ITC CORPORATION<00372> - Results Announcement
ITC Corporation Limited announced on 23/12/2004:
(stock code: 00372 )
Year end date: 31/03/2005
Currency: HKD
Auditors' Report: N/A
Interim report reviewed by: Both Audit Committee and Auditors
(Unaudited )
(Unaudited ) Last
Current Corresponding
Period Period
from 01/04/2004 from 01/04/2003
to 30/09/2004 to 30/09/2003
Note ('000 ) ('000 )
Turnover : 1,704,936 1,698,387
Profit/(Loss) from Operations : 42,885 3,621
Finance cost : (11,264) (21,388)
Share of Profit/(Loss) of
Associates : 64,644 129,325
Share of Profit/(Loss) of
Jointly Controlled Entities : 118 7,974
Profit/(Loss) after Tax & MI : 26,271 47,641
% Change over Last Period : -44.8 %
EPS/(LPS)-Basic (in dollars) : 0.026 0.061
-Diluted (in dollars) : 0.015 0.023
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 26,271 47,641
Interim Dividend : 1 cent NIL
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Interim Dividend : 10/01/2005 to 12/01/2005 bdi.
Payable Date : 03/02/2005
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. Turnover and Profit/(Loss) from Operations
On 18th August, 2004, the Company announced that the Group intended to
place out sufficient shares in Paul Y. - ITC Construction Holdings Limited
("Paul Y. - ITC"), so that on completion of the placement Paul Y. - ITC
will become an associate of the Company. Subsequently, on 20th October,
2004, the Company disposed of 77 million shares in Paul Y. - ITC pursuant
to the mandate approved by the ordinary shareholders of the Company on 6th
October, 2004. Since then, Paul Y. - ITC became an associate of the
Group. Accordingly, the Group has ceased to carry out the construction
and other contracting business since 20th October, 2004 as these
operations are solely carried out through Paul Y. - ITC.
Analyses of turnover and profit/(loss) from operations are as follows:
Six months ended Six months ended
30/09/2004 30/09/2003
HK$'000 HK$'000
Turnover
- Continuing operations 47,315 49,075
- Discontinuing operations 1,657,621 1,649,312
---------- ----------
1,704,936 1,698,387
========== ==========
Profit/(loss) from operations
- Continuing operations 3,155 47,763
- Discontinuing operations 39,730 (44,142)
---------- ----------
42,885 3,621
========== ==========
2. Earnings Per Share
The calculation of the basic and diluted earnings per share is based on
the following data:
Six months ended Six months ended
30/09/2004 30/09/2003
HK$'000 HK$'000
Profit for the year 26,271 47,641
Dividend for preference shares (9,245) (9,245)
----------- ----------
Profit for the purposes of
basic earnings per share 17,026 38,396
Effect of dilutive potential
ordinary shares:
Adjustment to the share
of results of subsidiaries
based on dilution of
their earnings per share - (3,426)
Interest on convertible notes 7,245 9,839
Unamortised deferred
expenditure on issuance of
convertible notes (333) (769)
----------- -----------
Profit for the purposes of
diluted earnings per share 23,938 44,040
=========== ===========
Number of shares Number of shares
Weighted average number of
ordinary shares for the
purposes of basic earnings
per share 654,294,107 630,960,774
Effect of dilutive potential
ordinary shares:
Convertible notes 965,000,000 1,308,333,333
------------- ---------------
Weighted average number of
ordinary shares for the
purposes of diluted earnings
per share 1,619,294,107 1,939,294,107
============== ===============
3. Dividend
The board of directors of the Company has resolved to pay an interim
dividend of 1 cent per ordinary share for the six months ended 30th
September, 2004 (2003: Nil) to holders of ordinary shares whose names
appear on the register of holders of ordinary shares of the Company as at
the close of business on 12th January, 2005. The interim dividend is
expected to be paid to holders of ordinary shares of the Company by post
on or around 3rd February, 2005.
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