NEW SPRING HOLD<00690> - Results Announcement
New Spring Holdings Limited announced on 28/07/2004:
(stock code: 00690 )
Year end date: 31/03/2004
Currency: HKD
Auditors' Report: Unqualified
(Audited )
(Audited ) Last
Current Corresponding
Period Period
from 01/04/2003 from 01/04/2002
to 31/03/2004 to 31/03/2003
Note ('000 ) ('000 )
Turnover : 146,239 156,042
Profit/(Loss) from Operations : (7,929) (556)
Finance cost : (5,799) (3,474)
Share of Profit/(Loss) of
Associates : N/A N/A
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : (18,880) (5,384)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : (0.105) (0.03)
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (18,880) (5,384)
Final Dividend : NIL NIL
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Final 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. Turnover
The Group is principally engaged in manufacturing and trading of packaging
products, paper gifts items and promotional products. Revenues recognized
during the year are as follows:
Last
Current Corresponding
Period Period
(HK$'000) (HK$'000)
Turnover - continuing operation
Sales of goods in invoiced valued to
customers, net of discounts
Packaging products 75,606 94,339
Paper gifts items 29,660 30,745
Promotional products 40,973 30,958
--------- ---------
146,239 156,042
========= =========
2. Operating loss
Operating loss was stated after charging the following:
Last
Current Corresponding
Period Period
(HK$'000) (HK$'000)
Auditors' remuneration
- Current Year 300 806
- Overprovision in prior year (25) -
---------- ------------
275 806
Cost of inventories sold 121,221 120,224
Provision for and write off of
bad debts 2,035 1,462
Provision for and write off of
obsolete inventories 3,348 198
Amortization of goodwill 2,650 1,342
Impairment of goodwill 95 -
Depreciation of fixed assets
- owned assets 8,834 6,470
- assets held under finance
leases 2,209 3,798
Operating lease rentals in respect
of land and buildings 1,375 1,393
Loss on fixed assets written off 366 -
Loss on disposal of fixed assets 276 -
Loss on partial disposal of interest
in a subsidiary - 107
Investment written off 60 -
Staff costs, including directors'
emoluments 13,005 16,822
Exchange loss 42 -
---------- ---------
3. Taxation
Hong Kong profits tax has been provided at the rate of 17.5% (2003: 16%)
on the estimated assessable profit for the year. Taxation on overseas
profits has been calculated on the estimated assessable profit for the
year at the rates of taxation prevailing in the countries in which the
Group operates.
Subsidiaries of the Company established in the People's Republic of China
(the "PRC") is subject to PRC Enterprise Income Tax ("EIT") on the taxable
income as reported in its PRC statutory financial statements adjusted in
accordance with relevant income tax laws. The applicable EIT rate is 33%.
However, the subsidiaries have tax privileges granted by the PRC
Government that they are entitled to full exemption from EIT for the first
two years and 50% reduction in EIT for the next three years, commencing
from the first profitable year after offsetting all tax losses carried
forward from the previous years. No EIT is payable by the subsidiaries as
they have no taxable income for the year.
The amount of taxation charged/(credited) to the consolidated profit and
loss account represents:
Last
Current Corresponding
Period Period
(HK$'000) (HK$'000)
Hong Kong Profits tax
- Current 165 425
- Overprovision in prior years (610) (924)
Deferred taxation 4,940 1,730
--------- ---------
4,495 1,231
========= =========
4. Basic loss per share
The calculation of basic loss per share (2003: loss per share) is based on
the Group's loss attributable to shareholders of HK$18,880,000 (2003: loss
of HK$5,384,000) and of 180,000,000 shares (2003: 180,000,000 shares) in
issue during the year.
Diluted loss per share was not presented for both years as there were no
dilutive potential ordinary shares at year end.
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