STAR BIO-TECH<01051> - Results Announcement (Summary) (Revised by STAR BIO-TECH)
Star Bio-Tech (Holdings) Limited announced on 30/11/2001:
(stock codes: 1051 & 2999)
The auditors' report on the financial statements which contain the
following result is qualified by the Company's auditors. For more
details, please refer to the press announcement issued by the Company on
3/12/2001.
Year end date: 30/6/2001
Currency: HKD
(Audited) (Audited)
12-month 15-month
Period Period
from 1/7/2000 from 1/4/1999
to 30/6/2001 to 30/6/2000
('000) ('000)
Turnover : 30,071 13,810
Profit/(Loss) from Operations : (67,007) (20,360)
Finance cost : (2,549) (1,335)
Share of Profit/(Loss) of Associates : Nil (31,358)
Share of Profit/(Loss) of
Jointly Controlled Entities : Nil Nil
Profit/(Loss) after Tax & MI : (92,483) 34,220
% Change over Last Period : N/A
EPS/(LPS)-Basic : (0.63 cent) 1.99 cents
-Diluted : Nil 1.89 cents
Extraordinary (ETD) Gain/(Loss) : Nil Nil
Profit/(Loss) after ETD Items : (92,483) 34,220
Final Dividend per Share : Nil Nil
(Specify if with other options) : - -
B/C Dates for Final Dividend : N/A
Payable Date : N/A
B/C Dates for Annual General Meeting : 15/1/2002 to 17/1/2002 bdi.
Other Distribution for Current Period : N/A
B/C Dates for Other Distribution : N/A
Remarks:
1. Profit/(Loss) from Operations
1.7.2000 1.4.1999
to to
30.6.2001 30.6.2000
----------- ----------
HK$'000 HK$'000
Loss from operations has been arrived at
after charging:
Staff costs:
Directors' remuneration 27,530 3,730
Other staff costs 13,830 2,948
------------ -----------
41,360 6,678
Auditors' remuneration:
Current year 1,100 900
Overprovision in prior year - (49)
Depreciation:
Owned assets 4,238 4,015
Assets held under hire purchase
contracts - 23
Loss on disposal of property, plant and
equipment 2,342 612
Operating lease payments in respect of
rented premises 8,424 1,991
Unrealised loss on investments in
securities - -
Write-off of pre-operating expenses - -
and after crediting:
Interest income 903 202
Rental income from properties under
operating leases, net of outgoings
of HK$10,000 (2000: HK$15,000) 533 65
=========================
2. Adoption of Statements of Standards Accounting Practice ("SSAP"s)
In the current year, the Group has adopted, for the first time, the
revised Statement of Standard Accounting Practice ("SSAP") No.14 "Leases"
issued by the Hong Kong Society of Accountants.
Adoption of this SSAP has resulted in amendment to the related disclosures
but with no effect on the results for the current or prior periods.
3. An analysis of turnover and profit/(loss) from continuing operations
and discontinued operations
Continuing Discontinued
Operations Operations
HK$'000 HK$'000
Turnover 30,071 Nil
Profit/(Loss) (92,483) Nil
4. (Loss) earnings per share
The calculation of the basic loss per share is based on the loss for the
period from 1st July, 2000 to 30th June 2001 of HK$92,483,000 (1.4.1999 to
30.6.2000: profit of HK$34,220,000) and on the weighted average number of
14,608,274,971 (1.4.1999 to 30.6.2000: weighted average number of
1,719,225,884) ordinary shares in issue.
No disclosure of the diluted loss per share for the year ended 30th June,
2001 is shown as the exercise prices of the share options were greater
than the market prices of the Company's shares during that period.
5. Taxation
Following the release of the final results announcement of Star Bio-Tech
(Holdings) Limited (the "Company") on teletext on 30/11/2001, the
Company subsequently notified the Exchange that due to typing error made
by the Company, the figures for the taxation stated below should be
expressed in thousand.
1.7.2000 1.4.1999
to to
30.6.2001 30.6.2000
HK$'000 HK$'000
The (charge) credit comprises:
Underprovision of Hong Kong Profits
Tax in prior year (251) (129)
------- -----
(251) (129)
======= =====
No provision for taxation has been made in the financial statements as the
Group had incurred tax loss for the year/period.
Taxation in other jurisdictions is calculated at the rates prevailing in
the respective jurisdictions. As the Company's PRC subsidiaries as
Sino-foreign joint venture enterprises, they are eligible for the certain
tax holidays and concessions. Accordingly, certain of the PRC
subsidiaries were subject to PRC income tax at reduced rates. No
provision for taxation has been made in the financial statements as the
PRC subsidiaries had incurred tax losses for the year.
The Group has no other assessable income subject to income tax in other
jurisdictions.
For more details, please refer to the press announcement today.
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