DYNAMIC HOLD<00029> - Results Announcement
Dynamic Holdings Limited announced on 21/10/2004:
(stock code: 00029 )
Year end date: 30/06/2004
Currency: HKD
Auditors' Report: Unqualified
(Audited )
(Audited ) Last
Current Corresponding
Period Period
from 01/07/2003 from 01/07/2002
to 30/06/2004 to 30/06/2003
Note ('000 ) ('000 )
Turnover : 410,257 294,752
Profit/(Loss) from Operations : 49,186 11,512
Finance cost : (1,966) (1,270)
Share of Profit/(Loss) of
Associates : N/A N/A
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : 35,455 (137)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : 0.162 (0.001)
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 35,455 (137)
Final Dividend : 2 cents 2 cents
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Final Dividend : 16/12/2004 to 22/12/2004bdi.
Payable Date : 14/01/2005
B/C Dates for Annual
General Meeting : 16/12/2004 to 22/12/2004bdi.
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
1. Explanation of substantial change in profit from operations and
profit after taxation and minority interests
For the year ended 30th June, 2004, the profit from operations of the
Company and its subsidiaries (the "Group") surged by about 327% to
HK$49,186,000 as compared with that of the previous year. The marked
improvement is principally attributable to the booking of profit from
property sales of the last two towers of Chaoyang Garden Phase II (The Sun
Crest) in Beijing following the issue of occupational permit in October
2003, whilst no further provision of deficit arising from revaluation of
the Group's investment properties in Hong Kong was deemed necessary for
the year under review. Hence, the Group's net profit after taxation and
minority interests amounted to HK$35,455,000 for the year, as against the
loss of HK$137,000 for the previous year.
2. Basic and diluted earnings per share
The calculation of basic earnings per share is based on net profit for the
year of HK$35,455,000 and on 219,103,681 ordinary shares in issue
throughout the year.
Diluted earnings per share is not shown as there was no dilution effect on
the earnings per share in the year.
3. Explanation for change of the last corresponding results
For the year ended 30th June, 2004, the Group has adopted, for the first
time, the revised Statement of Standard Accounting Practice ("SSAP") 12
"Income taxes" ("SSAP 12 (Revised)") issued by the Hong Kong Institute of
Certified Public Accountants. The principal effect of the implementation
of SSAP 12 (Revised) is in relation to deferred tax. In previous years,
partial provision was made for deferred tax using the income statement
liability method, i.e. a liability was recognised in respect of timing
differences arising, except where those timing differences were not
expected to reverse in the foreseeable future. SSAP 12 (Revised) requires
the adoption of a balance sheet liability method, whereby deferred tax is
recognised in respect of all temporary differences between the carrying
amount of assets and liabilities in the financial statements and the
corresponding tax bases used in the computation of taxable profit, with
limited exceptions. In the absence of any specific transitional
requirements in SSAP 12 (Revised), the new accounting policy has been
applied retrospectively. Comparative amounts have been restated
accordingly.
As a result of this change in accounting policy, the Group's retained
profits has been decreased by HK$7,999,000 at 1st July, 2002. The change
has resulted in a decrease in the Group's profit for the year of
HK$2,205,000 (2003: an increase in the Group's profit of HK$2,249,000).
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