PREMIUM LAND<00164> - Results Announcement (Summary) (Revised by PREMIUM LAND)
Premium Land Limited announced on 24/12/2001:
(stock code: 164)
Year end date: 31/3/2002
Currency: HK$ (Unaudited)
(Unaudited) Last
Current Corresponding
Period Period
from 1/4/2001 from 1/4/2000
to 30/9/2001 to 30/9/2000
('000) ('000)
Turnover : 40,920 375,575
Profit/(Loss) from Operations : (61,116) 129,923
Finance cost : (3,770) (47,444)
Share of Profit/(Loss) of Associates : (5,952) (2,908)
Share of Profit/(Loss) of
Jointly Controlled Entities : Nil Nil
Profit/(Loss) after Tax & MI : (66,192) 29,445
% Change over Last Period : N/A
EPS/(LPS)-Basic : (20.40 cents) 9.41 cents
-Diluted : N/A 9.03 cents
Extraordinary (ETD) Gain/(Loss) : Nil Nil
Profit/(Loss) after ETD Items : (66,192) 29,445
Interim Dividend per Share : Nil Nil
(Specify if with other options) : - -
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) Following the release of the interim results announcement on teletext
on 24/12/2001, the Company subsequently notified the Exchange that due to
typo error made by the Company, the revised figures are shown as follows:
- the Share of Profit/(Loss) of Associates for the current period should
be (HK$5,952,000) instead of "-";
- the Diluted EPS for the current period should be "N/A" instead of (20.40
cents);
- the Weighted average number of ordinary shares for the purposes of basic
and diluted (loss) earnings per share for the current period as mentioned
in remark (3) should be 324,466,320 shares instead of 324,466,153 shares.
(2) The accounting policies adopted are consistent with those followed in
the preparation of the Group's financial statements for the year ended
31st March, 2001, except that in the current period, the Group has adopted
for the first time, a number of new and revised SSAPs which has resulted
in the adoption of SSAP 30 "Business Combinations" and the Group has
elected not to restate goodwill (negative goodwill) previously eliminated
against (credited to) reserves. Accordingly, goodwill arising on
acquisitions prior to 1st April, 2001 is held in reserves and will be
charged to the income statement at the time of disposal of the relevant
subsidiary or associate, or at such time as the goodwill is determined to
be impaired. Negative goodwill arising on acquisitions prior to 1st
April, 2001 will be credited to income at the time of disposal of the
relevant subsidiary or associate.
(3) (Loss) Earnings per share
The calculation of the basic and diluted (loss) earnings per share is
based on the following data:
Six months ended
30th September,
2001 2000
HK$'000 HK$'000
(Unaudited) (Unaudited)
(Loss) Earnings for the purpose of
basic (loss) earnings per share (66,192) 29,445
Effect of dilutive potential
ordinary shares:
- adjustment to the share of
results of a former indirectly
subsidiary of the Company, with
its shares listed on the Stock
Exchange, based on dilution of
its (loss) earnings per share - (1,066)
- adjustment to the share of
result of a former associate,
with its shares listed on Stock
Exchange, based on dilution of
its (loss) earnings per share - (122)
------- --------
Earnings for the purpose of
diluted (loss) earnings per share (66,192) 28,257
======== ======
2001 2000
Number of shares Number of shares
Weighted average number of
ordinary shares for the
purposes of basic and
diluted (loss) earnings per
share 324,466,320 312,947,194
=========== ===========
For the six months ended 30th September, 2000, the computation of diluted
(loss) earning per share does not assume the exercise of the Company's
outstanding share options as the exercise price was higher than the
average fair value per share. The computation also does not assume the
conversion of the Company's outstanding convertible redeemable notes since
their exercise would result in an increase in (loss) earnings per share
from continuing ordinary operations.
The weighted average number of the shares for the purpose of basic and
diluted (loss) earnings per share for the six months ended 30th September,
2000 has been adjusted for the effect of the consolidation of the
Company's shares in the capital reorganization carried out in April 2001.
For more details, please refer to the press announcement today.
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