SHOUGANG CENT<00103> - Results Announcement (Summary)
Shougang Concord Century Holdings Limited announced on 22/4/2002:
(stock code: 103)
Year end date: 31/12/2001
Currency: HKD
Auditors' Report: Neither
Review of Interim Report by: N/A
(Audited)
(Audited) Last
Current Corresponding
Period Period
from 1/1/2001 from 1/1/2000
to 31/12/2001 to 31/12/2000
('000) ('000)
Turnover : 187,139 169,117
Profit/(Loss) from Operations : 22,543 7,402
Finance cost : (4,969) (10,465)
Share of Profit/(Loss) of Associates : 4,733 4,590
Share of Profit/(Loss) of
Jointly Controlled Entities : 7,198 8,542
Profit/(Loss) after Tax & MI : 20,061 4,739
% Change over Last Period : +323%
EPS/(LPS)-Basic : 2.62 cents 0.62 cent
-Diluted : N/A N/A
Extraordinary (ETD) Gain/(Loss) : Nil Nil
Profit/(Loss) after ETD Items : 20,061 4,739
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. Analysis of turnover by continuing and discontinued operations are as
follows:-
Year ended 31st December,
2001 2000
HK$'000 HK$'000
Continuing operations 187,139 142,422
Discontinued operations - 26,695
---------- --------
187,139 169,117
========= ========
2. Analysis of profit from operating activities by continuing and
discontinued operations are as follows:
Year ended 31st December,
2001 2000
HK$'000 HK$'000
Continuing operations 22,543 5,058
Discontinued operations - 2,344
------------ --------
22,543 7,402
======== =======
3. Discontinued operations
(a) In prior years, the Group had a subsidiary (the "Subsidiary"), engaged
in the trading and processing of metallic ores and metals, and certain
jointly controlled entities (the "Entities"), engaged in ferroalloy
processing and manufacturing activities in the People's Republic of China
(collectively the "Business"). The directors considered that the
continued over-capacity and decrease in demand for ferroalloy products in
Mainland China would have a profound and significant impact on the
Business. The situation was expected to be further aggravated by China's
entry into the World Trade Organisation, which was expected to intensify
competition. The outlook for the Business was therefore considered gloomy
and no sign of recovery were foreseen for the time being. As such, the
directors cautiously reassessed the Group's strategy in respect of the
Business and decided to discontinue the Group's financial and operating
involvement in the Entities effective from 3 May 1999 and the operations
of the Subsidiary effective from 1 February 2000, respectively.
The financial effects arising from the Business on the prior years'
consolidated profit and loss account have been separately disclosed as
discontinued operations.
(b) On 10 December 1999, in view of the expected gloomy prospects for the
electrical wire and accessories processing business due to intense price
competition, the directors decided to discontinue the Group's business
segment of electrical wire and accessories processing through the disposal
thereof. The directors were of the opinion that the Group would be able
to streamline its business and improve its financial health through the
disposal. The disposal was approved by the Company's shareholders at an
extraordinary general meeting held on 10 January 2000 and was completed on
14 January 2000. The financial effects of these operations on the prior
years' consolidated profit and loss account have been separately disclosed
as discontinued operations.
(c) On 28 July 2000, in view of the continuing decline in profit margin
and severe market competition experienced in the trading of industrial
chemical products, the directors decided to terminate this business and
dispose of the subsidiary and the equity interest in its jointly
controlled entity which engaged in this business to an independent third
party. The financial effects of these operations on the prior year's
consolidated profit and loss account have been separately disclosed as
discontinued operations.
4. Earnings per share
The calculation of basic earnings per share is based on the net profit
from ordinary activities attributable to shareholders of HK$20,061,000
(2000: HK$4,739,000) and 765,372,000 shares in issue during the years
ended 31st December 2001 and 2000.
Diluted earnings per share is not presented as there were no dilutive
potential ordinary shares outstanding during the years ended 31st December
2001 and 2000.
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