MATRIX HOLDINGS<01005> - Results Announcement (Summary)
Matrix Holdings Limited announced on 30/8/2002:
(stock code: 1005)
Year end date: 31/12/2002
Currency: HK$
Auditors' Report: N/A
Review of Interim Report by: Audit Committee
(Unaudited)
(Unaudited) Last
Current Corresponding
Period Period
from 1/1/2002 from 1/1/2001
to 30/6/2002 to 30/6/2001
('000) ('000)
Turnover : 189,285 29,372
Profit/(Loss) from Operations : 49,577 8,437
Finance cost : (931) (1,101)
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 : 43,346 7,126
% Change over Last Period : +508%
EPS/(LPS)-Basic : $0.21 $0.05
-Diluted : $0.08 $0.01
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 43,346 7,126
Interim Dividend per Share : $0.08 NIL
(Specify if with other options) : N/A N/A
B/C Dates for Interim Dividend : 18/9/2002 to 20/9/2002 bdi.
Payable Date : 27/9/2002
B/C Dates for (-) General Meeting : N/A
Other Distribution for Current Period : N/A
B/C Dates for Other Distribution : N/A
Remarks:
1. ACCOUNTING POLICIES
The condensed consolidated interim financial statements have been prepared
under the historical cost conventions.
The condensed consolidated interim financial statements have been prepared
in accordance with Hong Kong Statement of Standard Accounting Practice
("SSAP") 25, "Interim Financial Reporting", issued by the Hong Kong
Society of Accountants ("HKSA").
The accounting policies adopted in the preparation of the condensed
consolidated interim financial statements are consistent with those used
in the annual financial statements for the year ended 31 December 2001
except that the Group has adopted the following new or revised SSAPs
issued by the HKSA which are effective for accounting periods commencing
on or after 1 January 2002 :
SSAP 1 (revised) : Presentation of financial
statements
SSAP 11 (revised) : Foreign currency translation
SSAP 15 (revised) : Cash flow statements
SSAP 25 (revised) : Interim financial reporting
SSAP 34 : Employee benefits
The adoption of these new or revised SSAPs has no material impact on the
Group's financial statements.
2. Segmental Information
The Group's turnover and net profit for the period analysed by
geographical segment is as follows:
For the six months ended 30 June
Turnover Results
2002 2001 2002 2001
HK$'000 HK$'000 HK$'000 HK$'000
United States 174,963 1,933 59,250 733
Hong Kong 236 27,086 77 15,036
Others 14,086 353 3,126 185
------- ------ ------- ---------
189,285 29,372 62,453 15,954
======= =======
Unallocated income and expenses (12,876) (7,517)
------- --------
Profit from operations 49,577 8,437
Finance costs (931) (1,101)
------- --------
Profit before taxation 48,646 7,336
Taxation (5,300) (210)
------- --------
Net profit for the period 43,346 7,126
====== =======
As the Group operates in one business segment, which is engaged in the
manufacture and trading of gifts and novelties, the segment information by
business segment is the same as above.
3. PROFIT FROM OPERATIONS
30.6.2002 30.6.2001
--------- ----------
(Unaudited) (Unaudited)
HK$'000 HK$'000
Profit from operations has been arrived at
after charging (crediting):
Auditors' remuneration
- under-provision in previous year - 23
Depreciation 5,940 2,542
Exchange loss 12 7
Operating lease rentals in respect of rented premises
2,360 408
Staff costs (including directors' remuneration)
27,621 7,589
Interest income (50) (332)
Release of negative goodwill to other income
(347) -
======= ========
4. TAXATION
Hong Kong Profits Tax has been calculated at 16% (2001: 16%) on the
estimated assessable profits for the period. Taxation on overseas profits
has been calculated on the estimated assessable profit for the period at
the rates of taxation prevailing in the overseas countries in which the
Group operates respectively.
30.6.2002 30.6.2001
(Unaudited) (Unaudited)
HK$'000 HK$'000
Hong Kong 3,900 210
Overseas 1,400 -
-------- ----------
5,300 210
====== =====
5. EARNINGS PER SHARE
The calculation of basic earnings per share for the six months ended 30
June 2002 is based on the net profit attributable to shareholders for the
period of approximately HK$43,346,000 (2001: HK$7,126,000) and the
weighted average number of 209,382,983 shares (2001: 144,720,000 shares)
in issue during the period.
The calculation of diluted earnings per share for the six months ended 30
June 2002 is based on the adjusted net profit attributable to shareholders
for the period of approximately HK$44,277,000 (2001: HK$8,227,000) and the
weighted average number of 584,720,000 shares (2001: 584,720,000 shares)
after taking into consideration on the potential dilution effect of
conversion of convertible loan stock.
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