Listed Company Information
 

GOLDWIZ HOLD<00586> - Results Announcement

Goldwiz Holdings Limited announced on 21/12/2005:
(stock code: 00586 )
Year end date: 31/03/2006
Currency: HKD
Auditors' Report: N/A
Interim report reviewed by: Audit Committee

                                                        (Unaudited )
                                     (Unaudited )       Last
                                     Current            Corresponding
                                     Period             Period
                                     from 01/04/2005    from 01/04/2004
                                     to 30/09/2005      to 30/09/2004
                               Note  ('000      )       ('000      )
                                                        (Restated)
Turnover                           : 108,310            139,527           
Profit/(Loss) from Operations      : (11,432)           10,582            
Finance cost                       : (15,127)           (7,167)           
Share of Profit/(Loss) of 
  Associates                       : (480)              (470)             
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A               
Profit/(Loss) after Tax & MI       : (88,865)           2,555             
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.084)            0.002             
         -Diluted (in dollars)     : N/A                N/A               
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
Profit/(Loss) after ETD Items      : (88,865)           2,555             
Interim Dividend                   : NIL                NIL
  per Share                                              
(Specify if with other             : N/A                N/A
  options)                                               
                                                         
B/C Dates for 
  Interim 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.      CHANGE IN ACCOUNTING POLICIES

HKAS 16 - "Property, Plant and Machinery"
Hong Kong Interpretation 2- "Appropriate Policies for Hotel Properties"  

In prior periods, the Group's hotel properties were stated at its open 
market value for existing use on the basis of annual professional 
valuations.  No depreciation was provided on the hotel properties on the 
basis that they were maintained in such condition that their residual 
values were not diminished by the passage of time and that any element of 
depreciation was insignificant.

Upon the adoption of HKAS 16 and Hong Kong Interpretation 2, the Group's 
leasehold interest in the hotel buildings is now stated at cost less 
accumulated depreciation and any impairment losses.

Upon the adoption of HKAS 17, the Group's leasehold interest in hotel land 
and buildings is separated into leasehold land and leasehold buildings.  
The Group's leasehold land is classified as an operating lease, because 
the title of the land is not expected to pass to the Group by the end of 
the lease term, and is reclassified from fixed asset to leasehold premium 
for land, while leasehold buildings continue to be classified as part of 
property, plant and equipment.  Leasehold premium for land under operating 
leases are initially stated at cost and subsequently amortised on the 
straight-line basis over the lease term.

The effects of the above changes are summarised in below.  The comparative 
amounts in the condensed consolidated balance sheet for the year ended 31 
March 2005 have been restated.

The effects of the changes in the accounting policies described above on 
the results for the current and prior periods are as follows:

                        1.4.2005 to 30.9.2005   1.4.2005 to 30.9.2005
                                        HK$'000         HK$'000
Increase in depreciation of hotel properties    
                                        9,504           8,494
Increase in depreciation of leasehold premium for land  
                                          482             482

 

2.      (LOSS)/PROFIT FROM OPERATIONS

(Loss)/profit from operations is arrived at after charging the following 
items:

                                        For the six months ended
                                                30 September
                                        2005            2004
                                (Unaudited)             (Unaudited & 
                                                        Restated)
                                        HK$'000         HK$'000
        Amortisation of intangible assets       
                                             -           6,580
        Amortisation of positive goodwill       
                                             -           3,494
        Auditors' remuneration                  
            - current year                   -               -
            - under-provision in prior years    
                                            55             144
        Bad debts written off              350               -
        Cost of inventories sold and services rendered  
                                        89,937          90,633
        Depreciation of property, plant and equipment                   
            - owned assets              14,073          11,494
            - an asset held under a finance lease       
                                            65              65
                                        14,138          11,559
        Depreciation of Leasehold premium for land      
                                           482             482
        Loss on disposal of property, plant and equipment       
                                           313             104
        Loan to an ex-shareholder written off   
                                         1,203               -
        Net exchange loss                  813              25
        Provision for doubtful debts         8               -
        Operating lease charges                 
         - properties                    1,606           1,133
         - office equipment                  4               4
        Staff cost                      
           - contributions to defined contribution plan 
                                           142             273
           - other staff salaries, wages and other benefits     
                                        11,237          11,897
                                        11,379          12,170
                                        ------------------------
 

3.      (LOSS)/EARNINGS PER SHARE

(a) Basic (loss)/earnings per share

The calculation of basic (loss)/earnings per share for the six months 
ended 30 September 2005 is based on the loss attributable to shareholders 
of approximately HK$88,865,000 (2004: restated profit of HK$2,555,000) and 
on the weighted average of 1,061,627,920 shares (2004: 1,061,627,920 
shares) in issue throughout the period.

(b) Diluted (loss)/earnings per share

Diluted (loss)/earnings per share for the periods ended 30 September 2005 
and 2004 are not presented as the existence of the potential shares 
outstanding during these two periods has anti-dilutive effect on the 
calculation of diluted (loss)/earnings per share.