ITC CORPORATION<00372> - Results Announcement (Summary)
ITC Corporation Limited announced on 18/7/2002:
(stock codes: Ord: 372 & Pref: 206)
Year end date: 31/3/2002
Currency: HK$
Auditors' Report: Unqualified
Review of Interim Report by: N/A
(Audited)
(Audited) Last
Current Corresponding
Period Period
from 1/4/2001 from 1/4/2000
to 31/3/2002 to 31/3/2001
('000) ('000)
Turnover : 40,147 63,144
Profit/(Loss) from Operations : (189,705) (223,506)
Finance cost : (49,446) (56,088)
Share of Profit/(Loss) of Associates : (33,306) (306,949)
Share of Profit/(Loss) of
Jointly Controlled Entities : - -
Profit/(Loss) after Tax & MI : (289,310) (612,413)
% Change over Last Period : N/A
EPS/(LPS)-Basic : ($0.51) ($1.20)
-Diluted : ($0.51) ($1.21)
Extraordinary (ETD) Gain/(Loss) : - -
Profit/(Loss) after ETD Items : (289,310) (612,413)
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) In the current year, the Group adopted Statement of Standard
Accounting Practice ("SSAP") No. 30 "Business Combinations" issued by the
Hong Kong Society of Accountants and has elected not to restate goodwill
previously eliminated against reserves. Accordingly, goodwill arising on
acquisitions prior to 1st April, 2001 is held in reserves and will be
charged to the income statement at the time of disposal of the relevant
subsidiary or associate, or at such time as impairment losses are
identified. However, impairment losses in respect of goodwill that arose
between the date of acquisition of the relevant subsidiary or associate
and the date of adoption of SSAP 30 have been recognised retrospectively.
The effect of this prior period adjustment is to increase the accumulated
losses as at 1st April, 2000 by HK$48,080,000 and to increase the loss for
the year ended 31st March, 2001 by HK$70,043,000.
(2) Profit/(Loss) from Operations
Profit/(loss) from operations has been arrived at after the following
items: -
Year ended Year ended
31/03/02 31/03/01
HK$'000 HK$'000
Continuing operations
Turnover 40,147 63,144
Other revenue 3,796 -
Operating expenses (40,917) (42,274)
Surplus (deficit) arising from revaluation of land and buildings
250 (1,238)
Surplus arising from revaluation of investment properties
125 1,120
Loss on disposal of investments in securities
- (5,409)
Unrealised gain (loss) on valuation of other investments
232 (458)
Gain on disposal of subsidiaries 6 221
Gain (loss) arising from dilution of interest in and disposal of
associates 2,122 (213,470)
Goodwill eliminated on cessation of business of an associate
- (14,596)
Allowances for amounts due from associates
- (10,546)
Impairment loss in respect of goodwill (195,466) -
--------- ---------
Loss from operations (189,705) (223,506)
========= =========
(3) (Loss) Earnings Per Share
The calculation of the basic and diluted loss per share for the year is
based on the following data:
Year ended Year ended
31/03/02 31/03/01
HK$'000 HK$'000
Loss :
Loss for the year (289,310) (612,413)
Dividend for preference shares (18,491) (18,491)
--------- ---------
Loss for the purposes of basic
loss per share (307,801) (630,904)
Effect of dilutive potential
ordinary shares:
Adjustment to the share of results
of associates based on dilution
of their earnings per share (1,324) (3,248)
--------- ---------
Loss for the purposes of diluted
loss per share (309,125) (634,152)
========= ==========
Number of shares:
Weighted average number of ordinary shares
for the purposes of basic and diluted
loss per share 607,659,374 525,960,774
=========== ===========
The convertible notes and the share options are anti-dilutive as the
exercise of these convertible notes and share options would result in a
decrease in loss per share for both years.
|
