MAN SANG INT'L<00938> - Results Announcement
Man Sang International Limited announced on 14/08/2006:
(stock code: 00938 )
Year end date: 31/03/2007
Currency: HKD
Auditors' Report: N/A
Interim/Quarterly report reviewed by: Both Audit Committee and Auditors
(Unaudited )
(Unaudited ) Last
Current Corresponding
Period Period
from 01/04/2006 from 01/04/2005
to 30/06/2006 to 30/06/2005
Note ($ ) ($ )
(Restated)
Turnover : 97,937,000 104,158,000
Profit/(Loss) from Operations : 12,096,000 13,808,000
Finance cost : N/A N/A
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 : 10,970,000 11,692,000
% Change over Last Period : -6.2 %
EPS/(LPS)-Basic (in dollars) : 0.0110 0.0117
-Diluted (in dollars) : 0.0109 0.0117
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 10,970,000 11,692,000
1st Quarter Dividend : NIL NIL
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
1st Quarter 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. Significant Accounting Policies
The unaudited condensed consolidated financial statements are prepared in
compliance with the Hong Kong Accounting Standards ("HKASs") and the Hong
Kong Financial Reporting Standards ("HKFRSs") issued by the Hong Kong
Institute of Certified Public Accountants ("HKICPA").
The accounting policies adopted are consistent with those followed in the
preparation of the Group's annual financial statements for the year ended
March 31, 2006.
2. Turnover and Segment Information
Turnover represents the net amounts received and receivable in respect of
goods sold, less returns and allowances, by the Group to outside customers
during the period.
For management purpose, the Group is currently organized into two
operating segments - pearls and property investment. The following
segments are the basis on which the Group reports its primary segment
information:
Pearls - Purchasing, processing, assembling,
merchandising, wholesale and retail distribution
of pearls and jewelry products.
Property investment - Leasing of properties
Primary segment information about the businesses is presented below:
For the quarter ended June 30, 2006 (unaudited)
Pearls Property
Investment Consolidated
HK$'000 HK$'000 HK$'000
Revenue
External sales or
rentals 97,937 919 98,856
======= ==== =======
Results
Segment results 13,956 (258) 13,698
======= ======
Unallocated other
operating income 2,503
Unallocated corporate expenses (4,105)
--------
Profit from operations 12,096
========
For the quarter ended June 30, 2005 (unaudited)
Pearls Property
Investment Consolidated
HK$'000 HK$'000 HK$'000
(restated) (restated)
Revenue
External sales or
rentals 104,158 905 105,063
======== ===== =======
Results
Segment results 13,150 (515) 12,635
======== ======
Unallocated other operating income 1,808
Unallocated corporate expenses (635)
--------
Profit from operations 13,808
========
3. Taxation
For the three months ended June 30,
2006 2005
HK$'000 HK$'000
(restated)
Current tax:
Hong Kong 1,238 4,031
Deferred tax:
Current period (112) (1,915)
------- --------
1,126 2,116
======= ========
Hong Kong Profits Tax is calculated at a rate of 17.5% of the estimated
assessable profit for both periods.
4. Earnings per share
The calculation of the basic earnings per share is based on the net profit
for the period of HK$10,970,000 (three months ended June 30, 2005: HK$11,
692,000) and on the weighted average number of 1,000,740,000 (three months
ended June 30, 2005: 1,000,740,000) shares in issue during the period.
The number of ordinary shares for both periods for the purpose of basic
earnings per share have been adjusted for the bonus issue approved
pursuant to the annual general meeting held on August 1, 2005.
The adjustment to comparative earnings per share, arising from the
adoption of HKAS 17, is as follows:
Reconciliation of earnings per share for the three months ended
June 30, 2005 HK cents
Reported figure before adjustments 1.15
Adjustment arising from the adoption of HKAS 17 0.02
------
Restated figure 1.17
======
Diluted earning per share for three months ended June 30, 2006 is
calculated based on the profit for the period of HK$10,970,000 and on the
adjusted weighted average number of 1,009,806,000 shares which is the
weighted average number of shares in issue during the period plus the
weighted average number of 9,066,000 shares deemed to be issued at no
consideration if all outstanding options had been exercised. No diluted
earnings per share have been presented for the period ended June 30, 2005
as there are no dilutive potential ordinary shares in issue for three
months ended June 30, 2005.
5. Profit from operations / Profit after Taxation and MI
Profit from operations and Profit after taxation and MI for the period
ended June 30, 2005 were restated from HK$13,848,000 and HK$11,509,000 to
HK$13,808,000 and HK$11,692,000, respectively due to the adoption of HKAS
17.
HK$'000
Profit from operations as previously reported 13,848
Depreciation & amortization (40)
--------
Restated figure 13,808
========
HK$'000
Profit after taxation and MI as previously reported 11,509
Depreciation & amortization (40)
Deferred tax 223
--------
Restated figure 11,692
========
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