ASIA COMM HOLD<00104> - Results Announcement
Asia Commercial Holdings Limited announced on 18/07/2003:
(stock code: 00104 )
Year end date: 31/03/2003
Currency: HKD
Auditors' Report: Unqualified
(Audited )
(Audited ) Last
Current Corresponding
Period Period
from 01/04/2002 from 01/04/2001
to 31/03/2003 to 31/03/2002
Note ('000 ) ('000 )
Turnover : 245,596 189,360
Profit/(Loss) from Operations : (33,499) 335
Finance cost : (1,352) (1,388)
Share of Profit/(Loss) of
Associates : (782) (1,082)
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : (32,293) 152
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : (0.0968) 0.0005
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (32,293) 152
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. ADOPTION OF REVISED AND NEW STATEMENTS OF STANDARD ACCOUNTING
PRACTICE
In the current year, the Group has adopted, for the first time, the
following revised and new Statements of Standard Accounting Practice
("SSAP"s) issued by the Hong Kong Society of Accountants.
SSAP 1 (Revised) : Presentation of financial statements
SSAP 11(Revised) : Foreign currency translation
SSAP 15 (Revised) : Cash flow statements
SSAP 34 : Employee benefits
Adoption of these SSAPs has no material effect on the results for the
current or prior accounting years. Accordingly, no prior year adjustment
has been required.
a) Statement of changes in equity
In accordance with SSAP 1 (Revised) the requirement for presenting a
statement of recognized gains and losses has changed to presenting a
statement of changes in equity.
b) Foreign Currency Translation
The principal revision in SSAP 11 (Revised) is that in preparing the
consolidated financial statements, the income statements of the Group's
operations outside Hong Kong have to be translated at the average rates
for the period rather than at the exchange rates ruling on the balance
sheet date. This change in accounting policy has not any material effect
on the results for the current and prior accounting years.
c) Cash Flow Statements
Under SSAP 15 (Revised), cash flows are classified by operating, investing
and financing activities and cash flows of overseas operations are
translated at the rate prevailing at the dates of the cash flows rather
than the rate of exchange ruling on the balance sheet date.
d) Employee benefits
SSAP 34 prescribes the accounting treatment and disclosures for employee
benefits. Adoption of this SSAP has not had any material effect on the
results for the current and prior accounting years.
Comparative figures have been reclassified to conform with the revised
presentation arising from the adoption of these SSAPs.
2. TURNOVER AND OTHER REVENUE
Turnover represents the gross proceeds received and receivable derived
from the sales of watches, investment securities, property rental and
provision of programming service and is summarized as follows:
2003 2002
HK$'000 HK$'000
Turnover
Sales of watches 213,630 182,039
Rental income
Investment properties 4,443 3,967
Others 615 570
5,058 4,537
Investment securities 21,980 -
Programming service 4,928 2,784
-----------------------
245,596 189,360
-----------------------
Other revenue
Interest income from other than short-term
bank deposits 331 886
Interest income from short-term bank deposits 626 1,420
Surplus arising from increase in value of
properties held for resale - 1,399
Repair income and others 7,475 5,694
8,432 9,399
-----------------------
254,028 198,759
-----------------------
3. OTHER OPERATING EXPENSES, NET
2003 2002
HK$'000 HK$'000
Provision for bad and doubtful debts 3,944 1,554
Provision for diminution in value of
properties held for resale 454 -
Provision for slow-moving inventories 8,685 4,635
Net unrealized loss on revaluation of
investments in securities 873 1,121
Written back of provision for bad and
doubtful debts (59) (696)
Written back of trade and other payables (4,910) (6,409)
-----------------------
8,987 205
-----------------------
4. OTHER EXPENSES
2003 2002
HK$'000 HK$'000
Impairment loss recognized in respect of
investment securities 2,285 -
Impairment loss recognized in respect of
goodwill 20,977 -
Impairment loss recognized in respect of
leasehold properties - 1,441
Write off of fixed assets 55 64
Amortization of goodwill 1,821 1,593
Exchange reserve transferred to income
statement upon liquidation of a subsidiary 1,912 -
Profit on liquidation of subsidiaries - (1,143)
-----------------------
27,050 1,955
-----------------------
5. LOSS BEFORE TAXATION
Loss before taxation has been arrived at after crediting and charging the
following:
2003 2002
HK$'000 HK$'000
Crediting:
Gross gain on sale of investments in securities
- Other investments 649 -
Dividend from listed securities 30 -
-----------------------
Charging:
Depreciation on owned fixed assets 4,086 5,626
Amortization on
Goodwill 1,821 1,593
Computer software 70 211
Impairment loss recognized in respect of
leasehold properties - 1,441
Impairment loss recognized in respect of
investment securities 2,285 -
Impairment loss recognized in respect of
goodwill 20,977 -
-----------------------
6. (LOSS) EARNINGS PER SHARE
The calculation of the basic (loss) earnings per share is computed based
on the following data:
2003 2002
(Loss) Earnings
(Loss) earnings for the purpose of
basic (loss) earnings per share HK$(32,293,000) HK$152,000
Number of shares
Weighted average number of shares for
the purpose of basic (loss) earnings
per share 333,719,516 328,541,434
Basic (loss) earnings per share (9.68 cents) 0.05 cent
No disclosure of the diluted loss per share for the year under review with
comparative diluted earnings per share for the previous year is shown as
the issue of potential ordinary shares during both years from the exercise
of the outstanding share options and convertible notes will be
anti-dilutive.
7. COMPARATIVE FIGURES
Certain comparative figures have been reclassified to conform with the
current year's presentation.
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