YEW SANG HONG<00290> - Results Announcement (Summary)
Yew Sang Hong (Holdings) Limited announced on 30/7/2002:
(stock code: 290)
Year end date: 31/3/2002
Currency: HKD
Auditors' Report: Qualified
Review of Interim Report by: N/A
(Audited)
(Audited) Last
Current Corresponding
Period Period
from 1/4/2001 from 1/4/2000
to 31/3/2002 to 31/3/2001
('000) ('000)
Turnover : 106,217 354,444
Profit/(Loss) from Operations : 2,862 58,248
Finance cost : (193) (1,296)
Share of Profit/(Loss) of Associates : - -
Share of Profit/(Loss) of
Jointly Controlled Entities : - -
Profit/(Loss) after Tax & MI : 885 47,195
% Change over Last Period : -98.12%
EPS/(LPS)-Basic : 0.5 cent 27.8 cents
-Diluted : 0.5 cent 27.8 cents
Extraordinary (ETD) Gain/(Loss) : - -
Profit/(Loss) after ETD Items : 885 47,195
Final Dividend per Share : NIL NIL
(Specify if with other options) : - -
B/C Dates for Final Dividend : -
Payable Date : -
B/C Dates for Annual General Meeting : 20/8/2002 to 23/8/2002 bdi.
Other Distribution for Current Period : -
B/C Dates for Other Distribution : -
Remarks:
1. GENERAL, GROUP REORGANISATION AND BASIS OF PREPARATION OF FINANCIAL
STATEMENTS
Yew Sang Hong (Holdings) Limited ("the Company") was incorporated in the
Cayman Islands on 2 January 2001 as an exempted company with limited
liability under the Companies Law (2000 Revision) of the Cayman Islands.
The Company is an investment holding company. Its subsidiaries are
principally engaged in electrical engineering contracting and trading of
electrical equipment and materials. Its shares have been listed on The
Stock Exchange of Hong Kong Limited ("the Stock Exchange") since 3 May
2001.
Pursuant to a corporate reorganisation ("Corporate Reorganisation") in
preparation for the listing of the Company's shares on the Stock Exchange,
details of which are set out under the section "Corporate Reorganisation"
in the Appendix V of the prospectus of the Company dated 11 April 2001,
the Company became the ultimate holding company of the companies
comprising the group (collectively referred as "the Group") on 3 April
2001.
The consolidated income statements include the results of operations of
the Company and its subsidiaries as if the group structure resulting from
the Corporate Reorganisation executed on 3 April 2001 had been in
existence throughout the year ended 31 March 2001 or since the date of
incorporation of the respective group companies where this is a shorter
period. The consolidated balance sheet as at 31 March 2001 have been
prepared to present the assets and liabilities of the Group as at that
date as if the group structure resulting from the Corporate Reorganisation
had been in existence as at 31 March 2001.
All significant transactions and balances among the companies comprising
the Group have been eliminated on consolidation.
2. TURNOVER
Turnover represents the aggregate of the value of contract work carried
out and the sales of goods during the year, and is analysed as follows:
2002 2001
HK$'000 HK$'000
Electrical engineering contracting 65,145 274,850
Sale of goods 41,072 79,594
_______ _______
106,217 354,444
_______ _______
_______ _______
3. TAXATION
2002 2001
HK$'000 HK$'000
The charge comprises:
Hong Kong Profits Tax
Current year 356 3,279
Underprovision in prior years 1,428 4,870
_____ _____
1,784 8,149
_____ _____
_____ _____
Hong Kong Profits Tax is calculated at 16% of the estimated
assessable profit for the year.
No provision for deferred taxation has been recognised in the
financial statements as the amount involved is insignificant.
4. DIVIDENDS
No dividend has been paid or declared by the Company during the year.
The directors do not recommend the payment of a final dividend.
Interim dividends amounting to HK$14,380,000 were paid in 2001 before the
Corporate Reorganisation by the subsidiaries to their then shareholders.
5. EARNINGS PER SHARE
The calculation of the basic and diluted earnings per share is based on
the following data:
THE GROUP
2002 2001
HK$'000 HK$'000
Earnings for the purposes of basic and diluted
earnings per share 885 47,195
==== ======
'000 '000
Weighted average number of ordinary shares for the
purposes of basic earnings per share 197,945 170,000
Effect of dilutive potential ordinary shares:
Options 194 -
_______ _______
Weighted average number of ordinary shares
for the purposes of diluted earnings per share198,139 170,000
======= =======
The weighted average number of ordinary shares for the purposes of basic
earnings per share has been based on number of the shares that would be in
issue on the assumption that the Corporate Reorganisation had been
completed on 1 April 2001.
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