ITC CORPORATION<00372> - Results Announcement
ITC Corporation Limited announced on 19/12/2003:
(stock code: 00372 )
Year end date: 31/3/2004
Currency: HKD
Auditors' Report: N/A
Review of Interim Report by: Both Audit Committee and Auditors
(Unaudited )
(Unaudited ) Last
Current Corresponding
Period Period
from 1/4/2003 from 1/4/2002
to 30/9/2003 to 30/9/2002
Note ('000 ) ('000 )
Turnover : 1,698,387 13,725
Profit/(Loss) from Operations : 3,621 (3,516)
Finance cost : (21,388) (17,461)
Share of Profit/(Loss) of
Associates : 129,325 (67,863)
Share of Profit/(Loss) of
Jointly Controlled Entities : 7,974 N/A
Profit/(Loss) after Tax & MI : 47,641 (101,373)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : 0.061 (0.175)
-Diluted (in dollars) : 0.023 (0.177)
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 47,641 (101,373)
Interim Dividend : NIL NIL
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Interim 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:
Note I During the period, the Group changed its accounting policy on
deferred taxation following its adoption of the Statement of Standard
Accounting Practice No. 12 (Revised) "Income Taxes" issued by the Hong
Kong Society of Accountants for the first time. Prior year adjustment
made in this regard has resulted in the increase of loss of HK$2,167,000
for the six months ended 30th September, 2002.
Note II - Profit (Loss) from Operations
Profit (loss) from operations has been arrived at after the following
items: -
Six months Six months
ended ended
30/09/03 30/09/02
HK$'000 HK$'000
Continuing operations
Turnover 1,698,387 13,725
Cost of sales (1,646,834) (2,898)
------------ ----------
Gross profit 51,553 10,827
Other operating income 51,097 21,675
Administrative expenses (73,648) (19,206)
Investment expenses - net (4,123) (16,812)
Impairment loss on investment properties(15,700) -
Allowance for amount due from an associate(2,424) -
Loss on dilution of interests in subsidiaries and associates
(3,134) -
---------- -------------
Profit (loss) from operations 3,621 (3,516)
========= =========
Note III - Earnings (Loss) Per Share
The calculation of the basic and diluted earnings (loss) per share is
based on the following data:
Six months Six months
ended ended
30/09/03 30/09/02
HK$'000 HK$'000
Profit (loss) for the period 47,641 (101,373)
Dividend for preference shares (9,245) (9,245)
--------- -----------
Profit (loss) for the purposes of basic earnings (loss) per share
38,396 (110,618)
Effect of dilutive potential ordinary shares:
Adjustment to the share of results of subsidiaries based on dilution of
their earnings per share (3,426) -
Adjustment to the share of results of associates based on dilution
of their earnings per share - (1,325)
Interest on convertible notes 9,839 -
Unamortised deferred expenditure on issuance of
convertible notes (769) -
--------- --------
Profit (loss) for the purposes of diluted earnings (loss) per share
44,040 (111,943)
========= =========
Number of shares:
Weighted average number of ordinary shares for the purposes of basic
earnings (loss) per share
630,960,774 630,960,774
Effect of dilutive potential ordinary shares:
Convertible notes
1,308,333,333 -
------------- --------------
Weighted average number of ordinary shares for the purposes of diluted
earnings (loss) per share 1,939,294,107 630,960,774
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