ORIENTAL WATCH<00398> - Results Announcement (Summary)
Oriental Watch Holdings Limited announced on 18/12/2001:
(stock code: 398)
Year end date: 31/3/2002
Currency: HK$ (Unaudited)
(Unaudited) Last
Current Corresponding
Period Period
from 1/4/2001 from 1/4/2000
to 30/9/2001 to 30/9/2000
('000) ('000)
Turnover : 846,757 744,374
Profit/(Loss) from Operations : 47,511 54,035
Finance cost : (499) (476)
Share of Profit/(Loss) of Associates : - -
Share of Profit/(Loss) of
Jointly Controlled Entities : - -
Profit/(Loss) after Tax & MI : 40,060 45,032
% Change over Last Period : -11.0%
EPS/(LPS)-Basic : 14.55 cents 16.28 cents
-Diluted : 14.28 cents 16.20 cents
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 40,060 45,032
Interim Dividend per Share : 2.5 cents 3 cents
(Specify if with other options) : N/A N/A
B/C Dates for Interim Dividend : 4/1/2002 to 9/1/2002 bdi.
Payable Date : 16/1/2002
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. General
The Group is engaged in watch trading. Over 90% of its turnover and profit
from operations are derived in Hong Kong.
2. Finance Costs
Six months ended
30.9.2001 30.9.2000
HK$'000 HK$'000
Interest on bank borrowings wholly
repayable with five years 487 464
Finance lease charges 12 12
------ -----
499 476
====== =====
3. Profit before taxation
Six months ended
30.9.2001 30.9.2000
HK$'000 HK$'000
Profit before taxation has been arriving at
after charging:
Depreciation on:
- owned assets 2,180 1,880
- assets held under a
finance lease 20 20
----- -----
2,200 1,900
===== =====
Unrealised loss on listed
trading securities 272 380
and after crediting:
Interest income 1,196 2,291
Rental income 1,828 1,406
Realised gain on sale of listed
trading securities - 184
===== =====
4. Taxation
Six months ended
30.9.2001 30.9.2000
HK$'000 HK$'000
The charge comprises:
Hong Kong Profits Tax 8,102 9,784
Taxation outside Hong Kong 97 156
----- ------
8,199 9,940
Deferred taxation (21) -
----- -----
8,178 9,940
===== =====
Hong Kong Profits Tax is calculated at 16% on the estimated assessable
profits of the Group which are derived from Hong Kong. Taxation outside
Hong Kong is calculated at the rate prevailing in the respective
jurisdictions outside Hong Kong in which the Group operates.
5. Dividend
On 18 December 2001, the directors resolved to declare an interim dividend
of 2.5 cents per share, in respect of the six months ended 30 September
2001 (2000: 3 cents per share), totalling approximately HK$6,881,000
(2000: HK$8,270,000), to be paid in cash to those shareholders whose names
appear on the Company's register of members on 9 January 2002. The
dividend will be paid on or before 16 January 2002.
6. Earnings per share
The calculations of the basic and diluted earnings per share are based on
the following data:
Six months ended
30.9.2001 30.9.2000
HK$'000 HK$'000
Earnings
Profit for the period attributable
to shareholders 40,060 45,032
======= ======
Number of shares
Weighted average number of shares for the
purpose of calculating basic
earnings per share 275,253,200 276,686,071
Potential dilutive shares issuable under the
Company's share option scheme 5,295,547 1,325,153
----------- ----------
Weighted average number of shares for the
purpose of calculating diluted earnings
per share 280,548,747 278,011,224
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