SAM WOO<02322> - Results Announcement
Sam Woo Holdings Limited announced on 15/12/2003:
(stock code: 02322 )
Year end date: 31/03/2004
Currency: HKD
Auditors' Report: N/A
Review of Interim Report by: Auditors
(Unaudited )
(Unaudited ) Last
Current Corresponding
Period Period
from 01/04/2003 from 01/04/2002
to 30/09/2003 to 30/09/2002
Note ('000 ) ('000 )
Turnover : 70,802 123,387
Profit/(Loss) from Operations : 17,186 32,601
Finance cost : (3,206) (4,433)
Share of Profit/(Loss) of
Associates : N/A N/A
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : 8,553 22,906
% Change over Last Period : -62.66 %
EPS/(LPS)-Basic (in dollars) : 0.0288 0.0985
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 8,553 22,906
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 Basis of preparation and accounting policies
Pursuant to a group reorganisation (the "Reorganisation") in preparation
for the listing of the Company's shares on the Main Board of the Stock
Exchange of Hong Kong Limited (the "Stock Exchange"), the Company became
the holding company of the companies now comprising the Group. Details of
the Reorganisation are set out in the Company's prospectus dated 31st
March 2003. The Company's shares were listed on the Stock Exchange on 9th
April 2003.
The Reorganisation is accounted for using merger accounting as permitted
by the Hong Kong Statement of Standard Accounting Practice ("SSAP") 27
"Accounting for group reconstructions" issued by the Hong Kong Society of
Accountants ("HKSA"). The consolidated accounts of the Group for the six
months ended 30th September 2003, including the comparative figures, are
prepared as if the Company had been the holding company of the Group from
the beginning of the earliest period presented.
These unaudited consolidated condensed accounts are prepared in accordance
with SSAP 25 "Interim financial reporting" issued by the HKSA and Appendix
16 of the Rules Governing the Listing of Securities on the Stock Exchange
of Hong Kong Limited (the "Stock Exchange").
These condensed accounts should be read in conjunction with the 2003
annual accounts.
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 March 2003 except that the Group has
changed its accounting policy following its adoption of SSAP 12 (revised)
"Income taxes" issued by the HKSA which is effective for accounting
periods commencing on or after 1st January 2003.
Deferred taxation
Deferred taxation is provided in full, using the liability method, on
temporary differences arising between the tax bases of assets and
liabilities and their carrying amounts in the accounts. Taxation rates
enacted or substantively enacted by the balance sheet date are used to
determine deferred taxation.
Deferred tax assets are recognised to the extent that it is probable that
future taxable profit will be available against which the temporary
differences can be utilised.
In prior years, deferred taxation was accounted for at the current
taxation rate in respect of timing differences between profit as computed
for taxation purposes and profit as stated in the accounts to the extent
that a liability or an asset was expected to be payable or recoverable in
the foreseeable future.
The adoption of SSAP 12 (revised) has had no significant effect on the
results for the current or prior accounting periods. Accordingly, no
prior year adjustment has been made
2. Earnings per share
The calculations of basic earnings per share is based on the Group's
profit attributable to shareholders of HK$8,553,000 (2002: HK$22,906,000)
and the weighted average number of 297,418,033 (2002: 232,500,000)
ordinary shares in issue during the period. Diluted earnings per share is
not presented as the exercise of share options would have no dilutive
effect on earnings per share for the period ended 30th September 2003.
The Company has no dilutive potential shares as at 30th September 2002.
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