CHINA STATE CON<03311> - Results Announcement
China State Construction International Holdings Limited announced on 21/08/2006:
(stock code: 03311 )
Year end date: 31/12/2006
Currency: HKD
Auditors' Report: N/A
Interim report reviewed by: Audit Committee
(Unaudited )
(Unaudited ) Last
Current Corresponding
Period Period
from 01/01/2006 from 01/01/2005
to 30/06/2006 to 30/06/2005
Note ('000 ) ('000 )
(Restated)
Turnover : 4,867,069 4,516,954
Profit/(Loss) from Operations : 102,087 73,757
Finance cost : (723) (7,995)
Share of Profit/(Loss) of
Associates : 5,444 4,393
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : 86,608 41,139
% Change over Last Period : +110.5 %
EPS/(LPS)-Basic (in dollars) : 0.1760 0.1300
-Diluted (in dollars) : 0.1666 N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 86,608 41,139
Interim Dividend : 9.0 cents NIL
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Interim Dividend : 13/09/2006 to 15/09/2006 bdi.
Payable Date : 28/09/2006
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
On 9 May 2006, a Sales and Purchase Agreement was entered into between the
Company, China Overseas Holdings Limited ("COHL") and China Overseas
Construction Limited whereby the Company and / or its nominees agreed to
acquire the entire paid up share capital of China Construction Engineering
(Macau) Company Limited ("CCEM"). The acquisition was completed on 29
June 2006.
The acquisition of the controlling interests in CCEM as mentioned above is
regarded as common control combinations. Accordingly, the unaudited
interim consolidated financial statements of the Group have been prepared
using the principle of Accounting Guideline 5 "Merger Accounting for
Common Control Combinations" (":AG5") issued by the Hong Kong Institute of
Certified Public Accountants, as if CCEM had existed and had been a
wholly-owned subsidiary of the Company throughout the reporting periods.
The Company completed its group reorganization including the acquisition
of the construction business of China Overseas Land & Investment Ltd. ("
COLI") and China State Construction Engineering (Hong Kong) Limited ("
CSCEHK") in June 2005. COLI and CSCEHK are both controlled by COHL and the
reorganization was regarded as common control combinations. As AG5 has
not yet been effective when the interim results of 2005 were prepared, the
interim results of 2005 were prepared using Hong Kong Financial Reporting
Standard 3 "Business Combinations" which requires using acquisition method
for business combinations. After AG5 became effective from November 2005,
the Group adopted AG5 for common control combinations and the consolidated
financial statements were prepared using merger accounting. Accordingly,
the comparative figures in the interim results of 2006 were restated.
2. Earnings per share
The calculation of the basic earnings per share is based on the profit
attributable to shareholders for the period of HK$86,608,000 (2005: HK$41
,139,000) and on the number of 492,108,002 (2005: 316,425,445) ordinary
shares in issue during the period. The calculation of the diluted
earnings per share is based on the profit attributable to shareholders for
the period of HK$86,608,000 (2005: N/A) and on the weighted average number
of 519,734,847 (2005: N/A) ordinary shares in issue during the period.
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