CHUNG HWA DEV<1051> - Results Announcement
Chung Hwa Development Holdings Limited announced on 28/4/2000:
(stock code: 1051)
The accounts which contain the following results are qualified by the
Company's auditor. For more details, please refer to the press
announcement issued by the Company on 2/5/2000.
Year end date: 31/3/1999
Currency: HK$ (Audited)
(Audited) Last
Current Corresponding
Period Period
from 1/4/1998 from 1/4/1997
to 31/3/1999 to 31/3/1998
Turnover
- Continuing : 38,305,946 154,947,706
- Discontinued : 71,518,876 172,588,118
Operating Profit/(Loss)
- Continuing : (331,140,469) (242,252,587)
- Discontinued : (151,955,820) 9,111,638
Total Operating Profit/(Loss) : (483,096,289) (233,140,949)
Share of Profit/(Loss) of
Associated Companies : (20,899,564) (22,360,652)
Share of Profit/(Loss) of
Jointly Controlled Entities : 0 0
Profit/(Loss) after Tax & MI : (503,516,360) (247,860,509)
% Change over Last Period : N/A
EPS/(LPS)-Basic : (21.2 cents) (15.3 cents)
-Diluted : N/A N/A
Extraordinary (ETD) Gain/(Loss) : 0 0
Profit/(Loss) after ETD Items : (503,516,360) (247,860,509)
Final Dividend per Share : NIL NIL
(Specify if with other options) : NIL NIL
B/C Dates for Final Dividend : N/A
Payable Date : N/A
B/C Dates for Annual General Meeting : 24/5/2000 to 31/5/2000 bdi.
Other Distribution for Current Period : N/A
B/C Dates for Other Distribution : N/A
Remarks:
(1) Taxation Credit (Charge)
1999 1998
HK$ HK$
The (credit) charge comprises:
Profit for the year
Hong Kong - 124,865
Overseas - 5,070,880
Prior years
Hong Kong - (96,254)
Overseas (479,493) (4,000,000)
Deferred taxation (107,354)
Share of tax on results of
associated companies 101,644
-------------- --------------
(479,493) 1,093,781
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A substantial portion of the Group's profit neither arises in, nor is
derived from, Hong Kong. Accordingly, that portion of the Group's profit
is not subject to Hong Kong Profits Tax.
Hong Kong Profits Tax is calculated at 16% (1998: 16.5%) of the estimated
assessable profit for the year.
Overseas taxation is calculated at the rates prevailing in the respective
jurisdictions.
(2) Loss Per Share
The calculation of the basic loss per share is based on the loss for the
year of HK$503,516,360 (1998: HK$247,860,509) and on the weighted average
number of 2,376,775,620 (1998: 1,619,107,591) ordinary shares
in issue.
No diluted loss per share has been presented because the exercise prices
of the Company's share options were higher than the average market price
of the Company's shares for both years.
(3) Exceptional Items
The following exceptional items have been charged in arriving at operating
(loss) profit:
HK$
Continuing operations:
Loss on disposal of fixed assets (22,246,691)
Provision for amounts due from associated companies (49,894,510)
Loss arising in connection with committed acquisition of
addition interest in an associated company (50,450,581)
Loss arising in connection with committed repurchase of
interests in a subsidiary company (32,008,009)
Provision for short term loan receivables (13,450,927)
Deficit on revaluation of investment properties (8,785,000)
Provision for diminution in value of leasehold land and
building (3,186,318)
Permanent diminution in goodwill written off (101,221,192)
-------------
(281,243,228)
-------------
Discontinued operations:
Provision on interest in and indebtedness to (119,916,889)
a subsidiary not consolidated
Provision for payments under guarantees (36,417,604)
--------------
(156,334,493)
--------------
(437,577,721)
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For more details, please refer to the press announcement today.
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