SINOTRONICS<01195> - Results Announcement
Sinotronics Holdings Limited announced on 22/03/2004:
(stock code: 01195 )
Year end date: 30/06/2004
Currency: RMB
Auditors' Report: N/A
Interim report reviewed by: Both Audit Committee and Auditors
(Unaudited )
(Unaudited ) Last
Current Corresponding
Period Period
from 01/07/2003 from 01/07/2002
to 31/12/2003 to 31/12/2002
Note ('000 ) ('000 )
Turnover : 129,265 117,869
Profit/(Loss) from Operations : 47,950 37,484
Finance cost : (1,166) (1,213)
Share of Profit/(Loss) of
Associates : 2,864 1,501
Share of Profit/(Loss) of
Jointly Controlled Entities : 0 0
Profit/(Loss) after Tax & MI : 41,409 29,331
% Change over Last Period : +41.2 %
EPS/(LPS)-Basic (in dollars) : 0.1 0.0728
-Diluted (in dollars) : 0.1 N/A
Extraordinary (ETD) Gain/(Loss) : 0 0
Profit/(Loss) after ETD Items : 41,409 29,331
Interim Dividend : NIL NIL
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Interim Dividend : N/A
Payable Date : N/A
B/C Dates for (-)
General Meeting : N/A
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
1. BASIS OF PREPARATION
The unaudited interim financial statements have been prepared in
accordance with Statement of Standard Accounting Practice ("SSAP") 25
"Interim financial reporting" issued by the Hong Kong Society of
Accountants and the disclosure requirement of Appendix 16 of the Rules
Governing The Listing of Securities on the Stock Exchange of Hong Kong
Limited. The accounting policies and methods of computation used in the
preparation of the interim financial statements are the same as those used
in the annual financial statements for the year ended 30 June 2003 except
for the changes as described below:
SSAP 12 (Revised) "Income Taxes"
In prior years, deferred tax liabilities were provided using the
liabilities method in respect of the taxation effect arising from all
material timing differences between the accounting and tax treatment of
income and expenditure, which were expected with reasonable probability to
crystallies in the foreseeable future. Future deferred tax benefits were
not recognised unless their realisation was assured beyond reasonable
doubt.
With effect from 1 July 2003, in order to comply with Statement of
Standard Accounting Practice 12 (Revised) "Income taxes" issued by the
Hong Kong Society of Accountants, the Group adopted a new accounting
policy for deferred tax. A balance sheet method is used to recognise
deferred tax in respect of all temporary differences between the carrying
amounts of assets and liabilities in the financial statements and the
corresponding tax bases used in the computation of taxable profit, with
limited exceptions. The effect of adopting the new accounting policy has
been applied retrospectively. The adoption of this revised accounting
policy had no significant effect on the results for the current or prior
accounting periods. Accordingly, no prior period adjustment is required.
2. EARNINGS PER SHARE
(a) Basis earnings per share
The calculation of the basic earnings per share for the six months ended
31 December 2003 was based on the unaudited consolidated profit
attributable to shareholders of approximately RMB41,409,000 (2002:
RMB29,331,000) and the weighted average number of 407,362,705 (2002:
402,625,000) ordinary shares in issue during the period.
(b) Diluted earnings per share
The calculation of diluted earnings per share for the six months ended 31
December 2003 was based on the unaudited consolidated profit attributable
to shareholders of approximately RMB41,409,000 and the weighted average
number of 408,108,838 ordinary shares after adjusting for the effect of
all dilutive potential ordinary shares.
Diluted earnings per share for the six months ended 31 December 2002 was
not presented as there were no dilutive potential ordinary shares in
existence during the period.
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