FE CONSORT INTL<0035> - Results Announcement
Far East Consortium International Limited announced on 23/8/2000:
(stock codes: Ord: 35 & War: 1084)
Year end date: 31/3/2000
Currency: HKD (Audited)
(Audited) Last
Current Corresponding
Period Period
from 1/4/1999 from 1/4/1998
to 31/3/2000 to 31/3/1999
('000) ('000)
Turnover
- Continuing : 593,260 668,858
- Discontinued : 28,415 -
Operating Profit/(Loss)
- Continuing : 79,277 20,300
- Discontinued : (5) -
Total Operating Profit/(Loss) : 79,272 20,300
Share of Profit/(Loss) of
Associated Companies : (20,645) 19,306
Share of Profit/(Loss) of
Jointly Controlled Entities : - -
Profit/(Loss) after Tax & MI : 33,744 25,055
% Change over Last Period : +35%
EPS/(LPS)-Basic : 4 cents 3 cents
-Diluted : - -
Extraordinary (ETD) Gain/(Loss) : - -
Profit/(Loss) after ETD Items : 33,744 25,055
Final Dividend per Share : 2 cents 2 cents
(Specify if with other options) : (scrip (scrip
dividend with dividend with
cash option) cash option)
B/C Dates for Final Dividend : 25/9/2000 to 28/9/2000 bdi.
Payable Date : 30/10/2000
B/C Dates for Annual General Meeting : 25/9/2000 to 28/9/2000 bdi.
Other Distribution for Current Period : Nil
B/C Dates for Other Distribution : N/A
Remarks:
(1) Basis of Presentation
During the year ended 31st March, 2000, the Group has adopted the
following new Statements of Standard Accounting Practice ("SSAP") issued
by the Hong Kong Society of Accountants:
SSAP 1 (Revised) Presentation of financial statements
SSAP 2 (Revised) Net profit or loss for the period, fundamental
errors and changes in accounting policies
SSAP 10 (Revised) Accounting for investments in associates
SSAP 24 Accounting for investments in securities
Comparative figures have been reclassified to conform with the current
year's presentation.
The adoption of SSAP 1 (Revised) has also led to a reassessment of the
accounting policy adopted for the pre-operating expenses. In previous
years, pre-operating expenses were capitalised and amortised over a period
of five years on a straight-line basis from the date of commencement of
relevant business. Under SSAP 1 (Revised), pre-operating expenses should
be recognised as expenses in the period in which they are incurred. This
change in accounting policy has been applied restrospectively - resulting
in pre-operating expenses amounting to HK$14,859,000, being written off to
the income statement. The effect of this adjustment has been to decrease
retained profits for the Group at 1st April, 1999 by HK$9,926,000 (1998:
HK$Nil), and to decrease the profit for the year ended 31st March, 2000 by
HK$Nil (1999: HK$4,933,000).
Under SSAP 24, investments in securities are now classified as
held-to-maturity (carried at amortised cost less provision for
irrecoverable amounts), trading securities (carried at fair value, with
valuation movements dealts with in the income statement) and other
securities (carried at fair value, with valuation movements dealt with in
equity). In prior years, the Group's investments were classified either
as long-term (carried at cost less provision for permament diminution in
value) or short-term (carried at the lower of cost and market value).
The accounting treatment specified by SSAP 24 has been applied
retrospectively resulting in decrease in retained profits and investments
revaluation reserve at 1st April, 1999 of HK$26,415,000 (1998:
HK$16,138,000) and HK$31,926,000 (1998:HK$Nil) respectively, and an
increase in profit in the current year of HK$16,733,000 (1999: decrease of
HK$10,278,000) and a revaluation decrease in the current year of
HK$6,352,000 (1999: HK$31,926,000).
(2) Turnover represents the aggregrate of gross rental and management fee
income, proceeds from sales of properties, loan interest income and
commitment fee received, income from hotel operation, and sales of boiler
and cement products less returns and discounts. All material intra-group
transactions are excluded.
(3) The exercise of the subscription rights conferred by the warrants and
share options would not dilute earning per share for both years ended 31st
March, 1999 and 2000 and accordingly, no diluted earnings per share are
shown.
(4) Discontinued operation represents sale of cement products.
For more details, please refer to the press announcement today.
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