CITIC RESOURCES<01205> - Results Announcement
CITIC Resources Holdings Limited announced on 17/09/2004:
(stock code: 01205 )
Year end date: 31/12/2004
Currency: HKD
Auditors' Report: N/A
Interim report reviewed by: Audit Committee
(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 : 1,135,871 7,116
Profit/(Loss) from Operations : 42,543 (6,427)
Finance cost : (12,927) (46)
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 : 3,433 (6,473)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : 0.0009 (0.002)
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 3,433 (6,473)
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. BASIS OF PREPARATION
These unaudited condensed consolidated interim financial statements have
been prepared in accordance with Hong Kong Statements of Standard
Accounting Practice 25 "Interim Financial Reporting", accounting
principles generally accepted in Hong Kong, the disclosure requirements of
the Hong Kong Companies Ordinance and Appendix 16 to the Rules Governing
the Listing of Securities on The Stock Exchange of Hong Kong Limited (the
"Listing Rules"). They have been prepared under the historical cost
convention, except for the periodic remeasurement of certain assets. The
accounting policies adopted are consistent with those used in the Group's
audited financial statements for the year ended 31 December 2003.
These condensed consolidated interim financial statements are unaudited,
but have been reviewed by the audit committee with the management of the
Company.
2. PROFIT/(LOSS) FROM OPERATING ACTIVITIES
The Group's profit/(loss) from operating activities is arrived at after
charging/(crediting):
2004 2003
HK$'000 HK$'000
Cost of inventories sold * 1,067,154 11,408
Depreciation 16,839 5,871
Amortisation of electricity supply
agreement in relation to
Portland Aluminium Smelter 13,702 -
Amortisation of goodwill 2,832 -
Minimum lease payments under operating
leases on leasehold land and buildings 3,264 1,521
Staff cost (excluding directors' remuneration):
wages and salaries 8,202 2,328
pension scheme contributions 675 52
---------- --------
8,877 2,380
========== =======
Loss on disposal of fixed assets, net 3,105 163
Loss/(gain) on foreign exchange, net (3,985) 100
Gain on trading of forward contracts, net(3,299) -
========= =======
* The costs of inventories sold for the Period include the balances
of depreciation, which are also disclosed separately above for the Period.
3. EARNINGS/(LOSS) PER SHARE
The calculation of the basic earnings/(loss) per share is based on the
consolidated net profit attributable to shareholders of the Company for
the Period of HK$3,433,000 (June 2003: net loss of HK$6,473,000) and the
weighted average of 3,877,588,879 (June 2003: 3,296,470,588) ordinary
shares in issue during the Period.
A diluted earnings/(loss) per share amount for the six months ended 30
June 2004 and 2003 respectively has not been presented because no dilutive
events existed during these periods.
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