ITC CORPORATION<00372> - Results Announcement
ITC Corporation Limited announced on 13/12/2005:
(stock code: 00372 )
Year end date: 31/03/2006
Currency: HKD
Auditors' Report: N/A
Interim report reviewed by: Both Audit Committee and Auditors
(Unaudited )
(Unaudited ) Last
Current Corresponding
Period Period
from 01/04/2005 from 01/04/2004
to 30/09/2005 to 30/09/2004
Note ('000 ) ('000 )
Turnover 3 : 42,771 47,315
Profit/(Loss) from Operations 3 : (33,097) (20,412)
Finance cost : (14,283) (12,809)
Share of Profit/(Loss) of
Associates : 137,404 (59,334)
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : 91,671 (3,610)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) 4 : 0.086 (0.02)
-Diluted (in dollars) 4 : 0.054 (0.02)
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 91,671 (3,610)
Interim Dividend : 1.5 cents 1 cent
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Interim Dividend : 16/01/2006 to 18/01/2006 bdi.
Payable Date : 17/02/2006
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 - Basis of Preparation
The condensed consolidated financial statements have been prepared in
accordance with the applicable disclosure requirements of Appendix 16 to
the Rules Governing the Listing of Securities on The Stock Exchange of
Hong Kong Limited and the Hong Kong Accounting Standard ("HKAS") 34 "
Interim Financial Reporting" issued by the Hong Kong Institute of
Certified Public Accountants ("HKICPA").
2 - Principal Accounting Policies
The condensed consolidated financial statements have been prepared on the
historical cost basis except for certain properties and financial
instruments, which are measured at fair valuesor revalued amounts, as
appropriate.
The accounting policies adopted are consistent with those followed in the
preparation of the Group's annual financial statements for the year ended
31st March, 2005 except as described below.
In the current period, the Group has applied, for the first time, a number
of new Hong Kong Financial Reporting Standards ("HKFRSs"), HKASs and
Interpretations (hereinafter collectively referred to as "new HKFRSs")
issued by the HKICPA that are effective for accounting periods beginning
on or after 1st January, 2005. The application of the new HKFRSs has
resulted in a change in the presentation of the income statement, balance
sheet and the statement of changes in equity. In particular, the
presentation of minority interests and share of tax of associates have
been changed. The changes in presentation have been applied
retrospectively. The adoption of the following new HKFRSs has resulted in
changes to the Group's accounting policies that have an effect on how the
results for the current and prior accounting periods are prepared and
presented:
(i) HKFRS 3 "Business Combinations"
(ii) HKAS 32 "Financial Instruments: Disclosure and Presentation"
(iii) HKAS 39 "Financial Instruments: Recognition and Measurement"
(iv) HKAS 17 "Leases"
3 - Turnover and Profit/(Loss) from Operations
Analyses of turnover and profit/(loss) from operations are as follows:
Six months Six months
ended ended
30/09/2005 30/09/2004
HK$'000 HK$'000
Turnover
- Continuing operations 42,771 47,315
- Discontinued operations (Remark) - 1,657,621
--------- ----------
42,771 1,704,936
========= ==========
Profit/(loss) from operations has been arrived at after the following
items: -
2005 2004
HK$'000 HK$'000
Continuing operations
Turnover 42,771 47,315
Cost of sales (28,899) (1,563)
--------- --------
Gross profit 13,872 45,752
Other operating income (828) (3,626)
Administrative expenses (23,197) (45,698)
Discount on acquisitions released to income 3,874 -
Investment expenses - net - (485)
Allowance for amounts due from associates
and a related company (1,085) (799)
Loss on disposal and dilution of interests
in associates (25,733) (15,556)
---------- ---------
Loss from continuing operations (33,097) (20,412)
========== =========
Discontinued operations
Profit for the period from discontinued
operations (Remark) - 110,445
=========== =========
Remark
HKFRS 5 "Non-current Assets held for Sale and Discontinued Operation"
encourages the regrouping of income statements items of a discontinued
operation into a separate single line for disclosure purpose.
4 - Earnings Per Share
The calculation of the basic and diluted earnings (loss) per share
attributable to the ordinary equity holders of the parent is based on the
following data:
Six months ended
30/9/2005 30/9/2004
HK$'000 HK$'000
Profit (loss) for the period attributable
to equity holders
To equity holder of the parent 91,671 (3,610)
Dividend for preference shares - (9,245)
-------- ---------
Earnings (loss) for the purposes of
basic loss per share 91,671 (12,855)
Effect of dilutive potential ordinary shares:
Adjustment to the share of results of
associates based on dilution of
their loss per share (279) -
Adjustment of finance costs on
redeemable convertible preference shares 5,489 -
Adjustment of finance costs on
convertible loan notes 5,906 -
--------- ----------
Earnings (loss) for the purposes of
diluted earnings (loss) per share 102,787 (12,855)
========= ==========
Number of shares Number of shares
Weighted average number of
ordinary shares for the
purposes of basic earnings
(loss) per share 1,072,008,541 654,294,107
Effect of dilutive potential
ordinary shares:
Redeemable convertible
preference shares 272,085,692 -
Convertible notes 548,333,333 -
--------------- -------------
Weighted average number of
ordinary shares for the
purposes of diluted earnings
(loss) per share 1,892,427,566 654,294,107
=============== =============
For the period ended 30th September, 2004, the convertible loan notes and
compulsorily convertible cumulative preference shares which became
redeemable convertible preference shares in November 2004, were anti-
dilutive as the exercise of these convertible loan notes and compulsorily
convertible cumulative preference shares resulted in a decrease in loss
per share.
5 - Comparative figures
Comparative figures have been restated, as appropriate, for the adoption
of a number of new and revised HKFRSs.
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