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.
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