RONTEX INT'L<01142> - Results Announcement
Rontex International Holdings Limited announced on 28/07/2003:
(stock code: 01142 )
Year end date: 31/03/2003
Currency: HKD
Auditors' Report: Unqualified
(Audited )
(Audited ) Last
Current Corresponding
Period Period
from 1/4/2002 from 1/4/2001
to 31/3/2003 to 31/3/2002
Note ('000 ) ('000 )
Turnover : 163,112 126,738
Profit/(Loss) from Operations : 30,235 25,068
Finance cost : (1,715) (1,793)
Share of Profit/(Loss) of
Associates : 512 718
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : 30,235 22,638
% Change over Last Period : +33.55 %
EPS/(LPS)-Basic (in dollars) : 0.161 0.138
-Diluted (in dollars) : 0.161 0.138
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 30,235 22,638
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 Annual
General Meeting : 16/9/2003 to 18/9/2003 bdi.
Other Distribution for : Bonus issue of bonus shares:
Current Period one bonus share for every one
existing share held
B/C Dates for Other
Distribution : 16/9/2003 to 18/9/2003 bdi.
Remarks:
1. GROUP REORGANISATION
The Company was incorporated as an exempted company with limited liability
in the Cayman islands on 7th June, 2002 under the Companies Law Cap. 22
(Law 3 of 1961, as consolidated and revised) of the Cayman Islands.
Pursuant to a reorganization scheme to rationalize the structure of the
Group 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 ")
on 8th November 2002, the Company became the holding company of the
companies now comprising the Group on 19th October 2002 (the "Group
Reorganisation"). Further details of the Group Reorganisation are set out
in Appendix 5 of the Company's prospectus dated 28th October 2002.
The Company's shares were successfully listed on the Stock Exchange on 8th
November 2002.
2. BASIS OF PRESENTATION AND CONSOLIDATION
The consolidated financial statements include the financial statements of
the Company and its subsidiaries for the year ended 31st March 2003. The
results of subsidiaries acquired or disposed during the year are
consolidated from or to their effective dates of acquisition or disposal,
respectively.
The Group Reorganisation involved companies under common control. The
consolidated financial statements for the year ended 31st March 2003 were
therefore prepared using the merger basis of accounting in accordance with
SSAP 27 "Accounting for group reorganisation", as a result of the Group
Reorganisation completed on 19th October 2002. Under this basis, the
Company has been treated as the holding company of its subsidiaries for
the financial years presented rather than from the subsequent date of its
acquisition of the subsidiaries. Accordingly, the consolidated results of
the Group for the year ended 31st March 2002 include the results of the
Company and its subsidiaries with effective from 1st April 2001 or since
their respective dates of incorporation or establishment, where this is a
shorter period. The consolidated balance sheet as at 31st March 2002 has
been prepared on the basis that the current group structure was in place
at that date.
In the opinion of the directors, the consolidated financial statements for
the year ended 31st March 2003 prepared on the above basis present more
fairly the results and the state of affairs of the Group as a whole.
All significant intercompany transactions and balances within the Group
are eliminated on consolidation.
3. EARNINGS PER SHARE
The calculation of basic earnings per share is based on the net profit
from ordinary activities attributable to shareholders for the year of
HK$30,235,000 (2002: HK$22,638,000) and the weighted average of
187,375,342 (2002: 164,000,000) ordinary shares in issue during the year.
The weighted average number of shares used to calculate the basic earnings
per share for the year ended 31st March 2002 included the pro forma issued
share capital of the Company deemed to have been issued throughout the
year, comprising the 20,000,000 shares in issue as at the date of the
Prospectus and the capitalisation issue of 144,000,000 shares.
There were no potential dilutive shares in existence for the two years
ended 31st March 2003 and, accordingly, no diluted earnings per share has
been presented.
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