GREAT CHINA<00141> - Results Announcement (Summary)
Great China Holdings Limited announced on 27/3/2002:
(stock code: 141)
Year end date: 31/12/2001
Currency: HK$
Auditors' Report: Neither
Review of Interim Report by: N/A
(Audited)
(Audited) Last
Current Corresponding
Period Period
from 1/1/2001 from 1/1/2000
to 31/12/2001 to 31/12/2000
('000) ('000)
Turnover : 699,599 907,567
Profit/(Loss) from Operations : (19,167) (75,043)
Finance cost : (20,179) (26,696)
Share of Profit/(Loss) of Associates : 3,573 3,878
Share of Profit/(Loss) of
Jointly Controlled Entities : Nil Nil
Profit/(Loss) after Tax & MI : (35,946) (100,147)
% Change over Last Period : N/A
EPS/(LPS)-Basic : (13.74 cents) (38.27 cents)
-Diluted : N/A N/A
Extraordinary (ETD) Gain/(Loss) : Nil Nil
Profit/(Loss) after ETD Items : (35,946) (100,147)
Final Dividend per Share : Nil Nil
(Specify if with other options) : N/A N/A
B/C Dates for Final 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. Adoption of Statements of Standard Accounting Practice
In current year, the Group adopted the Statement of Standard Accounting
Practice ("SSAP") issued by the Hong Kong Society of Accountants which
have become effective for accounting period commencing on or after 1st
January, 2001 :
SSAP 9 (revised) : Events after the balance sheet date
SSAP 14 (revised) : Leases (effective for periods commencing
on or after 1st July, 2000)
SSAP 26 : Segment reporting
SSAP 28 : Provisions, contingent liabilities and
contingent assets
SSAP 30 : Business combination
SSAP 31 : Impairment of assets
SSAP 32 : Consolidated financial statements and
accounting for investment in subsidiaries
2. An analysis of turnover and contributions to operating loss from
continuing operations and discontinued operations
TURNOVER CONTRIBUTION
2001 2000 2001 2000
HK$'000 HK$'000 HK$'000 HK$'000
Continuing operations
General trading 672,066 846,204 (10,991) 13,930
Property investment 25,645 23,259 15,696 15,607
Real estate agency
services 1,888 2,155 (2,880) (6,033)
Other operations (Note a) - - (11,144) (46,850)
------------------------------------------
699,599 871,618 (9,319) (23,346)
Discontinued operations
Ship chartering - 35,949 - (40,863)
------------------------------------------
699,599 907,567 (9,319) (64,209)
Interest income ================ 2,630 4,772
Unallocated corporate
expenses (12,478) (15,606)
------------------
(19,167) (75,043)
========= ========
Notes:
a. Operating loss from other operations
2001 2000
HK$'000 HK$'000
Impairment of land and buildings (10,761) -
Provision for diminution
in value of long term investment - (50,000)
Gain on disposal of investment securities - 3,014
Others (383) 136
-------------------
(11,144) (46,850)
===================
3. Loss per share
Loss per share is calculated based on the loss attributable to
shareholders of the Group for the year ended 31.12.2001 of HK$35,946,000
(2000 : HK$100,147,000) and 261,684,910 shares (2000: 261,684,910 shares)
of the Company in issue during the year.
No diluted loss per share has been presented for current and prior years
because the exercise of the options have no dilutive effect for the year.
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