FE HOTELS<0037> - Results Announcement
Far East Hotels & Entertainment Limited announced on 8/12/2000:
(stock code: 37)
Year end date: 31/3/2001
Currency: HK$ (Unaudited)
(Unaudited) Last
Current Corresponding
Period Period
from 1/4/2000 from 1/4/1999
to 30/9/2000 to 30/9/1999
Turnover : 15,492,278 22,762,379
Profit/(Loss) from Operations : (4,677,581) 2,872,404
Finance cost : (2,024,558) (2,778,784)
Share of Profit/(Loss) of Associates : 420,734 (583,453)
Share of Profit/(Loss) of
Jointly Controlled Entities : NIL NIL
Profit/(Loss) after Tax & MI : (5,962,012) (453,858)
% Change over Last Period : N/A
EPS/(LPS)-Basic : (1.22 cents) (0.09 cent)
-Diluted : N/A N/A
Extraordinary (ETD) Gain/(Loss) : NIL NIL
Profit/(Loss) after ETD Items : (5,962,012) (453,858)
Interim Dividend per Share : NIL NIL
(Specify if with other options) : N/A N/A
B/C Dates for Interim Dividend : N/A
Payable Date : N/A
B/C Dates for (-) General Meeting : N/A
Other Distribution for Current Period : N/A
B/C Dates for Other Distribution : N/A
Remarks:
1. In prior years, pre-operating expenditure was capitalised and amortised
on a straight line basis, over a period of five years from the date of
commencement of commercial operations of the subsidiaries. The adoption
of Statement of Standard Accounting Practice 1 (Revised) has led to a
re-assessment of this accounting policy. In particular, pre-operating
expenditure is not considered to give rise to an identifiable resource
from which economic benefits are expected to flow to the Group.
Accordingly, such expenditure is now recognised as an expense in the
period in which it is incurred. This change in accounting policy has been
adopted retrospectively. The results of the prior interim reporting period
for the six months ended 30 September 1999 previously announced has not
been adjusted for the above adoption and is restated resulting in a
decrease in Group's loss in the prior interim period of HK$352,480 after
the share of HK$195,737 by minority interests. Comparative amounts have
been restated to reflect this change in accounting policy.
Under Statement of Standard Accounting Practice 24 (SSAP 24), investments
in securities are now classified as held-to-maturity (carried at amortised
cost less provision for irrecoverable amounts), investment securities
(carried at cost less impairment) and other investments (carried at fair
value, with valuation movements dealt with in the income statement). In
prior years, the Group's investments were classified either as long-term
(carried at cost less provision for permanent diminution in value) or
short-term (carried at the lower of cost and market value or at the lower
of cost and net realisable value). The accounting treatment specified by
SSAP 24 has been applied retrospectively. The results of the prior interim
reporting period for the six months ended 30 September 1999 previously
announced has not been adjusted for the above adoption and is restated
resulting in an increase in loss in the prior interim period of
HK$608,400. Comparative amounts have been restated to reflect this change
in accounting policy.
2. Loss Per Share
(a) Basic loss per share
The calculation of basic loss per share is based on the Group's loss
attributable to shareholders of HK$5,962,012 (1999: HK$453,858 as
restated) and on the 488,842,675 (1999: 488,842,675) shares in issue
during the period.
(b) Diluted loss per share
No diluted loss per share has been presented because the exercise prices
of the outstanding share options of the Company were greater than the
average market price of shares for both the current and the prior interim
reporting period.
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