ORIENTAL WATCH<00398> - Results Announcement
ORIENTAL WATCH HOLDINGS LIMITED announced on 21/7/2004:
(stock code: 00398 )
Year end date: 31/03/2004
Currency: HKD
Auditors' Report: Unqualified
(Audited )
(Audited ) Last
Current Corresponding
Period Period
from 1/4/2003 from 1/4/2002
to 31/3/2004 to 31/3/2003
Note ('000 ) ('000 )
Turnover : 1,876,233 1,901,779
Profit/(Loss) from Operations : 81,382 79,179
Finance cost : (1,175) (1,603)
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 : 68,630 65,485
% Change over Last Period : +4.7 %
EPS/(LPS)-Basic (in dollars) : 0.2493 0.2379
-Diluted (in dollars) : 0.2491 N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 68,630 65,485
Final Dividend : 4.0 cents 3.5 cents
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Final Dividend : 20/8/2004 to 25/8/2004 bdi.
Payable Date : 21/9/2004
B/C Dates for Annual
General Meeting : 20/8/2004 to 25/8/2004 bdi.
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
1. Business and geographical segment
Business segments
The Group's operation is regarded as a single segment, being an enterprise
engaged in watch trading.
Geographical segments
The Group's operations are located in Hong Kong and Mainland China (the
"PRC"), representing the basis on which the Group reports its primary
segment information. The following table provides an analysis of the
Group's geographical segment information.
Turnover Results
2004 2003 2004 2003
HK$'000 HK$'000 HK$'000 HK$'000
Hong Kong
1,851,239 1,868,637 72,587 76,672
PRC
206,256 164,599 6,695 3,942
Inter-segment sales elimination
(181,262) (131,457) - -
-------------------------------------------------------------------------
1,876,233 1,901,779 79,282 80,614
========== ==========
Unallocated other operating income 2,202 202
Unallocated corporate expenses (102) (1,637)
-------- ----------
Profit from operations 81,382 79,179
Finance costs (1,175) (1,603)
-------- ---------
Profit before taxation 80,207 77,576
Taxation (11,577) (12,091)
---------- ----------
Net profit attributable to shareholders 68,630 65,485
========= ========
Inter-segment sales are charged at the prevailing market rate
2. Taxation
2004 2003
HK$'000 HK$'000
The charge comprises:
Hong Kong Profits Tax calculated at 17.5% (2003: 16%)
on the estimated assessable profit for the year
(10,843) (13,057)
(Under)/overprovision in prior years
(75) 1,443
---------------------------------------
(10,918) (11,614)
Mainland China income tax
(949) (540)
Deferred taxation 290 63
---------- --------
(11,577) (12,091)
========== ==========
The income tax in Mainland China (the "PRC") is calculated at the rates
prevailing pursuant to the relevant laws and regulations.
3. Dividends
2004 2003
HK$'000 HK$'000
Interim dividend of 2.0 Hong Kong cents
(2003: 2.0 Hong Kong cents) per share 5,505 5,505
Proposed final dividend of 4.0 Hong
Kong cents (2003: 3.5 Hong Kong
cents) per share 11,010 9,634
------ -------
16,515 15,139
======= ========
The final dividend proposed for the year ended 31 March 2004 is calculated
on the basis of 275,253,200 shares in issue at the date of this
report.
4. Earnings per share
The calculation of the basic and diluted earnings per share for the year
is based on the following data:
2004 2003
HK'000 HK$'000
Earnings:
Net profit attributable to shareholders and earnings for
the purposes of basic and diluted earnings per share
68,630 65,485
====== ========
Number of shares
2004 2003
Number of shares for the purposes of
basic earnings per share
275,253,200 275,253,200
===========
Potential dilutive shares issuable under the
Company's share option scheme
205,570
------------------
Weighted average number
of shares for the purposes
of diluted earnings per share
275,458,770
===========
No diluted earinings per share hae been presented in 2003 as there were no
potential dilutive shares issuable under the Company's share option
scheme.
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