ASIA COMM HOLD<00104> - Results Announcement
Asia Commercial Holdings Limited announced on 23/7/2004:
(stock code: 00104 )
Year end date: 31/3/2004
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 : 261,477 245,596
Profit/(Loss) from Operations : 34,377 (33,499)
Finance cost : (1,362) (1,352)
Share of Profit/(Loss) of
Associates : (606) (782)
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : 32,743 (32,293)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : 0.0981 (0.0968)
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 32,743 (32,293)
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 HONG KONG FINANCIAL REPORTING STANDARDS/CHANGES IN
ACCOUNTING POLICY
In the current year, the Group has adopted, for the first time, the
following Hong Kong Financial Reporting Standards ("HKFRS") issued by the
Hong Kong Society of Accountants ("HKSA"), the term of HKFRS is inclusive
of Statements of Standard Accounting Practice ("SSAPs") and
Interpretations approved by the HKSA:
SSAP 12 (Revised) Income Taxes
Income Taxes
In the current year, the Group has adopted SSAP 12 (Revised) "Income
Taxes". The principal effect of the implementation of SSAP 12 (Revised) is
in relation to deferred tax. In previous years, partial provision was made
for deferred tax using the income statement liability method, i.e. a
liability was recognized in respect of timing differences arising, except
where those timing differences were not expected to reverse in the
foreseeable future. SSAP 12 (Revised) requires the adoption of a balance
sheet liability method, whereby deferred tax is recognized in respect of
all temporary differences between the carrying amounts of assets and
liabilities in the financial statements and the corresponding tax bases
used in the computation of taxable profit with limited exceptions.
The adoption of SSAP 12 (Revised) has had no material effect on the
results for the current or prior accounting periods and, accordingly, no
prior period adjustment is required.
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:
2004 2003
HK$'000 HK$'000
Turnover
Sales of watches 245,489 213,630
Rental income
Investment properties 3,835 4,443
Others 772 615
-------------------------
4,607 5,058
Investment securities 7,960 21,980
Programming service 3,421 4,928
------------------------
261,477 245,596
------------------------
Other revenue
Interest income from other than short-term bank deposits
93 331
Interest income from short-term bank deposits
533 626
Customers service income and others 8,036 7,475
Profit on disposal of property held for resale
853 -
9,515 8,432
------------------------
270,992 254,028
========================
3. OTHER OPERATING EXPENSES, NET
2004 2003
HK$'000 HK$'000
Provision for bad and doubtful debts 1,337 3,944
Provision for diminution in value of properties held for resale
297 454
Provision for slow-moving inventories 19,702 8,685
Net unrealized loss on revaluation of investments in securities
- 873
Written back of provision for bad and doubtful debts
- (59)
Written back of trade and other payables (208) (4,910)
------------------------
21,128 8,987
========================
4. OTHER INCOME (EXPENSES), NET
2004 2003
HK$'000 HK$'000
Impairment loss recognized in respect of investment securities
- (2,285)
Impairment loss recognized in respect of goodwill
(7,449) (20,977)
Write off of fixed assets (108) (55)
Amortization of goodwill (849) (1,821)
Exchange reserve transferred to income statement upon
liquidation of a subsidiary - (1,912)
Profit on liquidation of a subsidiary 14 -
Receipt of further consideration from the disposal of Lakeview
Project 47,361 -
------------------------
38,969 (27,050)
=========================
5. PROFIT (LOSS) BEFORE TAXATION
Profit (loss) before taxation has been arrived at after crediting and
charging the following:
2004 2003
HK$'000 HK$'000
Crediting:
Gross gain on sale of investments in securities-
other investments 2,166 649
Profit on disposal of property held for resale
853 -
Dividend from listed securities 48 30
------------------------
Charging:
Depreciation on owned fixed assets 4,096 4,086
Amortization on
Goodwill 849 1,821
Computer software - 70
Impairment loss recognized in respect of investment
securities - 2,285
Impairment loss recognized in respect of goodwill
7,449 20,977
Cost of inventories recognized as expenses
180,306 179,571
------------------------
6. EARNINGS (LOSS) PER SHARE
(a) Including the receipt of further consideration from the disposal
of Lakeview Project:
The calculation of the basic earnings (loss) per share for the year ended
31st March, 2004 and 2003 is computed based on the following data:
2004 2003
Earnings (loss)
Earnings (loss) for the
purpose of basic earnings (loss) per share
HK$32,743,000 (HK$32,293,000)
=========================================
Number of shares
Weighted average number of ordinary shares for the
purpose of basic earnings (loss) per share
333,719,516 333,719,516
=========================================
(b) Excluding the receipt of further consideration from the disposal
of the Lakeview Project:
The calculation of the additional basic loss per share for the year ended
31st March, 2004 and 2003 is computed based on following data:
2004 2003
HK$ HK$
Earnings (loss)
Net profit (loss) for the year 32,743,000 (32,293,000)
============
Adjustment for:
Receipt of further consideration from the disposal of
the Lakeview Project (47,361,000)
------------
Loss for the purpose of basic loss per share excluding
the receipt of further consideration from the disposal of
the Lakeview Project (14,618,000)
============
Number of shares
Same as those details above for basic earnings (loss)
per share.
The additional basic loss per share figure is disclosed to
give a clearer indication of the underlying performance of the Group.
(c)
No disclosure of the diluted earnings per share and additional diluted
loss per share for the year under review with comparative diluted loss per
share and additional diluted loss 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.
|