PALADIN<00495> - Results Announcement (Summary)
Paladin Limited announced on 26/10/2001:
(stock code: 495)
The auditors' report on the financial statements which contain the
following result is modified by the Company's auditors. For more details,
please refer to the press announcement to be issued by the Company on
29/10/2001.
Year end date: 30/6/2001
Currency: HKD (Audited)
(Audited) Last
Current Corresponding
Period Period
from 1/7/2000 from 1/7/1999
to 30/6/2001 to 30/6/2000
('000) ('000)
Turnover : 2,193 23,296
Profit/(Loss) from Operations : (55,684) (55,639)
Finance cost : (73,310) (69,728)
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 : (128,994) (125,367)
% Change over Last Period : N/A
EPS/(LPS)-Basic : (24.4 cents) (23.7 cents)
-Diluted : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (128,994) (125,367)
Final Dividend per Share : NIL NIL
(Specify if with other options) : N/A N/A
B/C Dates for Final Dividend : N/A
Payable Date : N/A
B/C Dates for Annual General Meeting : 11/12/2001 to 14/12/2001 bdi.
Other Distribution for Current Period : N/A
B/C Dates for Other Distribution : N/A
Remarks:
1. BASIS OF PREPARATION
In preparing the financial statements, the directors have given careful
consideration to the future liquidity of the Group in the light of its
net current liabilities of HK$152,767,000 as at 30 June, 2001. The
Group is dependent upon the financial support of its bankers and other
lenders. The Group has reached agreement with its bankers for the
extension of repayment of certain of its secured bank loans (including
accrued interest) amounting to approximately HK$668 million as at 30
June, 2001, up to April 2002 when it is estimated that the properties
held under development will be complete and ready for sale or pre-sale,
the unused facilities available to the Group as at 30 June, 2001 of
approximately HK$162 million will be used to finance the completion of
the development. Taking into account the estimated proceeds from the
disposal of the properties held under development, the directors
consider that, with the continuing support of the Group's bankers and
other lenders, the Group will be able to meet in full its financial
obligations as they fall due for the foreseeable future. Accordingly,
the financial statements have been prepared on a going concern basis.
2. TURNOVER
Turnover represents the aggregate of the amounts received and
receivable for goods sold and services rendered and the income from
restaurant operations during the year. An analysis of turnover is as
follows:
2001 2000
HK$'000 HK$'000
Continuing operations
- Service fee 2,193 -
- Sales of goods - 21,992
------- ------
2,193 21,992
Discontinued operations
- Restaurant operations - 1,304
------- ------
2,193 23,296
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3. TAXATION
No provision for Hong Kong Profits Tax has been made in the financial
statements as the Company and its subsidiaries had no assessable
profit the both years.
No provision for deferred taxation has been made in the financial
statements as there were no significant timing differences arising
during the year or at the balance sheet date.
No provision for deferred taxation has been made for the surplus
arising in previous years on the revaluation of certain of the
Company's existing properties as profit arising on the disposal of
these assets would not be subject to taxation. Accordingly, the
revaluation surplus does not constitute a timing difference for tax
purposes.
4. BASIC LOSS PER SHARE
The calculation of the basic loss per share is based on the net loss
for the year of HK$128,994,000 (2000:HK$125,367,000) and on 528,271,615
(2000:528,271,615) ordinary shares in issue during the year.
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