GOLDBOND GROUP<00172> - Results Announcement
Goldbond Group Holdings Limited announced on 8/7/2004:
(stock code: 00172 )
Year end date: 31/03/2004
Currency: HKD
Auditors' Report: Unqualified
(Audited )
(Audited ) Last
Current Corresponding
Period Period
from 1/4/2003 from 1/4/2002
to 31/3/2004 to 31/3/2003
Note ('000 ) ('000 )
Turnover : 23,392 23,175
Profit/(Loss) from Operations : 38,149 (55,170)
Finance cost : (4,324) (15,792)
Share of Profit/(Loss) of
Associates : N/A N/A
Share of Profit/(Loss) of
Jointly Controlled Entities : (400) N/A
Profit/(Loss) after Tax & MI : 32,501 (72,162)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : 0.04 (0.14)
-Diluted (in dollars) : 0.04 N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 32,501 (72,162)
Final Dividend : Nil Nil
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Final 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
expenditure, which were expected with reasonable 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 Statement of
Standard Accounting Practice 12 (revised) issued by the Hong Kong Society
of Accountants, the group adopted a new policy for deferred tax.
As a result of the adoption of this accounting policy, the group's profit
for the year has been decreased by $440,000 (2003: $200,000) and the net
assets as at the year end have been decreased by $2,908,000 (2003:
$2,468,000).
The new accounting policy has been adopted retrospectively, with the
opening balances of accumulated losses and reserves and the comparative
information adjusted for the amounts relating to prior periods
2. Earnings per share
Basic earnings/(loss) per share
The calculation of basic earnings/(loss) per share is based on the profit
attributable to shareholders for the year of $32,501,000 and the weighted
average of 843,843,000 ordinary shares in issue during the year, after
adjusting for the effects of the Open Offer Shares issued in December 2003
and the Consideration Shares issued in February 2004.
Diluted earnings per share
The calculation of diluted earnings per share is based on the profit
attributable to ordinary shareholders of $32,501,000 and weighted average
number of 857,547,000 ordinary shares after adjusting for the effects of
all dilutive potential ordinary shares for the year ended 31 March 2004.
Reconciliations
2004
Number of
shares
'000
Weighted average number of ordinary shares
used in calculating basic earnings per share 843,843
Effect of dilutive potential ordinary shares in respect
of preference shares 13,704
--------
Weighted average number of ordinary shares
used in calculating diluted earnings per share
857,547
==========
3. Reconciliation of Last Corresponding Period
(A) Reconciliation of loss from operations for the year ended 31 March,
2003:
'000
As stated in last year's results announcement form
71,962
Prior year adjustments in respect of deferred tax
200
-------
As stated in this year's results announcement form 72,162
======
(B) Reconciliation of Loss per share for the year ended 31 March 2003:
As stated in last year's results announcement form:
The calculation of the basic loss per share is based on the loss
attributable to shareholders of $71,962,000 and the weighted average of
3,143,494,000 ordinary shares in issue during the year, after taking into
account of the effect of the open offer for the year ended 31 March 2003.
As stated in this year's results announcement form:
The calculation of the basic loss per share is based on the loss
attributable to shareholders of $72,162,000 (restated) and the weighted
average of 502,959,000 ordinary shares in issue during the year (restated)
as there was share consideration resulting from the capital reduction for
the year ended 31 March 2004.
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