CH CONSERVATION<00290> - Results Announcement
China Conservational Power Holdings Limited announced on 23/12/2004:
(stock code: 00290 )
Year end date: 31/03/2005
Currency: HKD
Auditors' Report: N/A
Interim report reviewed by: Both Audit Committee and Auditors
(Unaudited )
(Unaudited ) Last
Current Corresponding
Period Period
from 01/04/2004 from 01/04/2003
to 30/09/2004 to 30/09/2003
Note ('000 ) ('000 )
Turnover : 63,930 70,361
Profit/(Loss) from Operations 3 : (22,168) (7,603)
Finance cost : (185) (146)
Share of Profit/(Loss) of
Associates : (323) (151)
Share of Profit/(Loss) of
Jointly Controlled Entities : (2,601) 195
Profit/(Loss) after Tax & MI : (24,708) (7,692)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) 7 : (0.077) (0.034)
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (24,708) (7,692)
Interim Dividend 6 : Nil Nil
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Interim 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. BASIS OF PREPARATION AND ACCOUNTING POLICIES
The condensed financial statements have been prepared in accordance with
the disclosure requirements of Appendix 16 to the Rules Governing the
Listing of Securities on The Stock Exchange of Hong Kong Limited and with
the Statement of Standard Accounting Practice No. 25 "Interim financial
reporting" issued by the Hong Kong Institute of Certified Public
Accountants.
The condensed financial statements have been prepared under the historical
cost convention as modified for the revaluation of certain investments in
securities. These condensed financial statements should be read in
conjunction with the 2004 annual report.
The basis of preparation and accounting policies adopted in the
preparation of these condensed financial statements are consistent with
those followed in the preparation of the Group's annual audited financial
statements for the year ended 31 March 2004.
2. SEGMENT INFORMATION
For management purposes, the Group is currently organised into five
operating divisions - electrical engineering contracting, sale of
electrical goods, securities brokerage, sea freight forwarding services
and sale of home electrical appliances. These divisions are the basis on
which the Group reports its primary segment information.
Business Segments
(Note)
Sale of
Sale of Sea home
Elect- elect- freight elect- Others Elimi- Conso-
rical rical Secur- forwarding rical nations lidated
engineer- goods ities services applian-
ing broke- ces
contrac- rage
ting
HK$ HK$ HK$ HK$ HK$ HK$ HK$ HK$
'000 '000 '000 '000 '000 '000 '000 '000
For the six months ended
30 September 2004
Turnover
External sales
27,887 1,788 1,637 31,738 858 22 - 63,930
Inter-segment sales
- 1,191 - - - - (1,191) -
--------------------------------------------------------------------------
Total revenue
27,887 2,979 1,637 31,738 858 22 (1,191) 63,930
=========================================================================
Inter-segment sales are charged at prevailing market rates
Results
Segment results
2,187 (1,115) (595) (20) (1,362) (1) - (906)
==============================================================
Interest income 1,847
Other operating income 502
Unrealised holding loss on
listed other investments (62)
Unallocated expenses (23,549)
---------
Loss from operations (22,168)
Finance costs (185)
Gain on disposal of a subsidiary 569
Share of results of associates (323)
Share of results of a joint venture (2,601)
--------
Loss before taxation (24,708)
Taxation -
--------
Loss before minority interests (24,708)
Minority interests -
--------
Net loss for the period (24,708)
========
Note: The Group commenced this operation during the period ended 30
September 2004.
Electrical Sale of
engineering electrical Securities
contracting goods brokerage Others Elimi- Consol-
nations idated
HK$ HK$ HK$ HK$ HK$ HK$
'000 '000 '000 '000 '000 '000
For the six months ended
30 September 2003
Turnover
External sales
56,508 11,590 2,051 212 - 70,361
Inter-segment sales
- 3,813 - - (3,813) -
-----------------------------------------------------------------------
Total revenue
56,508 15,403 2,051 212 (3,813) 70,361
=======================================================================
Inter-segment sales are charged
at prevailing market rates
Results
Segment results
260 1,332 (235) (332) - 1,025
==========================================================
Interest income 462
Other operating income 323
Unrealised holding gains on
listed other investments 5,213
Unallocated expenses (14,626)
--------
Loss from operations (7,603)
Finance costs (146)
Share of results of associates (151)
Share of results of a joint venture 195
------
Loss before taxation (7,705)
Taxation -
--------
Loss before minority interests (7,705)
Minority interests 13
- --------
Net loss for the period (7,692)
=======
3. LOSS FROM OPERATIONS
Six months ended
30 September
2004 2003
HK$'000 HK$'000
Loss from operations has been arrived at after
charging:
Depreciation of property, plant and equipment 1,770 1,797
Amortisation of goodwill arising on acquisition
of subsidiaries included in administrative
expenses 78 743
Amortisation of trading right in respect of
securities trading included in administrative
expenses 125 185
Loss on disposal of property, plant and
equipment 169 80
Cost of inventories recognised as expense 3,213 11,938
Loss on disposal of investments in securities 4,753 -
========= ========
4. IMPAIRMENT LOSSES
Six months ended
30 September
2004 2003
HK$'000 HK$'000
Impairment losses in respect of:
Goodwill arising from acquisition of
subsidiaries 2,373 -
======= ======
5. TAXATION
Hong Kong Profits Tax is calculated at 17.5% (2003: 17.5%) of the
estimated assessable profit for the period. Taxation in other
jurisdictions is calculated at the rates prevailing in the respective
jurisdictions. No provision for taxation has been made as the Group had
no assessable profits for the period.
The Group did not have any significant movements in deferred taxation for
the six months ended 30 September 2004.
6. DIVIDENDS
No dividends were paid or declared during the period. The directors do
not recommend the payment of any interim dividend for the six months ended
30 September 2004 (For the six months ended 30 September 2003: Nil).
7. LOSS PER SHARE
The loss per share is calculated based on the loss for the period
amounting approximately HK$24,708,000 (For the six months ended 30
September 2003: loss of approximately HK$7,692,000) and 322,272,000 shares
(For the six months ended 30 September 2003: the weighted average of 223,
800,000 shares) in issue.
No diluted loss per share for the six months ended 30 September 2003 and
2004 has been presented as the exercise of the Company's outstanding share
options would result in a decrease in the loss per share for both periods.
|