GREAT CHINA<00141> - Results Announcement
Great China Holdings Limited announced on 26/03/2003:
(stock code: 00141 )
Year end date: 31/12/2002
Currency: HKD
Auditors' Report: Unqualified
(Audited )
(Audited ) Last
Current Corresponding
Period Period
from 01/01/2002 from 01/01/2001
to 31/12/2002 to 31/12/2001
Note ('000 ) ('000 )
Turnover : 676,710 699,599
Profit/(Loss) from Operations : 19,579 (19,167)
Finance cost : (11,898) (20,179)
Share of Profit/(Loss) of
Associates : 2,019 3,573
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : 7,252 (35,946)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : 0.0277 (0.1374)
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 7,252 (35,946)
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. Basis of preparation
In the current year, the Group adopted the Statements of Standard
Accounting Practice ("SSAPs") issued by the Hong Kong Society of
Accountants which are effective for accounting periods commencing on or
after 1st January, 2002 :
SSAP 1 (revised) : Presentation of financial statements
SSAP 11 (revised) : Foreign currency translation
SSAP 15 (revised) : Cash flow statements
SSAP 33 : Discontinuing operations
SSAP 34 : Employee benefits
The adoption of these new/revised SSAPs had no material impact on the
prior year's accounts.
2. An analysis of turnover and contributions to operating profit/(loss)
from continuing operations
TURNOVER CONTRIBUTION
2002 2001 2002 2001
HK$'000 HK$'000 HK$'000 HK$'000
Continuing operations
General trading 652,793 672,066 (13,336) (10,991)
Property investment 22,670 25,645 16,233 15,696
Real estate agency services 1,247 1,888 (1,684) (2,880)
---------------------------------------
676,710 699,599 1,213 1,825
======= ========
Interest income 1,505 2,630
Judgement debt with related
legal cost (10,449) -
Gain on disposal of investment
properties 41,102 -
Impairment of land and buildings - (10,761)
Unallocated corporate expenses (13,792)(12,861)
----------------
Operating profit/(loss)
19,579 (19,167)
===============
3. Earnings/(loss) per share
Earnings/(loss) per share is calculated based on the profit attributable
to shareholders of the Group for the year ended 31.12.2002 of HK$7,252,000
(31.12.2001 : loss of HK$35,946,000) and 261,684,910 shares (31.12.2001 :
261,684,910 shares) of the Company in issue during the period.
No diluted earnings/(loss) per share has been presented for current and
prior years because the exercise of the options have no dilutive effect
for the years.
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