PAN SINO INT'L<00502> - Results Announcement
Pan Sino International Holding Limited announced on 21/04/2006:
(stock code: 00502 )
Year end date: 31/12/2005
Currency: HKD
Auditors' Report: Unqualified
(Audited )
(Audited ) Last
Current Corresponding
Period Period
from 01/01/2005 from 01/01/2004
to 31/12/2005 to 31/12/2004
Note ('000 ) ('000 )
Turnover : 712,236 619,103
Profit/(Loss) from Operations : 166,100 138,241
Finance cost : 0 0
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 : 111,853 91,694
% Change over Last Period : +21.99 %
EPS/(LPS)-Basic (in dollars) : 0.125 0.115
-Diluted (in dollars) : 0.118 0.107
Extraordinary (ETD) Gain/(Loss) : 0 0
Profit/(Loss) after ETD Items : 111,853 91,694
Final Dividend : 0 0
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Final Dividend : N/A
Payable Date : N/A
B/C Dates for Annual
General Meeting : 29/05/2006 to 02/06/2006 bdi.
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
1. Basis of preparation
These financial statements have been prepared in accordance with
accounting principles generally accepted in Hong Kong and comply with Hong
Kong Financial Reporting Standards ("HKFRS") issued by the Hong Kong
Institute of Certified Public Accountants ("HKICPA"), which also includes
Hong Kong Accounting Standards ("HKAS") and Interpretations approved by
the HKICPA, and are prepared under the historical cost convention.
The preparation of financial statements in conformity with HKFRS requires
management to make judgements, estimates and assumptions that affect the
application of policies and reported amounts of assets and liabilities,
income and expenses. The estimates and associated assumptions are based
on historical experience and various other factors that are believed to be
reasonable under the circumstances, the results of which form the basis of
making the judgements about carrying values of assets and liabilities that
are not readily apparent from other sources. Actual results may differ
from these estimates.
In the current year, the Group adopted the new HKFRS below, which are
relevant to its operations.
HKFRS 3 Business Combinations
HKAS 1 Presentation of Financial Statements
HKAS 2 Inventories
HKAS 7 Cash Flow Statements
HKAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
HKAS 10 Events after the Balance Sheet Date
HKAS 12 Income Taxes
HKAS 14 Segment Reporting
HKAS 16 Property, Plant and Equipment
HKAS 17 Leases
HKAS 18 Revenue
HKAS 19 Employee Benefits
HKAS 21 The Effects of Changes in Foreign Exchange Rates
HKAS 24 Related Party Disclosures
HKAS 27 Consolidated and Separate Financial Statements
HKAS 32 Financial Instruments: Disclosures and Presentation
HKAS 33 Earnings Per Share
HKAS 36 Impairment of Assets
HKAS 37 Provisions, Contingent Liabilities and Contingent Assets
HKAS 39 Financial Instruments: Recognition and Measurement
The adoption of the above new HKFRS has the following impact on the
Group's accounting policies :-
(i) HKFRS 3 does not have any impact as the new standard does not
affect the Group.
(ii) HKAS 1, 24, 32 and 39 have affected the presentation and
disclosure of the financial statements.
(iii) HKAS 2, 7, 8, 10, 12, 14, 16, 17, 18, 19, 21, 27, 33, 36 and 37
have no material effect on the Group's accounting policy.
2. Turnover
The Group is principally engaged in trading of cocoa beans. Turnover
represents the invoiced value of goods sold during the year.
3. Earnings Per Share
(a) The calculation of basic earnings per share for the year ended 31
st December, 2005 is based on the profit attributable to shareholders of
the Company and the weighted average number of 896,876,712 shares in issue
during the year ended 31st December, 2005.
The calculation of basic earnings per share for the year ended 31st
December, 2004 is based on the profit attributable to shareholders of the
Company and 800,000,000 shares in issue during the year ended 31st
December, 2004.
(b) Diluted earnings per share for the year ended 31st December, 2005
is based on the profit attributable to shareholders of the Company and the
weighted average number of 950,636,712 shares in issue during the year.
The number of shares used in the calculation comprised 896,876,712 shares
referred to in note 3(a) above and 53,760,000 shares assumed to have been
issued at no consideration on the deemed exercise of the options under the
Pre-IPO Share Option Scheme based on the fair value per share of HK$0.25.
Diluted earnings per share for the year ended 31st December, 2004 is based
on the profit attributable to shareholders of the Company and the weighted
average number of 854,193,548 shares in issue during the year. The number
of shares used in the calculation comprised 800,000,000 shares referred to
in note 3(a) above and 54,193,548 shares assumed to have been issued at no
consideration on the deemed exercise of the options under the Pre-IPO
Share Option Scheme based on the fair value per share of HK$0.31.
4. Profit Attributable to Shareholders
Profit attributable to shareholders includes a loss of approximately HK$3
,588,000 (2004 : HK$1,032,000) which has been dealt with in the financial
statements of the Company.
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