ITC CORPORATION<00372> - Results Announcement
ITC Corporation Limited announced on 23/7/2004:
(stock code: 00372 )
Year end date: 31/3/2004
Currency: HKD
Auditors' Report: Unqualified
(Audited )
(Audited ) Last
Current Corresponding
Period Period
from 1/4/2003 from 1/4/2002
to 31/3/2004 to 31/3/2003
Note ('000 ) ('000 )
Turnover : 3,434,666 768,697
Profit/(Loss) from Operations : 57,194 46,460
Finance cost : (38,722) (36,680)
Share of Profit/(Loss) of
Associates : 156,400 (344,404)
Share of Profit/(Loss) of
Jointly Controlled Entities : 9,074 1,895
Profit/(Loss) after Tax & MI : 28,932 (358,524)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : 0.02 (0.6)
-Diluted (in dollars) : 0.01 (0.6)
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 28,932 (358,524)
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) During the year, 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$3,116,000 for the year
ended 31st March, 2003.
(2) Profit/(Loss) from Operations
Profit/(loss) from operations has been arrived at after the following
items: -
2004 2003
HK$'000 HK$'000
Continuing operations
---------------------
Turnover 3,434,666 768,697
Cost of sales (3,288,566) (709,563)
------------ ----------
Gross profit 146,100 59,134
Other operating income 80,091 84,694
Administrative expenses (154,429) (76,959)
Investment (expenses) income - net (43,183) (20,409)
Deficit arising on revaluation of
investment properties (14,000) -
Allowance for amounts due from associates
and a related company (40,985) -
Net gain on disposal and dilution of interests
in subsidiaries and associates 83,600 -
----------- ---------
Profit/(loss) from operations 57,194 46,460
====== ======
(3) Earnings (Loss) Per Share
The calculation of the basic and diluted earnings (loss) per share is
based on the following data:
2004 2003
HK$'000 HK$'000
(As restated)
Profit (loss) for the year 28,932 (358,524)
Dividend for preference shares (18,491) (18,491)
-------- --------
Profit (loss) for the purposes of
basic earnings (loss) per share 10,441 (377,015)
Effect of dilutive potential ordinary shares:
Adjustment to the share of results of
subsidiaries based on dilution of
their earnings per share (2,963) (1,370)
-------- --------
Profit (loss) for the purposes of
diluted earnings (loss) per share 7,478 (378,385)
===== =======
Number of shares Number of shares
Weighted average number of ordinary shares
for the purposes of basic and diluted
earnings (loss) per share 636,379,717 630,960,774
=========== ===========
The convertible notes are anti-dilutive as the exercise of these
convertible notes would result in an increase in earnings per share for
current year and a decrease in loss per share for previous year.
|