LEI SHING HONG<00238> - Results Announcement
LEI SHING HONG LIMITED announced on 21/09/2006:
(stock code: 00238 )
Year end date: 31/12/2006
Currency: HKD
Auditors' Report: N/A
Interim report reviewed by: Audit Committee
(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 : 8,907,134 6,493,191
Profit/(Loss) from Operations : 440,826 216,308
Finance cost : (95,243) (70,166)
Share of Profit/(Loss) of
Associates : (4,176) 20,682
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : 169,916 111,779
% Change over Last Period : +52 %
EPS/(LPS)-Basic (in dollars) : 0.16 0.106
-Diluted (in dollars) : 0.16 0.105
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 169,916 111,779
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:
(A) Earnings Per Share
------------------------
The calculations of basic and diluted earnings per share for the six
months ended 30 June 2006 and 2005 are
based on:
For the six months
ended 30 June
2006 2005
(Unaudited) (Restated)
HK$'000 HK$'000
Earnings
----------
Net profit attributable to ordinary equity holders of the parent for the
period, used in the basic and diluted earnings per share calculations
169,916 111,779
===========================
Number of shares
---------------------------
2006 2005
(Unaudited) (Unaudited)
Shares
-------
Weighted average number of ordinary shares in issue
during the period used in basic earnings per share
calculation 1,060,528,906 1,054,685,520
Effect of dilution - Weighted average number of ordinary shares:
Warrants - 7,916,496
------------------------------
1,060,528,906 1,062,602,016
==============================
As the subscription prices of the share options outstanding during the six
months ended 30 June 2006 and 2005 were higher than the respective average
market prices of the Company's shares during these periods, there was no
dilution effect on the basic earnings per share.
In accordance with the terms and conditions of the instrument constituting
the warrants dated 25 May 2001, the subscription rights attaching to the
warrants expired on 19 June 2006.
(B) Comparative amounts
------------------------
Due to the adoption of new and revised HKFRSs and the Hong Kong Companies
(Amendment) Ordinance (the "Amendment Ordinance") during the current
period, the accounting treatment and presentation of certain items and
balances in the condensed consolidated interim financial statements have
been revised to comply with the new requirements. Accordingly, prior year
adjustments have been made and certain comparative amounts have been
reclassified to conform with the current period's presentation and
accounting treatment.
The impact of adopting the revised HKFRSs and the Amendment Ordinance is
summarised as follows:
HKAS 27 - Consolidated and Separate Financial Statements and Amendment
Ordinance
In prior periods, the Group has equity investments in the People's
Republic of China ("PRC") companies that are controlled by the Group,
where control is the power to govern the financial and operating policies
of the PRC companies so as to obtain benefits from the PRC companies'
activities, where HKAS 27 defines the PRC companies as subsidiaries.
However, entities can only be regarded as the Group's subsidiaries when
they meet the definition of subsidiaries under the then Companies
Ordinance which defined an entity to be a subsidiary of another company if
that other company controls more than half of an entity's voting power,
controls the board of directors of an entity or holds more than half of an
entity's issued share capital. The Group's equity investments in the PRC
companies have therefore been recorded as available-for-sale investments,
which were stated at cost less any impairment losses, in prior periods.
Upon the adoption of the Amendment Ordinance, the PRC companies meet the
definition of subsidiaries under both HKAS 27 and the Amendment Ordinance
and consolidation of the PRC companies is required. The Group is required
to consolidate the PRC companies retrospectively to the earliest prior
period presented which were previously recorded as available-for-sale
investments.
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