WING ON TRAVEL<01189> - Results Announcement
Wing On Travel (Holdings) Limited announced on 21/9/2004:
(stock code: 01189 )
Year end date: 31/12/2004
Currency: HKD
Auditors' Report: N/A
Interim report reviewed by: Both Audit Committee and Auditors
(Unaudited )
(Unaudited ) Last
Current Corresponding
Period Period
from 1/1/2004 from 1/1/2003
to 30/6/2004 to 30/6/2003
Note ('000 ) ('000 )
Turnover : 814,139 553,709
Profit/(Loss) from Operations : 137,142 64,935
Finance cost : (28,547) (11,161)
Share of Profit/(Loss) of
Associates : (181) (95,877)
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : 32,953 (166,414)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : 0.0018 (0.0091)
-Diluted (in dollars) : 0.0017 N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 32,953 (166,414)
Interim Dividend : Nil Nil
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 (-)
General Meeting : N/A
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
1. The condensed financial statements have been prepared under the
historical cost convention, as modified for the revaluation of certain
properties and investments in securities.
The accounting policies adopted in the preparation of the condensed
financial statements are consistent with those followed in the preparation
of the Group's annual audited financial statements for the year ended 31
December 2003 with the adoption of new accounting policy for its hotel
properties as follows :
Hotel Properties
Hotel properties are stated at cost less accumulated impairment loss. Cost
comprises land costs, development costs, borrowing cost capitalised in
accordance with the Group's accounting policy and other direct cost
attributable to the property. No depreciation or amortisation is provided
on hotel property. It is the Group's policy to maintain in a continual
state of sound repair and maintenance and to extend and make improvements
thereto from time to time, and accordingly the directors consider that
given the estimated life of this asset any depreciation would be
insignificant.
The gain or loss arising from disposal or retirement of hotel property is
determined as the difference between the sales proceeds and the carrying
amount of the asset and is recognised in the income statement.
2. The turnover and results are analysed below
1.1.2004 1.1.2003
to to
30.6.2004 30.6.2003
HK$'000 HK$'000
Turnover
Continuing operations 814,139 489,205
Discontinued operations - 64,504
------------------------
814,139 553,709
========================
Segment Results
Continuing operations 31,631 1,128
Discontinued operations - (14,737)
-------------------------
31,631 (13,609)
=========================
3. Earnings (loss) per share
The calculation of the basic and diluted earning (loss) per share is based
on the following data :
Six months ended
30.6.2004 30.6.2003
HK$'000 HK$'000
Earnings (loss) for the purpose of basic earnings (loss) per share
32,953 (166,414)
Interest expenses on convertible notes
242 -
--------------------------
Earning (loss) for the purpose of diluted earnings (loss) per share
33,195 (166,414)
==========================
Number of shares
Weighted average number of ordinary shares for the purpose of basic
earnings (loss) per share
18,316,732,770 18,316,732,770
Effect of dilutive potential ordinary shares relating to convertible notes
1,619,047,619 N/A
---------------------------------------
Weighted average number of ordinary shares for the purpose of diluted
earnings (loss) per share
19,935,780,389 N/A
=======================================
No diluted loss per share has been presented for the six months ended 30
June 2003 as the conversion of the convertible notes and shares issuable
under the subscription agreement dated 31 May 2002 would result in a
decrease in loss per share.
|