PAC CENTURY INS<00065> - Results Announcement
Pacific Century Insurance Holdings Limited announced on 10/08/2006:
(stock code: 00065 )
Year end date: 31/12/2006
Currency: HKD
Auditors' Report: N/A
Interim report reviewed by: Both Audit Committee and Auditors
(Unaudited )
(Unaudited ) Last
Current Corresponding
Period Period
from 01/01/2006 from 01/01/2005
to 30/06/2006 to 30/06/2005
Note ('000 ) ('000 )
Turnover I : 932,962 854,160
Profit/(Loss) from Operations II : 221,261 21,374
Finance cost II : (21,866) (23,169)
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 II : 188,107 (11,073)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) IV : 0.23 (0.01)
-Diluted (in dollars) V : 0.23 (0.01)
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 188,107 (11,073)
Interim Dividend : $0.03 $0.01
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Interim Dividend : 20/09/2006 to 22/09/2006 bdi.
Payable Date : 29/09/2006
B/C Dates for (-)
General Meeting : N/A
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
NOTES
I. Turnover
----------------------------
For Six Months Ended
-----------------------------------
30/6/2006 30/6/2005
HK$'000 HK$'000
Revenue from:
Life insurance contracts
Single premium 18,459 11,489
First year premium 138,220 109,156
Renewal premium 762,666 718,381
-------------------------------
919,345 839,026
Retirement scheme business 0 0
-------------------------------
919,345 839,026
General insurance commissions under agency agreements
4,092 5,597
Asset management fees 7,301 8,343
Fess on investment contracts 2,224 1,194
-------------------------------
Turnover 932,962 854,160
================================
II. Profit/(Loss) from Operations, Finance Cost and
Profit/(Loss) after Taxation & MI
---------------------------------
For Six Months Ended
------------------------------------------------------------------
30/6/2006 30/6/2005
------------------------------------------
Reported Adjustment Restated *
HK$'000 HK$'000 HK$'000 HK$'000
Profit before Tax from Operations
Continuing Operations (Note III)
220,609 103,341 (82,336) 21,005
Discontinued Operation
652 369 0 369
----------------------------------------------------------------------
221,261 103,710 (82,336) 21,374
----------------------------------------------------------------------
Finance Cost
Continuing Operations
(21,866) (23,169) 0 (23,169)
Discontinued Operation
0 0 0 0
----------------------------------------------------------------------
(21,866) (23,169) 0 (23,169)
----------------------------------------------------------------------
Profit/(Loss) before Tax
Continuing Operations
198,743 80,172 (82,336) (2,164)
Discontinued Operation
652 369 0 369
----------------------------------------------------------------------
199,395 80,541 (82,336) (1,795)
----------------------------------------------------------------------
Tax
Continuing Operations
(11,288) (9,216) 0 (9,216)
Discontinued Operation
0 (62) (62)
-----------------------------------------------------------------------
(11,288) (9,278) 0 (9,278)
-----------------------------------------------------------------------
Profit/(Loss) after Taxation & MI
Continuing Operations
187,455 70,956 (82,336) (11,380)
Discontinued Operation
652 307 0 307
------------------------------------------------------------------------
188,107 71,263 (82,336) (11,073)
========================================================================
* Amounts were restated per announcement dated 24 Jan 2006.
III. Following an extensive review of the Group's financial assets, the
Board has decided to redesignate certain assets from available-for-sale
financial assets to financial assets at fair value through profit or loss.
As part of the implementation of this decision, the Group sold US$21.2
million of a unit trust managed by PCI Investment Management Limited ("
PCIIM"), a Group company, on 26 June 2006 and purchased US$29.0 million of
the same unit trust on the same day. The unit trust of US$21.2 million
sold was previously classified as available-for-sale financial assets and
the sale of this unit trust produced a realised gain of HK$49.6 million
which was recorded in the interim results of the Group. The US$29.0
million unit trust purchased had been designated as financial assets at
fair value through profit or loss and subsequent realised or unrealised
gains or losses from this unit trust will be recognised in the profit and
loss account in each financial period. An unrealised gain of HK$10.4
million from this unit trust for the period from 26 June 2006 to 30 June
2006 was included in the interim results of the Group.
IV. EPS/(LPS) - Basic
---------------------------
For Six Months Ended
------------------------------------------------------------------
30/6/2006 30/6/2005
------------------------------------------
Reported Adjustment Restated *
HK$'000 HK$'000 HK$'000 HK$'000
a) Basic for Profit/(Loss) Attributable to Shareholders
-------------------------------------------------------------
Issued Shares (Weighted Average No of Shares)
809,576 821,383 821,383
===================================== ==================
Profit/(Loss) after Taxation & MI
188,107 71,263 (82,336) (11,073)
======================================================================
Earnings/(Loss) per Share
HK$0.23 HK$0.09 (HK$0.01)
====================================== ==================
b) Basic for Profit/(Loss) from Continuing Operations
------------------------------------------------------------
Issued Shares (Weighted Average No of Shares)
809,576 821,383 821,383
====================================== ==================
Profit/(Loss) from Continuing Operations
187,455 70,956 (82,336) (11,380)
======================================================================
Earnings/(Loss) per Share
HK$0.23 HK$0.09 (HK$0.01)
====================================== =====================
V. EPS/(LPS) - Diluted
------------------------------------
For Six Months Ended
-----------------------------------------------------------------------
30/6/2006 30/6/2005
-------------------------------------------
Reported Adjustment Restated *
HK$'000 HK$'000 HK$'000 HK$'000
a) Diluted for Profit/(Loss) Attributable to Shareholders
Issued Shares (Weighted Average No of Shares)
809,576 821,383 821,383
Add: Shares Issued at No Consideration on the Deemed Exercise of All Share
Options (Weighted Average No of Shares)
13,076 12,550 0
-------------------------------------- ----------------
822,652 833,933 821,383
======================================= ==================
Profit/(Loss) after Taxation & MI
188,107 71,263 (82,336) (11,073)
=======================================================================
Earnings/(Loss) per Share
HK$0.23 HK$0.09 (HK$0.01)
====================================== =====================
b) Diluted for Profit/(Loss) from Continuing Operations
Issued Shares (Weighted Average No of Shares)
809,576 821,383 821,383
Add: Shares Issued at No Consideration on the Deemed Exercise of All Share
Options (Weighted Average No of Shares)
13,076 12,550 0
--------------------------------------- ---------------------
822,652 833,933 821,383
========================================= ====================
Profit/(Loss) from Continuing Operations
187,455 70,956 (82,336) (11,380)
=========================================================================
Earnings/(Loss) per Share
HK$0.23 HK$0.09 (HK$0.01)
====================================== ======================
* Amounts were restated per announcement dated 24 Jan 2006.
** No diluted loss per share for the six months ended 30 June 2005
had been calculated as share options outstanding during that period had an
anti-dilutive effect on the basic loss per share for that period.
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