-----------
Profit from operating activities 21,827
==========
Six months ended 30 June 2003 (Restated)
Network
information/
Home In-car entertainment
entertainment electronics solutions
HK$'000 HK$'000 HK$'000
Segment revenue:
Sales to external
customers 1,008,307 883,698 1,557
Intersegment
sales 63 2,333 -
-----------------------------------------------
Total 1,008,370 886,031 1,557
=============================================
Segment results 17,381 46,388 (1,097)
=============================================
Corporate
and
Others Eliminations Consolidated
HK$'000 HK$'000 HK$'000
Segment revenue:
Sales to external customers
- - 1,893,562
Intersegment
sales - (2,396) -
-----------------------------------------------------
Total - (2,396) 1,893,562
======================================================
Segment results 271 - 62,943
=========================
Corporate and
unallocated expenses (9,308)
-------------
Profit from operating activities 53,635
===========
(b) Geographical segment
Group
Six months ended 30 June 2004
Central
and South
U.S.A. Europe Asia America
HK$'000 HK$'000 HK$'000 HK$'000
Segment revenue:
Sales to external
customers 558,707 925,216 109,955 69,125
=========================================================
Elimina- Con-
Canada Others tions solidated
HK$'000 HK$'000 HK$'000 HK$'000
Segment revenue:
Sales to external
customers 121,790 48,347 - 1,833,140
=======================================================
Six months ended 30 June 2003
Central
and South
U.S.A. Europe Asia America
HK$'000 HK$'000 HK$'000 HK$'000
Segment revenue:
Sales to external
customerss 586,317 934,134 220,356 23,052
=========================================================
Elimina- Con-
Canada Others tions solidated
HK$'000 HK$'000 HK$'000 HK$'000
Segment revenue:
Sales to external
customers 48,158 81,545 - 1,893,562
==========================================================
2. OTHER REVENUE
For the six months
ended 30 June
2004 2003
(Unaudited) Unaudited)
HK$'000 HK$'000
Tooling and repairing service income 2,575 1,360
Interest income 4,760 1,563
Rental income 1,021 558
Sales of scrap materials 314 303
Commission income 948 169
Others 1,851 660
________ ________
11,469 4,613
======== ========
3. PROFIT FROM OPERATING ACTIVITIES
The Group's profit from operating activities is arrived at after charging:
For the six months
ended 30 June
Restated
2004 2003
(Unaudited) (Unaudited)
HK$'000 HK$'000
Cost of inventories sold and services provided 1,687,869 1,730,144
Depreciation 37,663 28,986
Research and development costs:
Deferred expenditure amortised 16,333 12,309
Current year's expenditure 6,721 6,152
_________ _________
23,054 18,461
======== =========
4. FINANCE COSTS
For the six months
ended 30 June
2004 2003
(Unaudited) (Unaudited)
HK$'000 HK$'000
Interest on bank loans, overdrafts, and other
borrowings
wholly repayable within five years 6,844 10,097
Interest on finance leases and hire purchase
contracts 15 106
-------- -------
6,859 10,203
====== =======
5. TAX
Hong Kong profits tax has been provided at the rate of 17.5% (2003: 17.5%)
on the estimated assessable profits arising in Hong Kong during the
period. Taxes on profits assessable elsewhere have been calculated at the
rates of tax prevailing in the countries in which the Group operates,
based on existing legislation, interpretations and practices in respect
thereof.
Jointly-controlled entities operating in the People's Republic of China
(the "PRC") are entitled to an exemption from PRC income tax for two years
from their first year with assessable profits, and thereafter are entitled
to a 50% exemption for a further three consecutive years.
For the six months
ended 30 June
Restated
2004 2003
(Unaudited) (Unaudited)
HK$'000 HK$'000
Group:
Current - Hong Kong 1,273 3,846
Current - Elsewhere 1,275 -
Deferred (2,153) 5,923
_______ _______
395 9,769
Share of tax attributable to:
Associates 707 427
Jointly-controlled entities (44) 22
_______ _______
Total tax charge for the period 1,058 10,218
========== =======
6. PROPOSED INTERIM DIVIDEND
The directors have resolved to pay an interim dividend of HK0.5 cent per
share for the six months ended 30 June, 2004 (2003: HK 1.0 cent).
7. EARNINGS PER SHARE
The calculation of basic earnings per share is based on the net
profit attributable to shareholders for the period of HK$13,698,000 (2003
(restated): HK$38,373,000), and the weighted average of 509,805,968 (2003:
444,805,968) ordinary shares in issue during the period.
The item of diluted earnings per share for the periods ended 30
June 2004 and 2003 is not applicable as no diluting events existed during
these periods.
8. COMPARATIVE FIGURES
Certain comparative figures have been restated to conform with changes in
accounting estimates and deferred tax as adopted in the audited financial
statements for the year ended 31 December 2003. The restatement included a
decrease in the Group's depreciation charges of HK$13,277,000, an increase
in deferred tax of HK$6,808,000 and a net increase in net profit of
HK$6,469,000 for the period ended 30 June 2003.
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