GREAT CHINA<00141> - Results Announcement (Summary)
Great China Holdings Limited announced on 18/9/2001:
(stock code: 141)
Year end date: 31/12/2001
Currency: HKD (Unaudited)
(Unaudited) Last
Current Corresponding
Period Period
from 1/1/2001 from 1/1/2000
to 30/6/2001 to 30/6/2000
('000) ('000)
Turnover : 475,693 588,881
Profit/(Loss) from Operations : (15,675) 4,916
Finance cost : (12,050) (15,334)
Share of Profit/(Loss) of Associates : 2,027 2,334
Share of Profit/(Loss) of
Jointly Controlled Entities : NIL NIL
Profit/(Loss) after Tax & MI : (25,310) (9,242)
% Change over Last Period : N/A
EPS/(LPS)-Basic : (9.67 cents) (3.53 cents)
-Diluted : N/A N/A
Extraordinary (ETD) Gain/(Loss) : NIL NIL
Profit/(Loss) after ETD Items : (25,310) (9,242)
Interim Dividend per Share : NIL NIL
(Specify if with other options) : N/A N/A
B/C Dates for Interim Dividend : N/A
Payable Date : N/A
B/C Dates for (-) General Meeting : N/A
Other Distribution for Current Period : N/A
B/C Dates for Other Distribution : N/A
Remarks:
1. Principal accounting policies
These unaudited consolidated condensed interim accounts are prepared in
accordance with Hong Kong Statement of Standard Accounting Practice
("SSAP") 25, "Interim financial reporting", issued by the Hong Kong
Society of Accountants and Appendix 16 of the Rules Governing the Listing
of Securities on the Stock Exchange of Hong Kong Limited (the "Listing
Rules").
The accounting policies and method of computation used in the preparation
of these condensed interim accounts are consistent with those used in the
annual accounts for the year ended 31st December, 2000 except that the
Group has adopted SSAP 26 "Segment reporting" and SSAP 30 "Business
combinations" which are effective for accounting periods commencing on or
after 1st January, 2001.
2. An analysis of turnover and operating loss from continuing operations
and discontinued operations
TURNOVER OPERATING (LOSS)/PROFIT
Six months ended 30th June Six months ended 30th June
2001 2000 2001 2000
HK$'000 HK$'000 HK$'000 HK$'000
Continuing operations
General trading
461,982 555,189 (7,290) 15,674
Property investment
13,036 11,086 10,042 8,862
Real estate agency services
675 1,131 (1,858) (3,747)
Other operations (Note a)
- - (9,559) 4,599
--------------------------------------------------------
475,693 567,406 (8,665) 25,388
Discontinuing operations
Ship chartering
- 21,475 - (12,944)
--------------------------------------------------------
475,693 588,881 (8,665) 12,444
=======================
Less : Unallocated administration expenses (7,010) (7,528)
------------------------
(15,675) 4,916
========================
Notes :
a. Operating (loss)/profit from other operations
Six months ended 30th June
2001 2000
HK$'000 HK$'000
Gain/(loss) on disposal of fixed assets 50 -
Gain on disposal of investment securities - 3,014
Other operating income 1,151 1,585
Gain on disposal of subsidiaries 1 -
Write down of land and buildings to recoverable
amount (10,761) -
-------------------------
(9,559) 4,599
=========================
3. Loss per share
Loss per share is calculated based on the loss attributable to
shareholders of the Group for the six months ended 30.6.2001 of
HK$25,310,000 (six months ended 30.6.2000 : HK$9,242,000) and 261,684,910
shares (30.6.2000 : 261,684,910 shares) of the Company in issue during the
year.
No diluted loss per share has been presented for current period and prior
period because the exercise of the outstanding potential ordinary shares
would have anti-dilutive effect for the period.
4. Comparatives
Comparative figures of turnover, cost of sales and other net operating
(expenses)/income have been reclassified to conform with current period's
presentation.
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