ITC CORPORATION<0372> - Results Announcement (Summary)
ITC Corporation Limited announced on 24/7/2001:
(stock codes: Ord: 372 & Pref: 206)
Year end date: 31/3/2001
Currency: HK$ (Audited)
(Audited) Last
Current Corresponding
Period Period
from 1/4/2000 from 1/4/1999
to 31/3/2001 to 31/3/2000
('000) ('000)
Turnover : 63,144 122,887
Profit/(Loss) from Operations : (223,506) 446,805
Finance cost : (56,088) (58,456)
Share of Profit/(Loss) of Associates : (236,906) 206,402
Share of Profit/(Loss) of
Jointly Controlled Entities : - -
Profit/(Loss) after Tax & MI : (542,370) 553,823
% Change over Last Period : N/A
EPS/(LPS)-Basic : ($1.07) $1.16
-Diluted : ($1.07) $0.97
Extraordinary (ETD) Gain/(Loss) : - -
Profit/(Loss) after ETD Items : (542,370) 553,823
Final Dividend per Share : NIL NIL
(Specify if with other options) : N/A N/A
B/C Dates for Final Dividend : N/A
Payable Date : N/A
B/C Dates for (-) General Meeting : N/A
Other Distribution for Current Period : N/A
B/C Dates for Other Distribution : N/A
Remarks:
1. To follow the requirements of Statement of Standard Accounting Practice
No. 1 (Revised) "Presentation of Financial Statements", certain figures of
last corresponding year have been reclassified to conform with the current
year's presentation.
2. Turnover
Year ended Year ended
31/03/01 31/03/00
HK$'000 HK$'000
Continuing operations 63,144 110,773
Discontinued operations - 12,114
----------------------------
63,144 122,887
============================
3. Profit/(Loss) from Operations
Profit/(loss) from operations has been arrived at after the following
items: -
Year ended Year ended
31/03/01 31/03/00
HK$'000 HK$'000
Continuing operations
Turnover 63,144 110,773
Operating expenses (42,274) (76,853)
(Loss) gain on disposal of investments
in securities (5,409) 122,870
Unrealised (loss) gain on valuation of
other investments (458) 15,647
Unrealised loss from transfer of
investment securities to other
investments - (2,425)
Loss on exercise of a put option in
respect of a listed security - (44,370)
Deficit arising from revaluation of
land and buildings (1,238) -
Surplus arising from revaluation of
investment properties 1,120 -
Gain on disposal of subsidiaries 221 320,541
(Loss) gain arising from dilution of
interest in and disposal of
associates (213,470) 3,855
Impairment loss recognised in respect
of goodwill of an associate arising
from previous acquisition (14,596) -
Provision for amounts due from
associates (10,546) -
---------------------------
(223,506) 450,038
===========================
Discontinued operations
Turnover - 12,114
Operating expenses - (8,998)
Loss on disposal of subsidiaries - (6,349)
---------------------------
- (3,233)
---------------------------
Total (loss) profit from operations (223,506) 446,805
===========================
4. (Loss) Earnings Per Share
The calculation of the basic and diluted (loss) earnings per share for the
year is based on the following data:
Year ended Year ended
31/03/01 31/03/00
HK$'000 HK$'000
(Loss) earnings:
(Loss) profit for the year (542,370) 553,823
Dividend for preference shares (18,491) (18,491)
-------------------------
(Loss) profit for the purposes of basic
(loss) earnings per share (560,861) 535,332
Effect of dilutive potential ordinary shares:
Adjustment to the share of results of
associates based on dilution of their
earnings per share (3,248) (19,195)
Interest on convertible notes - 8,006
Amortisation of deferred expenditure
on issuance of convertible notes - 685
----------------------------
(Loss) profit for the purposes of diluted
(loss) earnings per share (564,109) 524,828
============================
Number of shares:
Weighted average number of
ordinary shares for the purposes
of basic (loss) earnings per share 525,960,774 463,322,654
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
(loss) earnings per share 525,960,774 542,702,918
============================
The share options and convertible notes are anti-dilutive in current year
as the exercise of these share options and convertible notes would result
in a decrease in loss per share for the year.
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