SHOUGANG CENT<0103> - Results Announcement
Shougang Concord Century Holdings Limited announced on 4/5/2000 :
(stock code: 103)
Year end date: 31/12/1999
Currency: HKD (Audited)
(Audited) Last
Current Corresponding
Period Period
from 1/1/1999 from 1/1/1998
to 31/12/1999 to 31/12/1998
('000) ('000)
Turnover
- Continuing : 227,122 964,700
- Discontinued : 41,698 51,917
Operating Profit/(Loss)
- Continuing : (80,941) (155,292)
- Discontinued : (3,217) (6,259)
Total Operating Profit/(Loss) : (84,158) (161,551)
Share of Profit/(Loss) of
Associated Companies : 3,261 (1,236)
Share of Profit/(Loss) of
Jointly Controlled Entities : 10,657 (44,426)
Profit/(Loss) after Tax
& MI : (65,616) (196,723)
% Change over Last Period : N/A
EPS/(LPS)-Basic : (8.57 cents) (25.7 cents)
-Diluted : N/A N/A
Extraordinary (ETD) Gain/(Loss) : Nil Nil
Profit/(Loss) after ETD Items : (65,616) (196,723)
Final Dividend per Share : Nil Nil
(Specify if with other options) : - -
B/C Dates for Final Dividend : N/A
Payable Date : N/A
B/C Dates for (-) General Meeting : N/A
Other Distribution for Current Period : Nil
B/C Dates for Other Distribution : N/A
Remarks:
1. Discontinued and discontinuing operations
a) On 20th January, 1999 in view of the loss of a major customer, the
prolonged economic recession and a contraction of the retail business
in Hong Kong, the directors decided to terminate the Group's children's
wear manufacturing and trading business in Hong Kong. The termination
process was completed in September 1999. The financial effects of these
operations on the current and prior years' consolidated profit and loss
account have been seperately disclosed as discontinued operations.
b) On 11th December,1999, in view of the gloomy prospects of the
electrical wire processing business due to intense price competition, the
directors decided to discontinue the Group's business segment of
electrical wire processing through disposal. The directors are of the
opinion that the Group is able to streamline its business and improved
its financial health through the disposal. The disposal was approved by
the Company's shareholders at an extraordinary general meeting held on
10th January, 2000 and was completed on 14th January, 2000. The financial
effects of these operations on the current and prior years' consolidated
profit and loss account have been separately disclosed as discontinuing
opearations.
2. Loss per share
The calculation of basic loss per share is based on the net loss from
ordinary activities attributable to shareholders of HK$65,616,000 (1998:
HK$196,723,000) and the weighted average of 765,372,000 shares (1998:
765,500,784 shares) in issue during the year.
Diluted loss per share is not presented as there were no dilutive
potential ordinary shares outstanding during the years ended 31 December
1999 and 1998.
3. Change in accounting policy
The policy for accounting for deferred pre-operating expenses which, in
prior years were captialised and amortised over a period not exceeding ten
years on the straight-line basis, beginning when the related production
commences, was changed during the year ended 31 December 1999. These
deferred pre-operating expenses are now recognised as expenses in the
period in which they are incurred. In restating the financial statements
for 1998 on the basis of the new policy, the net loss from ordinary
activities attributable to shareholders for the year ended 31 December
1998 decreased by HK$1,406,000.
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