GOLDBOND GROUP<00172> - Results Announcement
Goldbond Group Holdings Limited announced on 17/12/2003:
(stock code: 00172 )
Year end date: 31/03/2004
Currency: HKD
Auditors' Report: N/A
Review of Interim Report by: Both Audit Committee and Auditors
(Unaudited )
(Unaudited ) Last
Current Corresponding
Period Period
from 01/04/2003 from 01/04/2002
to 30/09/2003 to 30/09/2002
Note ('000 ) ('000 )
Turnover : 12,944 11,553
Profit/(Loss) from Operations : 18,241 15,438
Finance cost : (2,795) (7,071)
Share of Profit/(Loss) of
Associates : N/A (59)
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : 15,106 7,608
% Change over Last Period : +98.6 %
EPS/(LPS)-Basic (in dollars) : 0.046 0.023
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 15,106 7,608
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 PRESENTATION
In prior years, deferred tax liabilities were provided using the liability
method in respect of the taxation effect arising from all material timing
differences between the accounting and tax treatment of income and
expenses, which were expected with reasonably probability to crystallise
in the foreseeable future. Deferred tax assets were not recognised unless
their realisation was assured beyond reasonable doubt. With effect from 1
April 2003, in order to comply with SSAP 12 (revised) issued by the HKSA,
the Group has adopted a new policy for deferred taxation as follows:
Deferred tax assets and liabilities arise from deductible and taxable
temporary differences between the carrying amounts of assets and
liabilities for financial reporting purposes and the taxes respectively.
Deferred tax assets also arise from unused tax losses and unused tax
credits.
Apart from certain limited exceptions, all deferred tax liabilities, and
all deferred tax assets to the extent that it is probable that future
taxable profits will be available against which the asset can be utilised,
are recognised. The limited exceptions are temporary differences arising
from goodwill not deductible for tax purposes and the initial recognition
of assets or liabilities that affect neither accounting nor taxable
profit, and temporary differences relating to investments in subsidiaries
to the extent that, in the case of taxable temporary differences, the
Group controls the timing of reversal and it is probable that the
differences will not reverse in the foreseeable future, or in the case of
deductible temporary differences, unless it is probable that they will
reverse in the future.
The amount of deferred tax provided is based on the expected manner of
realisation or settlement of the carrying amount of the assets and
liabilities, using tax rates enacted or substantively enacted at the
balance sheet date. Deferred tax assets and liabilities are not
discounted.
The carrying amount of a deferred tax asset is reviewed at each balance
sheet date and is reduced to the extent that it is no longer probable that
sufficient taxable profit will be available to allow the related tax
benefit to be utilised. Any such reduction is reversed to the extent that
it becomes probable that sufficient taxable profit will be available.
The new accounting policy has been adopted retrospectively, with the
opening balance of accumulated losses and the comparative information
adjusted for the amounts relating to prior periods. As a result of the
adoption of this accounting policy, the profit for the six months ended 30
September 2003 has been decreased by HK$340,000 (six months ended 30
September 2002: HK$100,000) and the net assets as at the period end have
been decreased by HK$2,808,000 (at 31 March 2003: HK$2,468,000).
2. EARNINGS PER SHARE
The calculation of basic earnings per share is based on the Group's net
profit from ordinary activities attributable to shareholders for the
period ended 30 September 2003 of approximately HK$15,106,000 (2002:
HK$7,608,000) and the weighted average number of 331,488,000 (2002:
323,974,560, as adjusted for the effect of rights issue and bonus shares
issue on 7 January 2003 and capital re-organisation in 26 June 2003)
ordinary shares in issue during the period.
No diluted earning per share has been presented as the redeemable
convertible preference shares during both periods would be anti-dilutive.
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