SHUN CHEONG<00650> - Results Announcement (Summary)
Shun Cheong Holdings Limited announced on 19/7/2002:
(stock code: 650)
Year end date: 31/3/2002
Currency: HKD
Auditors' Report: Qualified
Review of Interim Report by: N/A
(Audited)
(Audited) Last
Current Corresponding
Period Period
from 1/4/2001 from 1/4/2000
to 31/3/2002 to 31/3/2001
Turnover : 698,432,000 832,782,000
Profit/(Loss) from Operations : (19,683,000) (53,698,000)
Finance cost : (3,194,000) (4,645,000)
Share of Profit/(Loss) of Associates : (3,605,000) (19,000)
Share of Profit/(Loss) of
Jointly Controlled Entities : - -
Profit/(Loss) after Tax & MI : (35,322,000) (59,145,000)
% Change over Last Period : N/A
EPS/(LPS)-Basic : (8.37 cents) (15.27 cents)
-Diluted : N/A N/A
Extraordinary (ETD) Gain/(Loss) : - -
Profit/(Loss) after ETD Items : (35,322,000) (59,145,000)
Final Dividend per Share : Nil Nil
(Specify if with other options) : Nil Nil
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 New and Revised Statements of Standard Accounting Practice
In the current year, the Group has adopted a number of new and revised
Statements of Standard Accounting Practice ("SSAP") issued by the Hong
Kong Society of Accountants for the first time. Adoption of these SSAPs
has led to a number of changes in the Group's accounting policies. In
addition, the new and revised standards have introduced additional and
revised disclosure requirements, which have been adopted in these
financial statements.
The Group has adopted the transitional provision of SSAP 30 "Business
Combinations" which permits goodwill in respect of acquisition which
occurred prior to the financial year commencing on 1 April 2001, to remain
eliminated against the retained profits.
Due to the adoption of SSAP 31 "Impairment of Assets", the Group has
adopted a policy to access goodwill eliminated against reserves for
impairment. As a result, impairment of goodwill totaling HK$23,726,000
were quantified and recognized retrospectively in the prior year leading
to the net loss attributable to shareholders for the prior year was
restated from HK$35,419,000 to HK$59,145,000 and impairment of goodwill of
HK$12,680,000 was recognized during the year ended 31 March 2002.
(2) Analysis of Turnover and Operating Loss from Continuing Operations and
Discontinuing Operation
Contribution to
Turnover Operating loss
Year ended 31 March Year ended 31 March
2002 2001 2002 2001
(Audited) (Audited) (Audited) (Audited
and Restated) and Restated)
HK$'000 HK$'000 HK$'000 HK$'000
Continuing operations
Building services
contracting business 604,357 705,698 17,922 33,614
Project management income 6,660 4,248 6,660 4,248
Trading of electrical and
mechanical engineering
materials and equipment 52,685 80,457 (3,007) 5,194
----------------------------------------------
663,702 790,403 21,575 43,056
Discontinuing operation
Provision for broadband
connectivity 14,188 11,335 (5,563) (17,197)
Provision for design, installation
and maintenance of karaoke on
demand system 20,542 31,044 (9,646) 718
----------------------------------------------
34,730 42,379 (15,209) (16,479)
----------------------------------------------
698,432 832,782 6,366 26,577
=======================
Other revenue 2,451 5,845
Provision for obsolete inventories (826) (7,972)
Provision for impairment of fixed
assets (179) (2,922)
Legal expenses (7,907) -
Loss on disposal of subsidiaries (341) -
Unrealised holding losses on
other investments (6,567) -
Provision for impairment in value
of long term investment - (38,298)
Realsied loss on disposal of
other investment - (13,202)
Provision for impairment losses
on goodwill (12,680) (23,726)
------------------------
Loss from operating activities
Continuing operations (3,653) (26,605)
Discontinued operations (16,030) (27,093)
------------------------
(19,683) (53,698)
------------------------
(3) Loss after Taxation and MI
Loss after taxation and MI is determined after charging the following
item:
Year ended
31 March
2002 2001
HK$'000 HK$'000
Provision for impairment in value of other
investment - 13,202
Provision for impairment in value of investment
securities - 38,298
Provision for impairment in value of stocks 179 2,922
Provision for impairment in value of fixed
assets 826 7,972
Provision for impairment losses on goodwill 12,680 23,726
Loss on disposal of subsidiaries, net 341 -
Unrealized holding losses on other investment 6,567 -
Legal expenses 7,907
--------------
28,500 86,120
======= =======
(4) Loss per Share
The calculation of the basic and diluted loss per share for the year ended
31 March 2002 was based on the following data:
Year ended 31 March
2002 2001
HK$'000 HK$'000
Loss
Net loss attributable to shareholders, used in
the basic and diluted loss per share
calculation (35,322)(59,145)
====== ======
Number of Share
Weighted average number of ordinary shares in issue
during the year used in the basic loss per share calculation
422,025,767 387,357,016
Assumed issued at no consideration on deemed exercise
of all share options outstanding during the year
2,159 85,264
--------------- ---------------
Weighted average number of ordinary shares used
in diluted loss per share calculation 422,027,926 387,442,280
========= =========
Diluted loss per share for the years ended 31 March 2002 and 2001 have not
been shown as the share options outstanding during the year had an
anti-dilutive effect on the basic loss per share for the year.
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