SHUN CHEONG<00650> - Results Announcement
Shun Cheong Holdings Limited announced on 20/12/2002:
(stock code: 00650 )
Year end date: 31/3/2003
Currency: HKD
Auditors' Report: N/A
Review of Interim Report by: Audit Committee
(Unaudited )
(Unaudited ) Last
Current Corresponding
Period Period
from 1/4/2002 from 1/4/2001
to 30/9/2002 to 30/9/2001
Note ($ ) ($ )
Turnover : 268,364,000 354,636,000
Profit/(Loss) from Operations : 9,092,000 (2,656,000)
Finance cost : (1,190,000) (2,154,000)
Share of Profit/(Loss) of
Associates : N/A (5,364,000)
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : 1,060,000 (10,708,000)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : 0.0023 (0.0277)
-Diluted (in dollars) : 0.0023 N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 1,060,000 (10,708,000)
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 New and Revised Statements of Standard Accounting Practice
The unaudited condensed consolidated interim financial statements have
been prepared in accordance with Statement of Standard Accounting Practice
("SSAP") No. 25 "Interim Financial Reporting" issued by the Hong Kong
Society of Accountants.
These condensed interim financial statements should be read in conjunction
with the 2002 annual report.
The accounting policies adopted in preparing these unaudited condensed
interim financial statements are consistent with those adopted in the
annual financial statements for the year ended 31 March 2002, except that
the Group has adopted the following SSAPs issued by the Hong Kong Society
of Accountants which are effective for accounting period commencing on or
after 1 January 2002:
SSAP 1 (revised) : Presentation of financial statements
SSAP 11 (revised) : Foreign currency translation
SSAP 15 (revised) : Cash flow statements
SSAP 25 (revised) : Interim financial reporting
SSAP 33 : Discontinuing operations
SSAP 34 : Employee benefits
The adoption of these SSAPs has resulted in a change in the format of
presentation of the cash flow statement and the statement of changes in
equity and has had no material effect on the results for the current or
prior accounting periods. Accordingly, no prior period adjustment has
been required.
2. Analysis of Turnover and Operating Profit (Loss) from Continuing
Operations and Discontinuing Operations
Contribution to
Turnover Operating profit (loss)
Six months ended Six months ended
30 September 30 September
2002 2001 2002 2001
(unaudited) (unaudited (unaudited) (unaudited
and restated) and restated)
HK$'000 HK$'000 HK$'000 HK$'000
Continuing operations
Building services
contracting business 235,824 298,990 4,930 2,401
Project management
income 3,227 2,085 3,227 2,085
Trading of electrical
and mechanical
engineering
materials and equipment 29,022 31,076 1,110 (505)
-----------------------------------------------
268,073 332,151 9,267 3,981
-----------------------------------------------
Discontinuing operations
Provision for broadband
connectivity 291 11,437 (458) (3,910)
Provision for design, installation
and maintenance of karaoke on
demand system - 11,048 - (3,833)
-----------------------------------------------
291 22,485 (458) (7,743)
-----------------------------------------------
268,364 354,636 8,809 (3,762)
---------------
Other revenue 1,361 1,106
Unrealised holding losses on
other investments (1,078) -
-----------------------
Profit (Loss) from operations
Continuing operations 9,550 5,087
Discontinued operations (458) (7,743)
-----------------------
9,092 (2,656)
-----------------------
3. Profit (Loss) after Taxation and MI
Profit (Loss) after taxation and MI is determined after charging the
following item:
Six months ended
30 September
2002 2001
HK$'000 HK$'000
Unrealized holding losses on other investment 1,078 -
======= =======
4. Earnings (Loss) per Share
The calculation of the basic and diluted earnings (loss) per share for the
six months ended 30 September 2002 was based on the following data:
Six months ended
30 September
2002 2001
HK$'000 HK$'000
Earnings (Loss)
Earnings (Loss) for the purposes of computing
basic and diluted earnings (loss) per share 1,060 (10,708)
====== ======
Number of Ordinary Share:
Weighted average number of ordinary shares for
the purposes of basic earnings (loss) per share 463,721,600 386,746,600
Effect of dilutive share option - 4,846
--------------- ---------------
Weighted average number of ordinary shares for
The purposes of diluted earnings (loss) per share
463,721,600 386,751,446
========= ===========
Diluted loss per share for the six months ended 30 September 2001 had not
been shown as the share options outstanding during the period had an
anti-dilutive effect on the basic loss per share for that period.
5. Comparative Amount
Certain comparative amounts had been reclassified to conform with the
current period's presentation.
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