MATRIX HOLDINGS<01005> - Results Announcement
Matrix Holdings Limited announced on 16/03/2004:
(stock code: 01005 )
Year end date: 31/12/2003
Currency: HKD
Auditors' Report: Modified
(Audited )
(Audited ) Last
Current Corresponding
Period Period
from 01/01/2003 from 01/01/2002
to 31/12/2003 to 31/12/2002
Note ('000 ) ('000 )
Turnover : 500,357 395,644
Profit/(Loss) from Operations : 158,631 116,567
Finance cost : (1,153) (1,626)
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 : 131,166 101,939
% Change over Last Period : +28.7 %
EPS/(LPS)-Basic (in dollars) : 0.36 0.39
-Diluted (in dollars) : 0.23 0.18
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 131,166 101,939
Final Dividend : $0.09 $0.09
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Final Dividend : 16/04/2004 to 20/04/2004bdi.
Payable Date : 26/04/2004
B/C Dates for Annual
General Meeting : 16/04/2004 to 20/04/2004bdi.
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
1. Earnings per share
The calculation of basic and diluted earnings per share is based on the
following data :
Earnings
2003 2002
HK$'000 HK$'000
Earnings for the purposes of basic
earnings per share 131,166 101,939
Effect of dilutive potential ordinary shares:
Interest on convertible loan stock 1,091 1,612
-------- --------
Earnings for the purposes of diluted
earnings per share 132,257 103,551
======== ========
Number of shares
2003 2002
'000 '000
Weighted average number of ordinary
shares for the purposes of basic earnings
per share 366,830 262,366
Effect of dilutive potential ordinary shares:
Convertible loan stock 217,890 322,354
--------- ---------
Weighted average number of ordinary shares
for the purposes of diluted earnings per share 584,720 584,720
========= =========
2. SUMMARY OF THE AUDITORS' REPORT
The followings are the extraction from the auditors' report with
modification:
Without qualifying our opinion, we draw attention to the basis of
preparation of financial statements that in October 1999 there was a court
judgment regarding the ownership of Matrix Plastic Manufacturing
(Zhongshan) Co., Ltd. ("MPMZ"), an indirect wholly-owned major subsidiary
of the Company, in connection with a claim by a trade creditor, which has
subsequently been settled. The Company has made an application for a
judicial review of the judgment regarding the ownership of MPMZ. The
Directors have sought independent legal advice and are of the opinion that
the aforesaid judgment can be overruled and will have no material impact
on the financial position and operations of the Group.
3. THE BASIS OF PREPARATION OF FINANCIAL STATEMENTS
In October 1999, there was a court judgment regarding the ownership of
Matrix Plastic Manufacturing (Zhongshan) Co., Ltd. ("MPMZ"), an indirect
wholly-owned major subsidiary of the Company, in connection with a claim
by a trade creditor which had subsequently been settled. The Company has
made an application for a judicial review of the judgment regarding the
ownership of MPMZ. In 2002, the Company acknowledged receipt of notice
from Zhongshan Intermediate People's Court that Guangdong High People's
Court has transferred the Company's application to Zhongshan Intermediate
People's Court for processing. The directors have sought independent
legal advice and are of the opinion that the aforesaid judgment can be
overruled and will have no material impact on the financial position and
operations of the Group. Accordingly, MPMZ is still treated as indirect
subsidiary of the Company.
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