HKCB BANK<0655> - Results Announcement
The HKCB Bank Holding Company Limited announced on 27/7/2000:
(stock code: 655)
Year end date: 31/12/2000
Currency: HK$ (Unaudited)
(Unaudited) Last
Current Corresponding
Period Period
from 1/1/2000 from 1/1/1999
to 30/6/2000 to 30/6/1999
('000) ('000)
Turnover
- Continuing : 849,985 897,554
- Discontinued : - -
Operating Profit
- Continuing : 276,026 16,976
- Discontinued : - -
Total Operating Profit : 276,026 16,976
Share of Profit of
Associated Companies : 3,159 14,193
Share of Profit/(Loss) of
Jointly Controlled Entities : - -
Profit after Tax & MI : 268,233 15,399
% Change over Last Period : +1,642%
EPS-Basic : 19.9 cents 1.1 cents
-Diluted : 19.8 cents 1.1 cents
Extraordinary (ETD) Gain/(Loss) : - -
Profit after ETD Items : 268,233 15,399
Interim Dividend per Share : 1.75 cents Nil
(Specify if with other options) : - -
B/C Dates for Interim Dividend : 18/8/2000 to 25/8/2000 bdi.
Payable Date : 6/9/2000
B/C Dates for (-) General Meeting : N/A
Other Distribution for Current Period : None
B/C Dates for Other Distribution : N/A
Remarks:
(1) Operating profit - Continuing
Included in operating profit for the six months ended 30 June 2000 are the
following:
(a) a profit of approximately HK$161 million arising from the disposal of
investment in CRC Protective Life Insurance Company Limited, a former
associate which was 50% owned by the Group. The total profit expected
from this disposal is in the region of HK$180 million. The remaining
HK$19 million of expected profit is deferred for recognition in the
second half of 2000 after finalisation of the adjustments required to be
made to the sale consideration for the disposal in accordance with the
underlying contractual arrangements; and
(b) an unrealised gain of approximately HK$54 million arising from the
Group's investment in the listed shares of the Hong Kong Exchanges and
Clearing Limited ("HKEx"). As part of the Group's securities and
commodity brokerage businesses, the Group held seats in the Stock Exchange
of Hong Kong and the Hong Kong Futures Exchange. In accordance with the
schemes of demutualisation and merger of these exchanges implemented
during the period, the Group was given trading rights in these exchanges
as well as listed shares in HKEx in exchange for the exchange seats it
previously held. The listed shares in HKEx are classified as "Other
investments" in accordance with the Group's accounting polices and were
marked to their market value as at 30 June 2000, as a result of which the
above-mentioned unrealised gain arose.
2. Basis of calculation for earnings per share
The calculation of basic earnings per share is based on the profit
attributable to shareholders for the period of HK$268,233,000
(1999: HK$15,399,000) and on the weighted average number of 1,349,962,000
shares (1999: 1,346,337,000 shares) in issue during the period.
The calculation of diluted earnings per share is based on earnings of
HK$268,233,000 (1999: HK$ 15,399,000) and on the weighted average number
of 1,351,686,000 shares (1,383,017,000 shares) outstanding during the
first half year, adjusted for the effects of all dilutive potential
shares.
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