GRANDTOP INT'L<02309> - Results Announcement
Grandtop International Holdings Limited announced on 29/12/2003:
(stock code: 02309 )
Year end date: 31/03/2004
Currency: HKD
Auditors' Report: N/A
Interim report reviewed by: Audit Committee
(Unaudited )
(Unaudited ) Last
Current Corresponding
Period Period
from 01/04/2003 from 01/04/2002
to 30/09/2003 to 30/09/2002
Note ('000 ) ('000 )
Turnover : 16,643 17,393
Profit/(Loss) from Operations : 11,248 13,630
Finance cost : (95) (8)
Share of Profit/(Loss) of
Associates : N/A N/A
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : 11,130 13,482
% Change over Last Period : -17 %
EPS/(LPS)-Basic (in dollars) : 0.046 0.066
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 11,130 13,482
Interim Dividend : NIL 1.5 Cents
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 Extraordinary
General Meeting : 15/03/2004 to 19/03/2004bdi.
Other Distribution for : Bonus issue of bonus shares: one
Current Period bonus share for every three existing
share held
B/C Dates for Other
Distribution : 15/03/2004 to 19/03/2004bdi.
Remarks:
1. BASIS OF PREPARATION
The Company was incorporated in Cayman Islands as an exempted company with
limited liability on 21st June 2002 under the Companies Law, (Cap. 22 (Law
3 of 1961, as consolidated and revised)) of the Cayman Islands. Pursuant
to a group reorganisation (the "Group Reorganisation") to rationalise the
structure of the Company and its subsidiaries in preparation for the
listing of the Company's shares on the Main Board of The Stock Exchange of
Hong Kong Limited (the "Stock Exchange"), the Company became the holding
company of the Group on 22nd October 2002. Details of the Group
Reorganisation are set out in the prospectus of the Company date 30th
October 2002.
Accordingly, the comparative figures for the preceding financial period
have been prepared on the basis of merger accounting in accordance with
Statement of Standard Accounting Practice ("SSAP") No. 27 "Accounting for
group reconstructions" issued by the Hong Kong Society of Accountants
("HKSA"). On this basis, the Company has been treated as the holding
company of its subsidiaries through the Group Reorganisation for the six
months ended 30th September 2002 rather than from the date of their
acquisitions. Accordingly, the condensed consolidated results and cash
flows of the Group for the six months ended 30th September 2002 include
the results and cash flows of the Company and subsidiaries with effect
from 1st April 2002, or since their respective dates of incorporation,
where this is a shorter period, as if the existing Group structure had
been in existence throughout the six months ended 30th September 2002.
The unaudited condensed consolidated financial statements have been
prepared in accordance with SSAP No. 25 (revised) "Interim Financial
Reporting" issued by the HKSA and with the applicable disclosure
requirements of Appendix 16 to the Rules Governing the Listing of
Securities on the Stock Exchange.
2. PRINCIPAL ACCOUNTING POLICIES
The accounting policies adopted in the preparation of the condensed
consolidated interim financial statements are consistent with those used
in the annual financial statements for the year ended 31st March 2003
except that the Group has adopted the revised SSAP 12 "Income Taxes"
issued by the HKSA which is effective for the accounting periods
commencing on or after 1st January 2003.
The changes to the Group's accounting policy and the effect of adopting
the new policy is as follows:
Deferred taxation is provided in full, using the liability method, on
temporary differences arising between the tax bases of assets and
liabilities and their carrying amounts in the financial statements.
Taxation rates enacted or substantially enacted by the balance sheet date
are used to determine deferred taxation. Deferred tax assets are
recognised to the extent that it is probable that future taxable profit
will be available against which the temporary differences can be utilised.
Deferred taxation is provided on temporary differences arising on
investments in subsidiaries, except where the timing of the reversal of
the temporary difference can be controlled and it is probable that the
temporary difference will not reverse in the foreseeable future.
Deferred tax is charged or credited to the income statement, except when
it relates to items charged or credited directly to equity, in which case
the deferred tax is also dealt with equity.
In prior years, deferred taxation was accounted for at the current
taxation rate in respect of temporary differences between profit as
computed for taxation purposes and profit as stated in the financial
statements to the extent that a liability or an assets was expected to be
payable or recoverable in the foreseeable future. The adoption of the
revised SSAP 12 represents a change in accounting policy and should be
applied retrospectively. However, since the effect on prior periods was
not material, no prior period adjustment has been made.
3. EARNINGS PER SHARES
The calculation of basic earnings per share is based on the net profit
attributable to shareholders for the period ended 30th September 2003 of
HK$11,130,000 (2002: HK$13,482,000) and the weighted average of
240,000,000 (2002: 204,000,000) ordinary shares in issue during the
period.
The weighted average number of shares used to calculate the basic earnings
per share for the period ended 30th September 2002 included the pro forma
issued share capital of the Company on the basis as if the Group
restructuring had been completed, comprising an aggregated of 10,000,000
ordinary shares nil paid upon incorporation of the Company issued on 3rd
July 2002 and 22nd October 2002, 10,000,000 ordinary shares issued for the
acquisition of Sun Ace Group Limited and the capitalization issue of
184,000,000 ordinary shares.
There were no potential dilutive shares in existence for the two periods
ended 30th September 2002 and 2003, accordingly, no diluted earnings per
share has been presented.
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