HK CHINESE LTD<00655> - Results Announcement (Summary)
Hongkong Chinese Limited announced on 23/4/2003:
(stock code: 655)
Year end date: 31/12/2002
Currency: HK$
Auditors' Report: Unqualified
(Restated)
(Audited)
(Audited) Last
Current Corresponding
Period Period
from 1/1/2002 from 1/1/2001
to 31/12/2002 to 31/12/2001
('000) ('000)
Turnover : 260,287 893,976
(Loss) from Operations : (106,330) (162,935)
Finance cost : (4,228) (19,211)
Share of Profit/(Loss) of Associates : (133) 32
Share of Profit/(Loss) of
Jointly Controlled Entities : - -
Profit/(Loss) after Tax & MI : (111,368) (192,480)
% Change over Last Period : N/A
EPS/(LPS)-Basic : (8.2 cents) (14.2 cents)
-Diluted : N/A (14.2 cents)
Extraordinary (ETD) Gain/(Loss) : - -
Profit/(Loss) after ETD Items : (111,368) (192,480)
Final Distribution per Share : 3 cents 3 cents
(Specify if with other options) : - -
B/C Dates for Final Distribution : 22/5/2003 to 28/5/2003 bdi.
Payable Date : 19/6/2003
B/C Dates for (-) General Meeting : N/A
Other Distribution for Current Period : N/A
B/C Dates for Other Distribution : N/A
Remarks:
1. Basis of presentation
Following the disposal of The Hongkong Chinese Bank, Limited and its
subsidiaries, the Group no longer follows the disclosure requirements as
set out in the Supervisory Policy Manual "Financial Disclosure by Locally
Incorporated Authorized Institutions" issued by the Hong Kong Monetary
Authority. The disposal was completed on 17th January, 2002.
On 27th May, 2002, the Group acquired The Macau Chinese Bank Limited
("MCB"), a new banking subsidiary of the Company. MCB is not required to
follow the aforesaid disclosure requirements designed for Hong Kong
banking industry.
Accordingly, interest income for banking operations during the year was
classified under turnover which is newly defined as set out in Remark 2.
The change resulted in the restatement of the comparative figures of
turnover, profit/(loss) from operations and finance costs to conform with
the current year's presentation.
2. Turnover
Turnover represents the gross income on treasury investment which includes
interest income on bank deposits and held-to-maturity securities, gross
proceeds from sales of investments, gross income from underwriting and
securities broking, interest and other income from money lending business,
gross income from fund management, gross premiums from insurance business,
dividend income and net interest income, commissions, dealing income and
other revenues from banking subsidiaries.
3. Basic loss per share
Basic loss per share is calculated based on (i) the net loss from ordinary
activities attributable to shareholders of HK$111,368,000 (2001 -
HK$192,480,000); and (ii) the number of 1,351,537,000 shares (2001 -
1,351,537,000 shares) in issue during the year.
No diluted loss per share is presented for the year ended 31st December,
2002 as there were no dilutive potential ordinary shares. The diluted loss
per share for the year ended 31st December, 2001 was calculated based on
(i) the net loss from ordinary activities attributable to shareholders of
HK$192,480,000; and (ii) the adjusted weighted average number of
1,351,659,000 shares after taking into account the weighted average number
of 122,000 ordinary shares which are deemed to have been issued at no
consideration on exercise of the share options at the beginning of the
year.
For more details, please refer to the press announcement today.
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