IREGENT.COM<0575> - Results Announcement
iRegent.com Limited announced on 14/7/2000:
(stock codes: Ord: 575 & War: 633)
Year end date: 31/3/2000
Currency: USD (Audited)
(Audited) Last
Current Corresponding
Period Period
from 1/4/1999 from 1/4/1998
to 31/3/2000 to 31/3/1999
('000) ('000)
Turnover
Investment management, corporate finance,
property management and stockbroking : 22,585 20,502
Corporate investment, income, realised
and unrealised gains and losses : 32,073 (52,699)
------- --------
54,658 (32,197)
------- --------
Expenses
Personnel costs : (30,358) (11,085)
Marketing costs and commissions : (3,404) (2,797)
Other costs : (6,171) (8,621)
-------- --------
(39,933) (22,503)
-------- --------
14,725 (54,700)
Share of Profit/(Loss) of
Associated Companies and subsidiaries
under temporary control : 32,178 4,251
Operating profit/(loss) on core
activities : 46,903 (50,449)
Profit on sales of interests in
associated companies and subsidiaries
under temporary control : 57,325 1,174
Loss on disposal of subsidiaries : (5,385) -
Operating profit/(loss) from ordinary
activities : 98,843 (49,275)
Finance costs - interest on bank
overdraft : (462) (688)
Profit/(Loss) before taxation : 98,381 (49,963)
Taxation : (12,283) (1,090)
Profit/(Loss) after taxation : 86,098 (51,053)
Minority interests : (534) 764
Net profit/(loss) attributable to
shareholders : 85,564 (50,289)
% Change over Last Period : N/A
EPS/(LPS)-Basic : US9.3 cents (US5.4 cents)
-Diluted : - -
Extraordinary (ETD) Gain/(Loss) : - -
Profit/(Loss) after ETD Items : 85,564 (50,289)
Third Interim Dividend per Share * : US0.500 cent US0.646 cent
* (see remarks note 5)
(Specify if with other options) : - -
B/C Dates for Third Interim Dividend : 1/8/2000 to 4/8/2000 bdi.
Payable Date : 30/8/2000
B/C Dates for (-) General Meeting : N/A
Other Distribution for Current Period : N/A
B/C Dates for Other Distribution : N/A
Remarks:
1) Basis of presentation
The Company was incorporated in the Cayman Islands under the Companies Law
as an exempted company with limited liability on 7 May 1991. The
Company's shares were listed on The Stock Exchange of Hong Kong Limited
(the "Stock Exchange") on 19 May 1997. Its registered office is at P O
Box 309, Ugland House, South Church Street, George Town, Grand Cayman,
Cayman Islands, British West Indies. The audited consolidated profit and
loss account of the Group includes the results of the companies now
comprising the Group throughout the year from 1 April 1999 to 31 March
2000. All material intra-group transactions and balances have been
eliminated on consolidation. Where the financial year end dates of the
associated companies differ from 31 March, the results of such associated
companies, which are not material to the consolidated results of the
Group, have been included in this report by reference to their respective
management accounts.
The nature of the Company's operations is as follows:-
a. Asset management
b. Corporate finance
c. Stockbroking
d. Corporate investment
e. Property management
2) Restatement of comparative figures
The exceptional item in the prior year profit and loss account of a loss
of US$60,109,000, which related to the write down of investments in Russia
and certain former Soviet satellite republics and losses on Eastern
European stockbroking, has this year been included in turnover (corporate
investment, income, realised and unrealised gains and losses) and expenses
as relevant.
In the current year, turnover includes gains, both realised and
unrealised, on investments which had been written down in the prior year
as part of the exceptional loss.
3) Turnover
For the year ended 31 March
2000 1999
US$'000 US$'000
Investment management, advisory,
administration and performance fees 18,115 25,463
Placement, arrangement and other
corporate finance and advisory fees
and commissions 2,682 2,713
Property management 531 -
Stockbroking, including dealing profits
and losses 1,257 (7,674)
----- -------
22,585 20,502
====== ======
4) Taxation
For the year ended 31 March
2000 1999
US$'000 US$'000
Group
- Hong Kong profits tax for the year - -
- Overprovision of Hong Kong profits
tax in respect of prior year - (29)
Overseas taxation
Group subsidiaries 1,314 845
Share of tax of associated companies
and subsidiaries under
temporary control 11,233 -
Deferred taxation (264) 274
----- ----
12,283 1,090
====== =====
No provision for Hong Kong profits tax has been made in the financial
statements as all the Group companies which are subject to such tax have
sustained losses for taxation purposes for the year. Taxes on profits
assessable in overseas countries have been calculated at the rates of
taxation prevailing in such countries. Provision has been set aside in
respect of all entities where the directors believe a liability exists.
5) Dividends
For the year ended 31 March
2000 1999
US$'000 US$'000
Interim dividend for 1999 -- 5,910
First interim dividend of
1.0296 US cents 9,466 --
Second interim dividend of
1.541 US cents or a share in
Regent Europe Limited 23,325 --
Third interim dividend of 0.5US cents 5,947 --
----- -----
38,738 5,910
====== =====
The third interim dividend will be paid on 30 August 2000 to shareholders
whose names appear on the Register of Members of the Company on 4 August
2000.
6) Earnings/(Loss) per share
The calculation of earnings/(loss) per share is based on the net profit
attributable to shareholders for the year of US$85.6 million (1999: loss
of US$50.3 million) and the weighted average number of shares of
917,059,287 (1999: 926,565,521 shares) in issue during the year.
Diluted earnings per share is not presented as the potential ordinary
shares are not dilutive.
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