PACIFIC PORTS<00659> - Results Announcement (Summary)
Pacific Ports Company Limited announced on 18/10/2002:
(stock code: 659)
Year end date: 30/6/2002
Currency: HKD
Auditors' Report: Unqualified
Review of Interim Report by: N/A
(Audited)
(Audited) Last
Current Corresponding
Period Period
from 1/7/2001 from 1/7/2000
to 30/6/2002 to 30/6/2001
('000) ('000)
Turnover : 125,057 135,861
(Loss) from Operations : (209,727) (49,642)
Finance cost : (2,930) (4,592)
Share of Profit of Associates : 260,707 244,042
Share of Profit of
Jointly Controlled Entities : 165,349 151,044
Profit after Tax & MI : 143,945 276,138
% Change over Last Period : -48%
EPS/(LPS)-Basic : 0.49 cent 6.91 cents
-Diluted : N/A 5.26 cents
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 143,945 276,138
Final Dividend per Share : NIL NIL
(Specify if with other options) : N/A N/A
B/C Dates for Final Dividend : N/A
Payable Date : N/A
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 preparation of the accounts
The accounts have been prepared in accordance with accounting principles
generally accepted in Hong Kong and comply with accounting standards
issued by the Hong Kong Society of Accountants (the "HKSA"). They have
been prepared under the historical cost convention as modified by the
revaluation of non-trading securities.
In the current year, the Company and its subsidiaries (collectively the
"Group") adopted the following Statements of Standard Accounting Practice
issued by the HKSA ("SSAPs") which are effective for accounting periods
commencing on or after 1 January 2001:
SSAP 9 (revised) : Events after the balance sheet date
SSAP 26 : Segment reporting
SSAP 28 : Provisions, contingent liabilities and contingent assets
SSAP 29 : Intangible assets
SSAP 30 : Business combinations
SSAP 31 : Impairment of assets
SSAP 32 : Consolidated financial statements and accounting for
investments in subsidiaries
2. Loss from operations
Loss from operations is stated after crediting and charging the following:
2002 2001
HK$'000 HK$'000
Crediting
Gain on disposal of a subsidiary 21,735 -
====== ======
Charging
Cost of services rendered 82,786 103,662
Impairment losses of
- fixed assets 119,500 -
- non-trading securities 5,774 2,915
Loss on disposal of a subsidiary and partial disposal of jointly
controlled entities 90,020 -
====== ========
3. Earnings per share
The calculation of basic earnings per share is based on the Group's profit
attributable to shareholders of HK$143,945,000 (2001: HK$276,138,000) less
preference share dividend of HK$133,878,000 (2001: HK$133,878,000) and the
weighted average of 2,059,968,000 (2001: 2,059,968,000) ordinary shares in
issue during the year.
The diluted earnings per share for the year ended 30 June 2002 is not
presented as the conversion of preference shares is anti-dilutive.
The calculation of diluted earnings per share for the year ended 30 June
2001 was based on Group's profit attributable to shareholders of
HK$276,138,000 and 5,253,622,306 ordinary shares which are the weighted
average number of 2,059,968,000 of ordinary shares in issue during that
year plus the weighted average of 3,193,654,306 ordinary shares deemed to
be issued on the conversion of all preference shares.
The conversion of share options is not dilutive for the years ended 30
June 2002 and 2001 as the exercise prices of the Company's outstanding
options are higher than the fair value per ordinary share in the current
year and the previous year.
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