NEW TIMES GROUP<00166> - Results Announcement
New Times Group Holdings Limited announced on 27/7/2004:
(stock code: 00166 )
Year end date: 31/3/2004
Currency: HKD
Auditors' Report: Unqualified
(Audited )
(Audited ) Last
Current Corresponding
Period Period
from 1/4/2003 from 1/4/2002
to 31/3/2004 to 31/3/2003
Note ('000 ) ('000 )
Turnover : 23,643 36,417
Profit/(Loss) from Operations : (36,114) (76,580)
Finance cost : (788) (112)
Share of Profit/(Loss) of
Associates : N/A N/A
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : (37,337) (76,080)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : (0.09) (0.25)
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (37,337) (76,080)
Final Dividend : Nil Nil
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Final Dividend : N/A
Payable Date : N/A
B/C Dates for (-)
General Meeting : N/A
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
1. ADOPTION OF STATEMENTS OF STANDARD ACCOUNTING PRACTICE
The current year, the Group has adopted, for the first time, the Hong Kong
Financial Reporting Standards ("HKFRS") - Statement of Standard Accounting
Practice ("SSAP") 12 Revised - "Income taxes" issued by the Hong Kong
Society of Accountants ("HKSA"), the term of HKFRS is inclusive of SSAPs
and Interpretations approved by the HKSA.
The principal effect of the implementation of SSAP12 (Revised) is in
relation to deferred tax. In previous years, partial provision was made
for deferred tax using the income statement liability method, i.e. a
liability was recognised in respect of timing differences arising, except
where those timing differences were not expected to reverse in the
foreseeable future. SSAP 12 (Revised) requires the adoption of a balance
sheet liability method, whereby deferred tax is recognised in respect of
all temporary differences between the carrying amount of assets and
liabilities in the financial statements and the corresponding tax bases
used in the computation of taxable profit, with limited exceptions. As a
result of this change in policy, The Group's deferred tax liability as at
31 March 2004 has been increased by HK$ 1,286,000 and debit to the Group's
investment property revaluation reserve.
2. Profit (loss) before taxation included the following items:
Continuing operations Discontinued/discontinuing
operations
2004 2003 2004 2003
HK$'000 HK$'000 HK$'000 HK$'000
Impairment of fixed assets
- - (5,526) -
Loss on disposal of short term listed investments, net
(20,035) (19,324) - -
Unrealised loss on short term listed investments
(6,076) (20,190) - -
Legal and professional fees in respect of a conditional cash offer to
acquire all the issued shares and outstanding share options of the Company
- (4,428) - -
Write-back of provision for legal and professional costs
13,000 - - -
Write-back of provision for staff bonus
3,109 4,547 - -
Gain on disposal of discontinued operations
- - 2,101 -
========================================================
3. Turnover and profits from operations from continuing and
discontinued operations
Group
Continuing operations
Property
investment Financial services
2004 2003 2004 2003
HK$'000 HK$'000 HK$'000 HK$'000
Segment revenue:
Sales and services to external customers
1,587 - 1,232 -
Intersegment sales - - - -
Other revenue - - 50 44
------------------------------
Total 1,587 - 1,282 44
==============================
Segment results 1,382 - 1,093 (345)
==============================
Disccontinued/discontinuing
operations
Manufacture and Trading of
Corporate finance distribution of precision
and investment precision components components
advisory services processing equipment processing
equipment
2004 2003 2004 2003 2004 2003
HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000
Segment revenue:
Sales and services to external customers
2,236 2,190 18,089 28,798 499 5,429
Intersegment sales
2,466 1,680 - 200 - -
Other revenue
100 47 130 497 22 1
----------------------------------------------------------------
Total 4,802 3,917 18,219 29,495 521 5,430
================================================================
Segment results
(533) 3,133 (1,198) (7,345) (11,558) (11,354)
================================================================
Eliminations Consolidated
2004 2003 2004 2003
HK$'000 HK$'000 HK$'000 HK$'000
Segment revenue:
Sales and services to external customers
- - 23,643 36,417
Intersegment sales
(2,466) (1,880) - -
Other revenue
- - 302 589
--------------------------------
Total (2,466) (1,880) 23,945 37,006
================================
Segment results
(2,466) (1,880) (13,280)(17,791)
===============
consolidated
2004 2003
HK$'000 HK$'000
Interest income, dividend income
and unallocated gains 3,709 1,326
Unallocated expenses (26,543) (60,115)
--------- --------
Loss from operating activities (36,114) (76,580)
Finance costs (788) (112)
--------- --------
Loss before tax (36,902) (76,692)
Tax (435) 612
Net loss from ordinary activities --------- --------
attributable to shareholders (37,337) (76,080)
======== ========
4. LOSS PER SHARE
The calculation of basic loss per share is based on the net loss
attributable to shareholders for the year of HK$37,337,000 (2003:
HK$76,080,000) and the weighted average of 419,768,732 (2003: 306,833,231)
ordinary shares in issue during the year, adjusted to reflect the rights
issue during the year.
Diluted loss per share for the years ended 31 March 2004 and 2003 have not
been shown because the share options outstanding during these years had an
anti-dilutive effect on the basic loss per share for these years.
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