WANG ON GROUP<1222> - Results Announcement
Wang On Group Limited announced on 4/8/2000:
(stock code: 1222)
Year end date: 31/3/2000
Currency: HKD (Audited)
(Audited) Last
Current Corresponding
Period Period
from 1/4/1999 from 1/4/1998
to 31/3/2000 to 31/3/1999
('000) ('000)
Turnover
- Continuing : 342,646 882,882
- Discontinued : - -
Operating Profit/(Loss)
- Continuing : 21,056 (102,165)
- Discontinued : - -
Total Operating Profit/(Loss) : 21,056 (102,165)
Share of Profit/(Loss) of
Associated Companies : 5,595 4,002
Share of Profit/(Loss) of
Jointly Controlled Entities : Nil -
Profit/(Loss) after Tax & MI : 21,051 (116,113)
% Change over Last Period : N/A
EPS/(LPS)-Basic : 4.55 cents (30.0 cents)
-Diluted : 4.39 cents N/A
Extraordinary (ETD) Gain/(Loss) : - -
Profit/(Loss) after ETD Items : 21,051 (116,113)
Final Dividend per Share : 1 cent Nil
(Specify if with other options) : (with scrip -
option)
B/C Dates for Final Dividend : 6/9/2000 to 11/9/2000 bdi.
Payable Date : 4/10/2000
B/C Dates for Annual General Meeting : 6/9/2000 to 11/9/2000 bdi.
Other Distribution for Current Period : -
B/C Dates for Other Distribution : -
Remarks:
(1) EARNING/(LOSS) PER SHARE
The calculation of basic profit/(loss) per share is based on the net
profit attributable to shareholders for the year of HK$21,051,000 (1999:
loss of HK$116,113,000) and on the weighted average number of 463,095,553
(1999: 387,393,914) ordinary shares in issue.
The calculation of diluted earnings per share is based on the net profit
attributable to shareholders for the year of HK$21,051,000. The weighted
average number of ordinary shares used in the calculation is 463,095,553
ordinary shares in issue during the year, as used in the basic earnings
per share calculation, and the weighted average of 16,862,965 ordinary
shares assumed to have been issued at no consideration on the deemed
exercise of all share options during the year.
Diluted loss per share for the year ended 31 March 1999 has not been shown
as the options outstanding had an anti-dilutive effect on the basic loss
per share for that year.
(2) DIVIDENDS
No interim dividend was paid during the year under review (1999: 1 cent
per share). The directors have resolved to recommend the payment of a
final dividend of 1 cent per share for the year (1999: Nil). Subject to
the approval of the shareholders at the forthcoming Annual General
Meeting, the final dividend will be sent by post on or about 4 October
2000 to shareholders whose names appear on the register of members of the
Company as at the close of business on 11 September 2000 ("Record Date").
The board of directors has also resolved to recommend that shareholders be
given the option to elect to receive an allotment and issue of shares of
the Company credited as fully paid in lieu of cash in respect of part or
all of the proposed final dividend ("Scrip Dividend Scheme"). The market
value of the new shares to be issued under the Scrip Dividend Scheme will
be fixed by reference to the average of the closing prices of the
Company's shares on The Stock Exchange of Hong Kong Limited ("Stock
Exchange") for the five consecutive trading days up to and including the
Record Date less a discount of ten per cent, or the par value of the
shares, whichever is the higher. The Scrip Dividend Scheme is conditional
upon the Stock Exchange granting listing of, and permission to deal in,
the new shares to be issued and the passing at the forthcoming Annual
General Meeting of the ordinary resolution approving the payment of final
dividend.
Shareholders whose registered addresses are outside Hong Kong as shown in
the register of members of the Company on the Record Date will not be
permitted to participate in the Scrip Dividend Scheme and accordingly they
will receive the final dividend wholly in cash. On the condition that the
payment of the final dividend is approved by the shareholders at the
forthcoming Annual General Meeting, a circular giving full details of the
Scrip Dividend Scheme and a form of election will be sent to shareholders
on or about 15 September 2000.
(3) COMPARATIVE AMOUNTS
Due to the adoption of new SSAPs during the current year, the presentation
of the profit and loss account, the balance sheets and certain supporting
notes have been revised to comply with the new requirements. Accordingly,
certain comparative amounts have been reclassified to conform with the
current year's presentation.
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