GOLDWIZ HOLD<00586> - Results Announcement
Goldwiz Holdings Limited announced on 06/11/2006:
(stock code: 00586 )
Year end date: 31/03/2006
Currency: HKD
Auditors' Report: Qualified
(Audited )
(Audited ) Last
Current Corresponding
Period Period
from 01/04/2005 from 01/04/2004
to 31/03/2006 to 31/03/2005
Note ('000 ) ('000 )
(Restated)
Turnover : 134,009 282,803
Profit/(Loss) from Operations : (143,666) (16,209)
Finance cost : (13,891) (21,109)
Share of Profit/(Loss) of
Associates : (7,657) (4,760)
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : (152,665) (41,814)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : (0.1438) (0.0394)
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (152,665) (41,814)
Final Dividend : NIL NIL
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 (-)
General Meeting : N/A
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
1. Consolidated Income Statement
For the year ended 31 March 2006
Notes 2006 2005
______ _______ ___________
(restated)
HK$'000 HK$'000
Turnover 134,009 282,803
Cost of sales (95,334) (206,471)
________ __________
Gross profit 38,675 76,332
Other revenue and other net
income 1,227 1,249
Distribution costs (3,593) (4,997)
Administrative expenses (22,661) (26,050)
Other operating expenses (157,314) (62,743)
________ __________
Loss from operations 2 (143,666) (16,209)
Increase in fair value of hotel
properties 3,240 429
Waiver of amount due to a
shareholder 3 114,264 -
Loss on deconsolidation of a
subsidiary 4 (103,965) -
Impairment loss on amounts due
from Deconsolidated Subsidiaries (990) -
Finance costs (13,891) (21,109)
Share of losses of associates (7,657) (4,760)
_________ __________
Loss before taxation (152,665) (41,649)
Taxation - (165)
_________ __________
Loss for the year attributable to
shareholders of the Company (152,665) (41,814)
========= ==========
Loss per share
- Basic 5 (14.38 cents) (3.94 cents)
============= =============
- Diluted 5 N/A N/A
============= =============
2. Loss from operations is arrived at after charging/(crediting) the
following items:
2006 2005
HK$'000 HK$'000
Amortisation of intangible assets - 11,280
Amortisation of positive goodwill (included in
other operating expenses) - 6,989
Auditors' remuneration 512 662
Cost of inventories sold and services rendered 95,334 206,471
Depreciation of property, plant and equipment
- owned assets 2,533 4,815
- an asset under a finance lease 133 132
Impairment loss of interest in associates
(included in other operating expenses) - 37,060
Loss on disposal of fixed assets 240 371
Operating lease charges
- properties 1,091 1,778
- office equipment 8 7
Impairment loss for bad and doubtful debts 12,404 14
Research and development costs - 4,751
Staff costs (including directors' remuneration)
- contributions to defined contribution plans 653 849
- other staff salaries, wages and other
benefits 16,560 21,681
17,213 22,530
Net exchange loss/(gain) 258 (55)
Impairment loss on loan to an investee company 66 -
Loss on transfer of interest in jointly
controlled asset 1,329 -
Loss on deconsolidation of a subsidiary 103,965 -
Loss on disposal of an associate 8,136 -
Impairment loss of available-for-sales of
securities 78,843 -
Impairment loss of amounts due from
Deconsolidated Subsidiaries 990 -
Impairment loss of goodwill 53,442 -
======== =======
3. Open Mission Assets Limited ("Open Mission"), a former major
shareholder of the Company, waived an amount of HK$114,264,000 due
by the Group to Open Mission.
4. A loss arising on deconsolidation of Goldwiz Huarui (Shenzhen)
Electronic Material Co., Ltd.
5. Loss per Share
a) Basic loss per share
The calculation of basic loss per share is based on a loss attributable to
shareholders of HK$152,665,000 (2005: HK$41,814,000) and the weighted
average of 1,061,628,000 shares (2005: 1,061,628,000 shares) in issue
during the year.
b) Diluted loss per share
Diluted loss per share for the years ended 31 March 2006 and 2005 are not
presented because the existence of the potential shares outstanding during
the both years have an anti-dilutive effect on the calculation of diluted
loss per share.
6. Change of the last corresponding results
In prior years, the Group's share of taxation of associates accounted for
using the equity method was included as part of the Group's income tax in
the consolidated income statement. With effect from 1 April 2005, in
accordance with the implementation guidance in HKAS 1, the Group has
changed the presentation and includes the share of taxation of associates
accounted for using the equity method in the shares of profit or loss
reported in the consolidated income statement before arriving at the
Group's profit or loss before tax. These changes in presentation have been
applied retrospectively.
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