PACIFIC PORTS<0659> - Results Announcement
Pacific Port Company Limited announced on 22/4/1999:
(stock code: 659)
Year end date: 31/12/1998
Currency: HKD
Last
Current Corresponding
Period Period
from 1/1/1998 from 1/1/1997
to 31/12/1998 to 31/12/1997
('000) ('000)
Turnover/Interest Income : 81,379 69,968
Profit-Continuing Operations
- Operating Profit/(Loss) : (91,031) 537
- Exceptional Items : (169,832) 10,167
- Discontinued Operations : - -
Total Operating Profit/(Loss) : (260,863) 10,704
Share of Profit/(Loss) of
Associated Companies : - -
Profit/(Loss) after Tax
& MI : (237,055) 12,840
% Change over Last Period : N/A
EPS/(LPS)-Basic : (28.9 cents) 1.7 cents
-Diluted : N/A N/A
Extraordinary (ETD) Gain/(Loss) : - -
Profit/(Loss) after ETD Items : (237,055) 12,840
Final Dividend per Share : Nil 1.5 cents
(Specify if with other options) : - -
B/C Dates for Final Dividend : -
Payable Date : -
B/C Dates for (-) General Meeting : -
Other Distribution for Current Period : -
B/C Dates for Other Distribution : -
Remarks:
(1) Basis of presentation
The Company was incorporated in Bermuda on 3rd September, 1996 as an
exempted company with limited liability under the Companies Act of Bermuda
(as amended). Pursuant to a reorganization in preparation for the listing
of the Company's shares on The Stock Exchange of Hong Kong Limited on 25th
April, 1997, the Company became the holding company of the Group
on 11th April, 1997.
The comparative results for the year ended 31st December, 1997 have been
prepared on the basis as if the current group structure had been in
existence throughout the period.
(2) Change of Financial Year End Date
The Directors have resolved to change its financial year end date of the
Company from 31st December to 30th June. The next financial year-end date
will be on 30th June, 2000. The change is to make the Company's
financial year consistent with that of New World Infrastructure Limited,
the substantial shareholders of the Company. In this respect, the
Company will publish and distribute to shareholder the unaudited first
interim reports for the six months ending 30th June, 1999 on or before
30th September, 1999. The unaudited second interim report for the twelve
months ending 31st December, 1999 will be published on or before 31st
March, 2000. The unaudited results for the eighteen months ending 30th
June, 2000 will be published by November, 2000.
(3) Exceptional items
The exceptional items comprise:- Year ended 31st December,
1998 1997
HK$'000 HK$'000
Provision against amounts due
from a former director and
certain former related
companies (note) (102,803) -
Provision against short term
loan receivables (28,504) -
Legal and professional fees
incurred in relation to the
conditional cash offer for the
shares of the Company (2,941) -
Legal and professional fees
incurred in respect of claims
against a former director and
certain former related
companies (3,584) -
Write-off of previously
capitalised expenses (32,000) -
Interest income derived from
shares application monies
received during initial public
offer period of the Company - 10,167
----------- ---------
(169,832) 10,167
======== ========
Note: The amounts due from a former director and certain former related
companies included withdrawals from the Group and expenses paid on
behalf of the former director by the Group less market value of certain
marketables securities held. The Group is now actively pursuing litigation
against the former director and those former related companies
to recover the amounts.
(4) Earnings / (loss) per share
The calculation of basic earning per share is based on the net loss
attributable to shareholders of HK$237,055,000 (1997: net profit of
HK$12,840,000) and on the weighted average number of 819,462,000 (1997:
754,859,000) shares in issue during the year.
No dilutive loss per share for the year ended 31 December 1998 has been
presented as the effect of the assumed conversion of the stock options of
the Company in 1998 would be anti-dilutive.
No dilutive earnings per share for the year ended 31 December 1997 has
been presented as there were no dilutive potential ordinary shares in
issue during that year.
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