ITC CORPORATION<0372> - Results Announcement
ITC Corporation Limited announced on 19/8/1999:
(stock code: Ord: 372, War: 705 & Pref: 206)
Year end date: 31/3/1999
Currency: HK$
Current 15-month-
Period Period
from 1/4/1998 from 1/1/1997
to 31/3/1999 to 31/3/1998
('000) ('000)
Turnover : 81,947 274,619
Profit-Continuing Operations
- Operating Profit/(Loss) : (42,718) (20,318)
- Exceptional Items : 57,557 (167,608)
- Discontinued Operations : (78,147) (3,161)
Total Operating Profit/(Loss) : (63,308) (191,087)
Share of Profit/(Loss) of
Associated Companies : (265,648) 180,849
Profit/(Loss) after Tax & MI : (341,752) (37,616)
% Change over Last Period : N/A
EPS/(LPS)-Basic : ($1.10) ($0.54)
-Diluted : ($1.10) ($0.91)
Extraordinary (ETD) Gain/(Loss) : - -
Profit/(Loss) after ETD Items : (341,752) (37,616)
Final Dividend per Share : Nil 1 cent
(Specify if with other options) : N/A (Scrip
dividend
with an option
to elect cash)
B/C Dates for Final Dividend : N/A
Payable Date : N/A
B/C Dates for (-) General Meeting : N/A
Other Distribution for Current Period : Nil
B/C Dates for Other Distribution : N/A
Remarks:
(1) Operating loss from continuing and discontinued operations separately
disclosed to conform with current year presentation.
(2) Exceptional items
1/4/1998 1/1/1997
to to
31/3/1999 31/3/1998
HK$'000 HK$'000
Continuing operations:-
Warrant reserve realised on expiration
of warrants 97,783 -
Net loss arising from the dilution of
interest in and partial disposal of
an associated company (3,333) (134,730)
Deficit arising from revaluation of
properties (4,565) 0
Loss on disposal of listed investments (32,328) -
Gain arising from disposal of
subsidiaries - 777
Realised net foreign exchange gain on
redemption of the Swiss Franc convertible
note - 11,012
Loss arising from disposal of properties - (14,667)
Loss on unlisted investment - (30,000)
-------- ----------
57,557 (167,608)
======== =========
Discontinued operations:
Provision for permanent impairment
in value of expressways and related
buildings (59,616) -
Gain arising from the partial
disposal of a subsidiary - 21,335
----------- ---------
(59,616) 21,335
========== =========
(3) Loss per share
The calculation of the basic and diluted loss per share is based on the
following data:
Loss
15 months
Year ended ended
31/3/1999 31/3/1998
HK$ HK$
Loss for the year/period (341,752,464) (37,616,137)
Preference shares dividend (18,490,620) (20,820,945)
-------------- -------------
Loss for the purposes of basic loss
per share (360,243,084) (58,437,082)
Effect of dilutive potential ordinary
shares:
Adjustment to the share of results of
associated companies based on dilution
of its earnings per share (1,207,861) (38,908,814)
------------- -------------
Loss for the purposes of diluted
loss per share (361,450,945) (97,345,896)
============== =============
Number of shares
Weighted average number of ordinary
shares for the purposes of basic and
diluted loss per share 327,270,704 107,289,794
============ ============
Loss per share (restated)
- Basic (1.10) (0.54)
======== =======
- Diluted (1.10) (0.91)
======== =======
There is no dilutive potential ordinary shares in existence during the
year and the corresponding fifteen months ended 31st March, 1998 as their
respective exercise price/conversion price is greater than their
respective fair value.
The weighted average number of ordinary shares for the purposes of basic
loss per share has been adjusted for the rights issue of three ordinary
shares for every two ordinary shares held and the share consolidation of
twenty ordinary shares into one consolidated ordinary share during the
year.
The diluted loss per share for the fifteen months ended 31st March, 1998
has been restated in accordance with the revised Hong Kong Statement of
Standard Accounting Practice No. 5 "Earnings per share" issued during the
year.
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