ITC CORPORATION<00372> - Results Announcement
ITC Corporation Limited announced on 22/07/2005:
(stock code: 00372 )
Year end date: 31/03/2005
Currency: HKD
Auditors' Report: Unqualified
(Audited )
(Audited ) Last
Current Corresponding
Period Period
from 01/04/2004 from 01/04/2003
to 31/03/2005 to 31/03/2004
Note ('000 ) ('000 )
Turnover 2 : 2,026,328 3,434,666
Profit/(Loss) from Operations 2 : (30,696) 57,194
Finance cost : (16,588) (38,722)
Share of Profit/(Loss) of
Associates : 319,967 156,400
Share of Profit/(Loss) of
Jointly Controlled Entities : 117 9,074
Profit/(Loss) after Tax & MI : 186,728 28,932
% Change over Last Period : +545 %
EPS/(LPS)-Basic (in dollars) 3 : 0.24 0.02
-Diluted (in dollars) 3 : 0.11 0.01
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 186,728 28,932
Final Dividend : 1.5 cents NIL
per Share
(Specify if with other : Cash dividend with N/A
options) an option to elect
scrip
B/C Dates for
Final Dividend : 03/10/2005 to 05/10/2005 bdi.
Payable Date : 03/11/2005
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.
In 2004, the Hong Kong Institute of Certified Public Accountants (the
"HKICPA") issued a number of new or revised Hong Kong Accounting
Standards and Hong Kong Financial Reporting Standards ("HKFRSs")
(hereinafter collectively referred to as the "new HKFRSs") which are
effective for accounting periods beginning on or after 1st January, 2005
except for HKFRS 3 "Business Combinations". The Group has not early
adopted these new HKFRSs in the financial statements for the year ended
31st March, 2005.
HKFRS 3 is applicable to business combination for which the agreement
date is on or after 1st January, 2005. The Group has adopted the
transitional provision of HKFRS 3 for its acquisition of Trasy Gold Ex
Limited in March 2005. Under HKFRS 3, the negative goodwill arising
from the acquisition is determined as the excess of the Group's interest
in fair value of the identifiable assets, liabilities and contingent
liabilities at the date of acquisition over the cost of acquisition and
is recognised in the income statement immediately on acquisition.
HKFRS 3 does not require retrospective adjustment of the business
combinations occurred prior to 1st January, 2005.
The Group has commenced considering the potential impact of the new
HKFRSs but is not yet in a position to determine whether the new HKFRSs
would have a significant impact on how the results of operations and
financial position of the Group are prepared and presented. The new
HKFRSs may result in changes in the future as how the results and
financial position are prepared and presented.
2. - Turnover and Profit/(Loss) from Operations
Analyses of turnover and profit/(loss) from operations are as follows:
2005 2004
HK$'000 HK$'000
Turnover
- Continuing operations 104,361 100,590
- Discontinued operations 1,921,967 3,334,076
----------- -----------
2,026,328 3,434,666
=========== ===========
Profit/(loss) from operations has been arrived at after the following
items: -
2005 2004
HK$'000 HK$'000
Continuing operations
Turnover 104,361 100,590
Cost of sales (48,117) (10,742)
--------- ---------
Gross profit 56,244 89,848
Other operating income 24,002 80,091
Administrative expenses (64,673) (58,985)
Negative goodwill recognised arising
from acquisition of subsidiaries 20,938 -
Net investment expenses (8,182) (43,183)
Deficit arising on revaluation of
investment properties - (14,000)
Allowance for amounts due from associates
and a related company (17,001) (40,985)
Net loss on disposal and dilution of
interests in subsidiaries and associates (98,114) (163,053)
---------- ------------
Loss from operations (86,786) (150,267)
---------- ------------
Discontinued operations
Turnover 1,921,967 3,334,076
Cost of sales (1,821,422) (3,277,824)
---------- ------------
Gross profit 100,545 56,252
Administrative expenses (44,455) (95,444)
Net gain on disposal and dilution of
interests in subsidiaries and associates - 246,653
---------- ------------
Profit from operations 56,090 207,461
---------- ------------
Total (loss) profit from operations (30,696) 57,194
======== =======
3. - Earnings Per Share
The calculation of the basic and diluted earnings per share is based on
the following data:
2005 2004
HK$'000 HK$'000
Profit for the year 186,728 28,932
Dividend for preference shares (15,312) (18,491)
---------- ------------
Profit for the purposes of
basic earnings per share 171,416 10,441
Effect of dilutive potential ordinary shares:
Interest and amortization of deferred
expenditure on convertible notes 13,830 -
Dividend for redeemable convertible
preference shares 4,369 -
Adjustment to the share of results of
subsidiaries based on dilution of
their earnings per share - (2,963)
Adjustment to the share of results of
associates based on dilution of
their earnings per share (271) -
---------- ------------
Profit for the purposes of diluted
earnings per share 189,344 7,478
======= =====
Number of shares Number of shares
Weighted average number of
ordinary shares for the purposes
of basic earnings per share 722,619,374 636,379,717
Effect of dilutive potential ordinary shares:
Redeemable convertible preference shares 111,337,564 -
Convertible notes 897,979,908 -
-------------- ------------
Weighted average number of ordinary shares
for the purposes of
diluted earnings per share 1,731,936,846 636,379,717
============= ===========
For the year ended 31st March, 2004, the convertible notes and
compulsorily convertible cumulative preference shares were anti-dilutive
as the exercise of these convertible notes and compulsorily convertible
cumulative preference shares resulted in an increase in earnings per
share.
4. - Dividend on Redeemable Convertible Preference Shares
The Board has resolved to pay a dividend of HK$0.04 per redeemable
convertible preference share of the Company of HK$0.10 each in respect of
the twelve month period ending on but excluding 3rd November, 2005 to
holders of redeemable convertible preference shares whose names appear on
the register of redeemable convertible preference shares as at the close
of business on 14th October, 2005. The dividend on redeemable convertible
preference shares is expected to be paid to holders of redeemable
convertible preference shares by post on or around 3rd November, 2005.
The register of redeemable convertible preference shares of the Company
will be closed from 12th October, 2005 to 14th October, 2005, both dates
inclusive, during which period no redeemable convertible preference share
transfers shall be effected.
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