ITC CORPORATION<0372> - Results Announcement
ITC Corporation Limited announced on 15/12/2000:
(stock codes: Ord: 372 & Pref: 206)
Year end date: 31/3/2001
Currency: HK$ (Unaudited)
(Unaudited) Last
Current Corresponding
Period Period
from 1/4/2000 from 1/4/1999
to 30/9/2000 to 30/9/1999
('000) ('000)
Turnover : 31,299 59,898
Profit/(Loss) from Operations : (21,857) (101,681)
Finance cost : (36,978) (24,887)
Share of Profit/(Loss) of Associates : (24,488) 189,516
Share of Profit/(Loss) of
Jointly Controlled Entities : - -
Profit/(Loss) after Tax & MI : (88,681) 41,481
% Change over Last Period : N/A
EPS/(LPS)-Basic : (18.6 cents) 7.9 cents
-Diluted : (19.2 cents) 3.1 cents
Extraordinary (ETD) Gain/(Loss) : - -
Profit/(Loss) after ETD Items : (88,681) 41,481
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) Certain figures of last corresponding period were reclassified to
conform with current period's presentation that follows the requirement of
Statement of Standard Accounting Practice No. 1 (Revised) "Presentation of
financial statements" issued by the Hong Kong Society of Accountants.
(2) Turnover
Six months Six months
ended ended
30/09/2000 30/09/1999
HK$'000 HK$'000
Continuing operations 31,299 47,784
Discontinued operations - 12,114
------------------------
31,299 59,898
======================
(3) Loss from operations has been arrived at after the following items :
Six months Six months
ended ended
30/09/2000 30/09/1999
HK$'000 HK$'000
Continuing operations
Turnover 31,299 47,784
Operating expenses (20,694) (34,037)
Gain on disposal of subsidiaries 12 -
Loss on disposal of investment
securities (5,409) -
Unrealised loss on other investments (9) -
Loss arising from the dilution of
interest in associates (12,415) (112,195)
Provision for impairment loss
of associates (14,641) -
-------------------------
(21,857) (98,448)
=========================
Discontinued operations
Turnover - 12,114
Operating expenses - (8,998)
Loss on disposal of subsidiaries - (6,349)
-------------------------
- (3,233)
-------------------------
Total loss from operations (21,857) (101,681)
=========================
(4) (Loss)/earnings per share
The calculation of the basic and diluted (loss)/earnings per share is
based on the following data:
Six months Six months
ended ended
30/09/2000 30/09/1999
Earnings/(loss) HK$'000 HK$'000
(Loss)/profit for the period (88,681) 41,481
Preference share dividend (9,245) (9,245)
-------------------------
(Loss)/profit for the purposes of basic
(loss)/earnings per share (note) (97,926) 32,236
Effect of dilutive potential ordinary shares:
Adjustment to the share of results of associates
based on dilution of their earnings per share (2,883) (19,358)
--------------------------
(Loss)/profit for the purposes of diluted
(loss)/earnings per share (100,809) 12,878
==========================
Number of shares
Weighted average number of ordinary shares
for the purposes of basic (loss)/earnings
per share 525,960,774 407,287,428
Effect of dilutive potential ordinary shares:
Share options - 4,490,670
---------------------------
Weighted average number of ordinary shares
for the purposes of diluted (loss)/earnings per share
525,960,774 411,778,098
===========================
Earnings/(loss) per share
- Basic (cents) (18.6) 7.9
- Diluted (cents) (19.2) 3.1
Note :
There was no deduction of dividend for preference shares for the
computation of the basic earnings per share in the last interim financial
report for the six months ended 30th September, 1999. As a result, the
basic earnings per share in the last interim financial report for the six
months ended 30th September, 1999 was overstated as HK10.2 cents and now
restated as HK7.9 cents.
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