Listed Company Information
 

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.