ITC CORPORATION<00372> - Results Announcement
ITC Corporation Limited announced on 21/07/2003:
(stock code: 00372 )
Year end date: 31/03/2003
Currency: HKD
Auditors' Report: Unqualified
(Audited )
(Audited ) Last
Current Corresponding
Period Period
from 01/04/2002 from 01/04/2001
to 31/03/2003 to 31/03/2002
Note ('000 ) ('000 )
Turnover : 768,697 40,147
Profit/(Loss) from Operations : 46,943 (189,705)
Finance cost : (36,680) (49,446)
Share of Profit/(Loss) of
Associates : (344,434) (33,306)
Share of Profit/(Loss) of
Jointly Controlled Entities : 1,895 N/A
Profit/(Loss) after Tax & MI : (355,408) (289,310)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : (0.59) (0.51)
-Diluted (in dollars) : (0.59) (0.51)
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (355,408) (289,310)
Final Dividend : NIL NIL
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Final Dividend : N/A
Payable Date : N/A
B/C Dates for (-)
General Meeting : N/A
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
1. Profit/(Loss) from Operations
Profit/(loss) from operations has been arrived at after the following
items: -
2003 2002
HK$'000 HK$'000
Continuing operations
Turnover 768,697 40,147
Cost of sales (709,563) (5,164)
Gross profit 59,134 34,983
Other operating income 87,557 3,830
Administrative expenses (76,959) (35,753)
Investment (expenses) income - net (22,789) 573
Gain on disposal and dilution of interests in
subsidiaries and associates - 2,128
Impairment loss in respect of goodwill - (195,466)
--------------------------
Profit/(loss) from operations 46,943 (189,705)
==========================
2. Loss Per Share
The calculation of the basic and diluted loss per share is based on the
following data:
2003 2002
HK$'000 HK$'000
Loss for the year (355,408) (289,310)
Dividend for preference shares (18,491) (18,491)
Loss for the purposes of
basic loss per share (373,899) (307,801)
Effect of dilutive potential ordinary shares:
Adjustment to the share of results of
subsidiaries based on dilution of
their earnings per share (1,370) -
Adjustment to the share of results of
associates based on dilution of
their earnings per share - (1,324)
-------------------------
Loss for the purposes of
diluted loss per share (375,269) (309,125)
=========================
Number of shares Number of shares
Weighted average number of ordinary
shares for the purposes of basic
and diluted loss per share 630,960,774 607,659,374
======================================
The convertible notes are anti-dilutive as the exercise of these
convertible notes would result in a decrease in loss per share for both
years.
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