OCEAN SHORES<0764> - Results Announcement
Ocean Shores Group Limited announced on 26/9/2000:
(stock code: 764)
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 : 34,768 39,627
Profit/(Loss) from Operations : 11,247 11,802
Finance cost : (328) (1,446)
Share of Profit/(Loss) of Associates : - -
Share of Profit/(Loss) of
Jointly Controlled Entities : - -
Profit/(Loss) after Tax & MI : 9,302 8,717
% Change over Last Period : +6.7%
EPS/(LPS)-Basic : 6.61 cents 7.75 cents
-Diluted : N/A N/A
Extraordinary (ETD) Gain/(Loss) : - -
Profit/(Loss) after ETD Items : 9,302 8,717
Interim Dividend per Share : NIL N/A
(Specify if with other options) : - -
B/C Dates for Interim Dividend : -
Payable Date : -
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) Group reconstruction and basis of preparation
(a) The Company was incorporated in Bermuda on 29th October 1999 as an
exempted company with limited liability under the Companies Act 1981 of
Bermuda (as amended). Pursuant to a group reconstruction (the "group
reconstruction") completed on 19th January 2000 to rationalise the group
structure in preparation for the listing of the Company's shares on The
Stock Exchange of Hong Kong Limited (the "Stock Exchange"), the Company
became the holding company of the Group. The Company's shares were listed
on the Stock Exchange on 15th February 2000.
(b) The Group comprising the Company and its subsidiaries resulting
from the group reconstruction has been regarded as a continuing entity.
Accordingly, the results of the Group for each of the six months ended
30th June 2000 and 30th June 1999 have been prepared on the basis of
merger accounting as if the Company had always been the holding company of
the Group. They include the results of the subsidiaries made up to 30th
June 2000. All significant inter-company transactions and balances within
the Group have been eliminated.
(2) Taxation
Hong Kong profits tax has been provided at the rate of 16% (1999: 16%) on
the estimated assessable profit for the period. The amount of taxation
charged represents:
Six months ended 30th June
2000 1999
HK$'000 HK$'000
Hong Kong profits tax 1,437 1,229
Deferred taxation 180 410
----- -----
1,617 1,639
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(3) Dividends
The directors do not recommend the payment of an interim dividend for the
six months ended 30th June 2000. The interim dividends of HK$54,575,000
paid during the six months ended 30th June 1999 was made by a subsidiary
of the Company to its then shareholder prior to the group reconstruction.
(4) Earnings per share
The calculation of basic earnings per share is based on the unaudited
profit attributable to shareholders of HK$9,302,000 (1999: HK$8,717,000)
and the weighted average of 140,728,000 (1999:112,500,000) ordinary shares
of the Company throughout the period on the assumption that the group
reconstruction set out in note 1 had been completed on 1st January 1999.
The weighted average number of ordinary shares of the Company in issue has
been calculated as if the 2,000,000 ordinary shares issued before the
capitalization issue and the capitalization issue of 110,500,000 ordinary
shares were outstanding throughout the periods presented and on the basis
that the 37,500,000 ordinary shares issued pursuant to the initial public
offering of the Company's shares were issued on 15th February 2000.
Diluted earnings per share for each of the six months ended 30th June 2000
and 30th June 1999 respectively was the same as basic earnings per share
because there were no dilutive potential ordinary shares.
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