GREAT CHINA<00141> - Results Announcement
Great China Holdings Limited announced on 19/09/2003:
(stock code: 00141 )
Year end date: 31/12/2003
Currency: HKD
Auditors' Report: N/A
Review of Interim Report by: Both Audit Committee and Auditors
(Unaudited )
(Unaudited ) Last
Current Corresponding
Period Period
from 01/01/2003 from 01/01/2002
to 30/06/2003 to 30/06/2002
Note ('000 ) ('000 )
Turnover : 495,138 359,088
Profit/(Loss) from Operations : 4,150 22,484
Finance cost : (5,581) (5,681)
Share of Profit/(Loss) of
Associates : 953 1,473
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : (2,043) 18,176
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : (0.0078) 0.0694
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (2,043) 18,176
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:
1. Adoption of Statements of Standard Accounting Practice
These unaudited consolidated condensed accounts are prepared in
accordance with Statement of Standard Accounting Practice ("SSAP") 25,
"Interim Financial Reporting", issued by the Hong Kong Society of
Accountants ("HKSA") 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 methods of computation used in the
preparation of these condensed accounts are consistent with those used in
the annual accounts for the year ended 31st December, 2002 except that
the Group has changed its accounting policy following its adoption of SSAP
12 "Income Taxes" issued by the HKSA which is effective for accounting
periods commencing on or after 1st January 2003.
The change in accounting policy has been applied retrospectively so
that the comparative figures presented have been restated to conform to
the changed policy.
As a result of the adoption of the SSAP 12, the opening balance of
equity at 1st January 2002 and 2003 reduced by HK$52,185,000 and
HK$52,179,000 respectively which represent the
unprovided deferred tax liabilities. This change has resulted in an
increase in deferred tax liabilities at 31st December 2002 by
HK$21,546,000 and a decrease in investment in associated
company at 31st December 2002 by HK$30,633,000. The profit for the
six months ended 30th June 2002 has been increased by HK$13,000 and the
equity at that date has been reduced by HK$51,389,000.
2. An analysis of turnover and contributions to operating loss from
continuing operations
TURNOVER CONTRIBUTION
Six months ended 30th June Six months ended 30th June
(As restated)
2003 2002 2003 2002
HK$'000 HK$'000 HK$'000 HK$'000
Continuing operations
General trading 467,170 347,298 -3,168 -11,516
Property investment
27,532 11,171 11,442 9,524
Real estate agency services
436 619 -727 -1,041
-------------------------------------------------------
495,138 359,088 7,547 -3,033
====================
Interest income 446 645
Judgement debt with related legal cost
- -9,379
Gain on disposal of investment properties
- 41,102
Unallocated corporate expenses
-3,843 -6,851
------------------------
Operating profit 4,150 22,484
=========================
3. Earnings/(loss) per share
(Loss)/earnings per share is calculated based on the loss attributable
to shareholders of the Group for the six months ended 30.6.2003 of
HK$2,043,000 (30.6.2002 : profit of HK$18,176,000) and 261,684,910 shares
(30.6.2002 : 261,684,910 shares) of the Company in issue during the
period.
No diluted (loss)/earnings per share has been presented for current
and prior periods because the exercise of the options have no dilutive
effect for those periods.
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