CHINA AEROSPACE<00031> - Results Announcement
China Aerospace International Holdings Limited announced on 21/09/2005:
(stock code: 00031 )
Year end date: 31/12/2005
Currency: HKD
Auditors' Report: N/A
Interim report reviewed by: Both Audit Committee and Auditors
(Unaudited )
(Unaudited ) Last
Current Corresponding
Period Period
from 01/01/2005 from 01/01/2004
to 30/06/2005 to 30/06/2004
Note ($ ) ($ )
Turnover : 1,029,889,000 610,948,000
Profit/(Loss) from Operations 1 : 189,046,000 38,926,000
Finance cost : (15,014,000) (25,880,000)
Share of Profit/(Loss) of
Associates : 274,000 (182,000)
Share of Profit/(Loss) of
Jointly Controlled Entities : (5,269,000) (13,354,000)
Profit/(Loss) after Tax & MI : 18,833,000 48,331,000
% Change over Last Period : -61 %
EPS/(LPS)-Basic (in dollars) 2 : 0.009 0.023
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 18,833,000 48,331,000
Interim Dividend : Nil Nil
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Interim 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. Profit from operations has been arrived at after charging (crediting):
1.1.2005 1.1.2004
to to
30.6.2005 30.6.2004
HK$'000 HK$'000
Depreciation on property, plant and equipment 23,803 23,824
Loss (gain) on disposal of property,
plant and equipment 4,573 (172)
Interest income (1,557) (240)
===================
2. Earnings per share
The calculation of the basic earnings per share is based on the following
data:
1.1.2005 1.1.2004
to to
30.6.2005 30.6.2004
HK$'000 HK$'000
Net Profit
Net profit for the period for calculation of basic
earnings per share 18,833 48,331
===================
Number of Shares in thousand in thousand
shares shares
Weighted average number of ordinary shares for
the calculation of basic earnings per share 2,142,420 2,142,420
=====================
No diluted earnings per share has been presented for both periods as there
is no dilutive potential share in issue.
3. As explained in the annual report of the Company for the year ended
31 December 2004, the Company together with certain subsidiaries
("Borrowers") entered into a debt restructuring deed on 7 December 2004
("Deed") with a banker for the purpose of restructuring the debts due to
the banker. The banker will waive debts of HK$193,520,000 provided the
Group fully complies with the repayment terms of the Deed. This amount has
been recognised as income in the consolidated income statement for the
year ended 31 December 2004. However, in the auditors' opinion, such
waiver should be recognised as income only when the repayment terms of the
Deed have been fully complied with. As at 30 June 2005, the repayment
terms of the Deed have not been fully complied with and, accordingly, the
net assets and the accumulated losses as at 30 June 2005 should be reduced
and increased by that amount respectively.
On the basis of the auditors' review which does not constitute an audit,
with the exception for the matter described in the preceding paragraph,
the auditors are not aware of any material modifications that should be
made to the interim financial report for the six months ended 30 June
2005.
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