GRANDTOP INT'L<02309> - Results Announcement
Grandtop International Holdings Limited announced on 28/07/2005:
(stock code: 02309 )
Year end date: 31/03/2005
Currency: HKD
Auditors' Report: Unqualified
(Audited )
(Audited ) Last
Current Corresponding
Period Period
from 01/04/2004 from 01/04/2003
to 31/03/2005 to 31/03/2004
Note ('000 ) ('000 )
Turnover : 101,974 119,410
Profit/(Loss) from Operations : 13,952 29,276
Finance cost : (193) (188)
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 : 2,160 23,497
% Change over Last Period : -91 %
EPS/(LPS)-Basic (in dollars) : 0.0068 0.0734
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 2,160 23,497
Final Dividend : NIL NIL
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Final Dividend : N/A
Payable Date : N/A
B/C Dates for (-)
General Meeting : N/A
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
1. BASIS OF PREPARATION
The Hong Kong Institute of Certified Public Accountants (the "HKICPA") has
issued a number of new Hong Kong Financial Reporting Standards and Hong
Kong Accounting Standards, herein collectively referred to as the new
HKFRSs, which are generally effective for accounting periods beginning on
or after 1 January 2005. The Group has not early adopted these new HKFRSs
in the financial statements for the year ended 31 March 2005. The Group
has already commenced an assessment of the impact of these new HKFRSs but
is not yet in a position to state whether these new HKFRSs would have a
significant impact on its results of operations and financial position.
HKFRS 3 "Business Combinations" applies to accounting for business
combinations for which the agreement date is on or after 1 January 2005.
This HKFRS has had no impact on these financial statements.
These financial statements have been prepared in accordance with Hong Kong
Financial Reporting Standards (which also include Statements of Standard
Accounting Practice and Interpretations) issued by the HKICPA, accounting
principles generally accepted in Hong Kong and the disclosure requirements
of the Hong Kong Companies Ordinance and the applicable disclosure
provisions of the Rules Governing the Listing of Securities on the Stock
Exchange. The measurement basis used in the preparation of the financial
statements is historical cost.
2. TUNROVER AND REVENUE
An analysis of the Group's turnover and other revenue is as follows:
2005 2004
HK$'000 HK$'000
Turnover:
Continuing operation:
Apparel sourcing 81,984 89,523
Provision of sales support services - 3,621
Apparel trading 19,990 -
---------------------
101,974 93,144
---------------------
Discontinuing operation:
Provision of marketing and compliance
monitoring services - 26,266
---------------------
101,974 119,410
---------------------
Other revenue:
Interest income 200 19
Dividend income from investment securities 159 80
Sundry income 21 -
---------------------
380 99
---------------------
Total revenue 102,354 119,509
=====================
3. PROFIT FROM OPERATIONS
The Group's profit from operations is arrived at after charging:
2005 2004
HK$'000 HK$'000
Staff costs (excluding directors' remuneration):
- Wages and salaries 2,467 3,033
- Retirement benefits contributions 173 264
---------------------
2,640 3,297
---------------------
Auditors' remuneration 500 500
Depreciation of owned fixed assets 1,577 1,109
Loss on disposal of a subsidiary 2,585 72
Amortisation of intangible assets*
- Goodwill 271 118
- System development costs 233 465
Operating lease rental
on respect of rental premises 516 308
Cost of inventories expensed 73,674 75,686
Irrecoverable bad debts 3,800 -
=====================
* The amortisation of intangible assets is included in "Selling Expenses"
on the face of the consolidated income statement.
4. EARNINGS PER SHARE
The calculation of basic earnings per share is based on the net profit
attributable to shareholders for the year ended 31 March 2005 of
approximately HK$2,160,000 (2004: HK$23,497,000) and the weighted average
of 320,000,000 (2004: 320,000,000) ordinary shares in issue during the
year.
There were no potential dilutive shares in existence for the two years
ended 31 March 2005 and 2004, accordingly, no diluted earnings per share
has been presented.
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