KWOON CHUNG BUS<0306> - Results Announcement
Kwoon Chung Bus Holdings Limited announced on 20/12/2000:
(stock code: 306)
Year end date: 31/3/2001
Currency: HKD (Unaudited)
(Unaudited) Last
Current Corresponding
Period Period
from 1/4/2000 from 1/4/1999
to 30/9/2000 to 30/9/1999
('000) ('000)
Turnover : 449,725 406,421
Profit/(Loss) from Operations : 21,104 35,120
Finance cost : (6,945) (7,601)
Share of Profit/(Loss) of Associates : - -
Share of Profit/(Loss) of
Jointly Controlled Entities : 11,064 12,764
Profit/(Loss) after Tax
& MI : 12,342 28,177
% Change over Last Period : -56%
EPS/(LPS)-Basic : 3.13 cents 8.70 cents
-Diluted : 3.13 cents 8.70 cents
Extraordinary (ETD) Gain/(Loss) : - -
Profit/(Loss) after ETD Items : 12,342 28,177
Interim Dividend per Share : 1 cent 3 cents
(Specify if with other options) : NIL NIL
B/C Dates for Interim Dividend : 12/1/2001 to 17/1/2001 bdi.
Payable Date : 18/1/2001
B/C Dates for (-) General Meeting : NIL
Other Distribution for Current Period : NIL
B/C Dates for Other Distribution : NIL
Remarks:
1. Turnover
Turnover represents bus fares and invoiced value of bus, coach hire and
travel related services provided by the Group after elimination of all
significant intra-group transactions.
2. Operating profit
The operating profit included a gain on waived bank borrowing of
HK$22,128,000. During the current period, after acquisition of Chongqing
Tourism (Group) Co., Ltd., the Group's 60% equity owned subsidiary in
Chongqing, PRC, the management has successfully negotiated with an asset
management company which had received the right of a bank borrowing owed
by the subsidiary to China Construction Bank for settling in full the debt
of approximately RMB38,540,000 (equivalent to HK$36,228,000) by paying an
amount of RMB15,000,000 (equivalent to HK$14,100,000) at a discount. Such
an discount of approximately RMB23,540,000 (equivalent to HK$22,128,000)
is recognized as a gain on waived bank borrowing.
3. Earning per share
The calculation of basic earnings per share is based on the unaudited net
profit attributable to shareholders of HK$12,342,000 (1999: HK$28,177,000)
and on the weighted average number of 393,906,000 (1999: 323,956,492)
ordinary shares in issue during the period.
The calculation of basic and diluted earnings per share is based on the
following:
2000 HK'000 1999 HK'000
Earnings for the purpose of basic and
diluted earnings per share:
Net profit attributable to shareholders 12,342 28,177
Number of shares:
Weighted average number
of ordinary shares for the purpose
of basic earnings per share 393,906,000 323,956,492
Effect of dilutive potential ordinary shares
-share options 117,197 1,561,555
Weighted average number of ordinary shares
for the purpose of diluted earnings per share 394,023,197 325,518,047
4. Comparative figures
Revised SSAP No. 2.101 prescribes the basis for the presentation of
financial statements and sets out guidelines for their structure and
minimum requirements for the content thereof. The format of the profit and
loss account and the balance sheet of this interim financial statements
have been revised in accordance with the SSAP.
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