CHINA EB INT'L<00257> - Results Announcement (Summary)
China Everbright Internaitonal Limited announced on 24/4/2002:
(stock code: 257)
Year end date: 31/12/2001
Currency: HK$
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 : 296,358 469,692
Profit/(Loss) from Operations : (55,045) 32,591
Finance cost : (91,514) (114,430)
Share of Profit/(Loss) of Associates : (14,845) (342,078)
Share of Profit/(Loss) of
Jointly Controlled Entities : 11,276 13,176
Profit/(Loss) after Tax & MI : 2,992 (947,386)
% Change over Last Period : N/A
EPS/(LPS)-Basic : 0.1 cent (37.2 cents)
-Diluted : N/A N/A
Extraordinary (ETD) Gain/(Loss) : - -
Profit/(Loss) after ETD Items : 2,992 (947,386)
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 Annual General Meeting : 27/5/2002 to 30/5/2002 bdi.
Other Distribution for Current Period : N/A
B/C Dates for Other Distribution : N/A
Remarks:
(1) Taxation
Taxation in the consolidated profit and loss account represents:
2001 2000
HK$'000 HK$'000
Overprovision of Hong Kong Profits Tax
in respect of prior years 5 -
Provision for PRC income tax on the estimated taxable
profits for the year (1,157) (1,022)
----------- -----------
(1,152) (1,022)
Share of associates' taxation (9,561) 613
----------- -----------
(10,713) (409)
====== ======
No provision for Hong Kong Profits Tax has been made in the financial
statements as the Group sustained a loss for Hong Kong Profits Tax
purposes during the year. Taxation for PRC operations is charged at the
appropriate current rates of taxation ruling in the PRC.
(2) Gain on disposal of associate/Write back of provision on interest in
associate
On 15 June 2001, the Group entered into a conditional sale and purchase
agreement with an independent third party. Pursuant to the agreement, the
Group agreed to dispose of its interest in 3,000,000 shares and
114,000,000 shares of its listed associate, Hong Kong Construction
(Holdings) Limited ("HK Construction") to independent third parties.
The disposal of 3,000,000 shares at a consideration of HK$3,570,000 (or
HK$1.19 per share) was completed on 20 June 2001. The disposal of
114,000,000 shares at a consideration of HK$189,240,000 (or HK$1.66 per
share) was completed on 6 July 2001. Gain from the above
transactions amounted HK$123,028,000 has been included in the profit and
loss account for the year.
Following the completion of the above disposals, the Group's interest in
HK Construction was reduced to approximately 10% and has been reclassified
as other financial assets. Having regard to the circumstances and the
estimated recoverable amount, a provision previously made in an
amount of HK$36,927,000 has been written back to the profit and loss
account for the year.
(3) Earnings / (loss) per share
(a) Basic earning/(loss) per share
The calculation of basic earning/(loss) per share is based on the profit
for the year of HK$2,992,000 (2000: loss of HK$947,386,000) and
2,548,311,700 ordinary shares (2000: 2,548,311,700 ordinary shares) in
issue during the year.
(b) Diluted earning/(loss) per share
Diluted earning/(loss) per share is not shown as all the potential
ordinary shares are anti-dilutive.
(4) Dividend
The Directors do not recommend the payment of final dividend for the year.
|
