ITC CORPORATION<0372> - Results Announcement
ITC Corporation Limited announced on 17/12/1999:
(stock codes: Ord: 372 & Pref: 206)
Year end date: 31/3/2000
Currency: HKD (Unaudited)
(Unaudited) Last
Current Corresponding
Period Period
from 1/4/1999 from 1/4/1998
to 30/9/1999 to 30/9/1998
('000) ('000)
Turnover
- Continuing : 47,784 25,286
- Discontinued : 12,114 13,866
Operating Profit/(Loss)
- Continuing : (116,946) (55,395)
- Discontinued : (9,622) (12,603)
Total Operating Profit/(Loss) : (126,568) (67,998)
Share of Profit/(Loss) of
Associated Companies : 189,516 47,126
Share of Profit/(Loss) of
Jointly Controlled Entities : - -
Profit/(Loss) after Tax & MI : 41,481 (27,783)
% Change over Last Period : N/A
EPS/(LPS)-Basic : 10.2 cents (9.1 cents)
-Diluted : 3.1 cents (10.0 cents)
Extraordinary (ETD) Gain/(Loss) : - -
Profit/(Loss) after ETD Items : 41,481 (27,783)
Interim Dividend per Share : NIL NIL
(Specify if with other options) : N/A N/A
B/C Dates for Interim 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) Earnings/(Loss) per share
Six months ended
30th September
1999 1998
HK$'000 HK$'000
The calculation of the basic and diluted
earnings/(loss) per share is based on the following data:
Profit/(loss)
Profit/(loss) for the purposes of basic
earnings/(loss) per share 41,481 (27,783)
Effect of dilutive potential ordinary shares:
Convertible preference shares dividend (9,245) -
Adjustment to the share of result of
associated companies based on dilution
of their earnings per share (19,358) (2,552)
------------------------
Loss for the purposes of diluted earnings/
(loss) per share 12,878 (30,335)
========================
Number of ordinary shares
Weighted average number of ordinary shares
for the purposes of basic earnings/(loss)
per share 407,287,428 304,123,061
Effect of dilutive potential ordinary shares
Share options granted on 18th December, 1998 4,490,670 -
-------------------------
Weighted avearge number of ordinary shares
for the purposes of diluted earnings/
(loss) per share 411,778,098 304,123,061
=========================
Earnings/(loss) per share
- Basic (cents) 10.2 (9.1)
======================
- Diluted (cents) 3.1 (10.0)
======================
The computation of the diluted earnings per share for the six months ended
30th September, 1999 does not assume the exercise of the Company's
outstanding warrants, convertible preference shares, convertible notes
and share options granted on 28th August, 1997 as their respective
exercise/conversion price is higher than their respective fair value.
There was no dilutive potential ordinary shares in existence during last
corresponding period 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 for last corresponding period has been adjusted for the
rights issue of three ordinary shares for every two ordinary shares held
within last corresponding period and the share consolidation of twenty
ordinary shares into one consolidated ordinary share subsequent to last
corresponding period.
(2) Exceptional items
Six months ended 30th September,
1999 1998
HK$'000 HK$'000
Continuing operations
Net loss arising from the dilution
of interest in associated companies (112,195) -
Provision for loss on investments - (32,328)
--------- --------
(112,195) (32,328)
========= ========
Discontinued operation
Loss on disposal of toll revenue
business (6,349) -
======== ========
(3) Discontinued operations
In June 1999, the Group completed the sale of its entire interest in Prime
Tollways Company Limited ("Prime Tollways"), including the assignment of
shareholder's loan of approximately US$24.9 million for an aggregate
consideration of US$13.75 million to an independent third party. Prime
Tollway is principally engaged in tollroad management. As a result of the
disposal, the Group's operations in the toll revenue business had been
discontinued.
(4) Turnover and operating loss from continuing and discontinued
operations separately disclosed to conform with current period
presentation.
|
