ITC CORPORATION<0372> - Results Announcement
ITC Corporation Limited announced on 11/8/2000:
(stock codes: Ord: 372 & Pref: 206)
Year end date: 31/3/2000
Currency: HK$ (Audited)
(Audited) Last
Current Corresponding
Period Period
from 1/4/1999 from 1/4/1998
to 31/3/2000 to 31/3/1999
('000) ('000)
Turnover
- Continuing : 110,773 51,690
- Discontinued : 12,114 30,257
Operating Profit/(Loss)
- Continuing : 397,971 14,839
- Discontinued : (9,622) (78,147)
Total Operating Profit/(Loss) : 388,349 (63,308)
Share of Profit/(Loss) of
Associated Companies : 206,402 (265,648)
Share of Profit/(Loss) of
Jointly Controlled Entities : - -
Profit/(Loss) after Tax & MI : 553,823 (341,752)
% Change over Last Period : N/A
EPS/(LPS)-Basic : $1.16 ($1.10)
-Diluted : $0.97 ($1.10)
Extraordinary (ETD) Gain/(Loss) : - -
Profit/(Loss) after ETD Items : 553,823 (341,752)
Final Dividend per Share : Nil Nil
(Specify if with other options) : N/A N/A
B/C Dates for Final Dividend : N/A
Payable Date : N/A
B/C Dates for (-) General Meeting : N/A
Other Distribution for Current Period : Nil
B/C Dates for Other Distribution : N/A
Remarks:
(1) Certain figures of last corresponding year were reclassified to
conform with current year's presentation.
(2) Operating profit/(loss) has been arrived at after the following
items :
Year ended Year ended
31/03/2000 31/03/1999
HK$'000 HK$'000
- Continuing operations
Turnover 110,773 51,690
Operating expenses (76,853) (60,402)
Finance costs (52,067) (34,007)
Gain on disposal of subsidiaries 320,541 -
Profit/(loss) on disposal of investment
securities 122,870 (32,328)
Unrealised gain on other investments 15,647 -
Gain/(loss) arising from the dilution of
interest and partial disposal of
associates 3,855 (3,332)
Unrealised loss from transfer of
investment securities to other
investments (2,425) -
Loss on exercise of put option in
respect of a listed security (44,370) -
Warrant reserve realised on expiration
of warrants - 97,783
Deficit arising from valuation of
properties - (4,565)
--------------------------
397,971 14,839
--------------------------
- Discontinued operations
Turnover 12,114 30,257
Operating expenses (8,998) (18,170)
Finance costs (6,389) (30,618)
Loss on disposal of subsidiaries (6,349) -
Provision for permanent impairment
in value of an expressway and related
buildings - (59,616)
--------------------------
(9,622) (78,147)
--------------------------
Total operating profit/(loss) 388,349 (63,308)
==========================
(3) Earnings/(loss) per share
The calculation of the basic and diluted earnings/(loss) per share is
based on the following data:
Year ended Year ended
31/03/2000 31/03/1999
Earnings/(loss) HK$'000 HK$'000
Profit/(loss) for the year 553,823 (341,752)
Preference share dividend (18,491) (18,491)
--------------------------
Profit/(loss) for the purposes of basic
earnings/(loss) per share 535,332 (360,243)
Effect of dilutive potential ordinary
shares:
Adjustment to the share of results
of associates based on dilution
of their earnings per share (19,195) (1,208)
Interest on convertible notes 8,006 -
Amortisation of deferred expenditure
on convertible notes 685 -
--------------------------
Profit/(loss) for the purposes of diluted
earnings/(loss) per share 524,828 (361,451)
==========================
Number of shares
Weighted average number of ordinary
shares for the purposes of basic
earnings/(loss) per share 463,322,654 327,270,704
Effect of dilutive potential ordinary shares:
Share options 7,295,955 -
Convertible notes 72,084,309 -
---------------------------
Weighted average number of ordinary
shares for the purposes of diluted
earnings/(loss) per share 542,702,918 327,270,704
===========================
Earnings/(loss) per share
- Basic 1.16 (1.10)
===========================
- Diluted 0.97 (1.10)
===========================
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