CITIC RESOURCES<01205> - Results Announcement
CITIC Resources Holdings Limited announced on 22/09/2006:
(stock code: 01205 )
Year end date: 31/12/2006
Currency: HKD
Auditors' Report: N/A
Interim report reviewed by: Audit Committee
(Unaudited )
(Unaudited ) Last
Current Corresponding
Period Period
from 01/01/2006 from 01/01/2005
to 30/06/2006 to 30/06/2005
Note ('000 ) ('000 )
Turnover : 3,097,992 3,067,250
Profit/(Loss) from Operations : 203,461 157,938
Finance cost : (62,260) (47,993)
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 : 121,236 93,451
% Change over Last Period : +29.73 %
EPS/(LPS)-Basic (in dollars) : 0.0281 0.0216
-Diluted (in dollars) : 0.0278 N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 121,236 93,451
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 Accounting Standard ("HKAS") 34
"Interim Financial Reporting" and other relevant HKASs and Interpretations
and the applicable disclosure requirements of Appendix 16 to the Rules
Governing the Listing of Securities on The Stock Exchange of Hong Kong
Limited (the "Listing Rules").
2. IMPACT OF NEW AND REVISED HONG KONG FINANCIAL REPORTING STANDARDS ("
HKFRSs")
The Hong Kong Institute of Certified Public Accountants has issued a
number of new and revised HKFRSs (which also include HKASs and
Interpretations) which are generally effective for accounting periods
beginning on or after 1 January 2006. The Group has adopted the following
HKFRSs and HKASs issued up to 30 June 2006 which are pertinent to its
operations and relevant to these unaudited condensed consolidated interim
financial statements.
HKAS 21 Amendment The Effects of Changes in Foreign Exchange Rates -
Net Investment in a Foreign Operation
HKAS 39 Amendment Cash Flow Hedge Accounting of Forecast Intragroup
Transactions
HKAS 39 Amendment The Fair Value Option
HKAS 39 & HKFRS 4 Financial Guarantee Contracts
Amendments
HKFRSs 1 & 6 Amendments First-time Adoption of Hong Kong Financial
Reporting Standards and Exploration for and
Evaluation of Mineral Resources
HKFRS 6 Exploration for and Evaluation of Mineral
Resources
HK(IFRIC)-Int 4 Determining whether an Arrangement contains a
Lease
There was no material impact on the basis of preparation of the unaudited
condensed consolidated interim financial statements arising from the
above-mentioned accounting standards.
3. OTHER INCOME AND GAINS, NET
An analysis of the Group's other income and gains is as follows:
2006 2005
Interest income 52,622 32,762
Handling service fee 33,505 365
Dividend income from listed investments 39,363 8,002
Gain on disposal of listed investments 5,235 -
Fair value gain/(loss) on derivative
instruments, net (66,439) 9,701
Sale of scraps 4,857 477
Others 17,400 56
_______________________
86,543 51,363
=======================
4. PROFIT BEFORE TAX
The Group's profit before tax is arrived at after charging:
2006 2005
Depreciation 31,529 34,723
Amortisation of the Electricity Supply Agreement 29,563 30,375
Amortisation of other assets 2,099 -
Equity-settled share option expenses 16,150 -
Professional fees incurred in relation to
aborted investment projects * 5,189 -
Loss on disposal/write-off of
items of property, plant and equipment * 159 140
Exchange losses, net * 7,160 9,554
______________
* These amounts are included in "Other operating expenses, net" on the
face of the unaudited condensed consolidated income statement.
5. EARNINGS PER SHARE ATTRIBUTABLE TO ORDINARY SHAREHOLDERS OF THE
COMPANY
The calculation of the basic earnings per share is based on the
consolidated net profit attributable to shareholders of the Company for
the Period of HK$121,236,000 (June 2005: HK$93,451,000) and the weighted
average of 4,316,884,381 (June 2005: 4,316,884,381) ordinary shares in
issue during the Period.
The calculation of the diluted earnings per share is based on the
consolidated net profit attributable to shareholders of the Company for
the Period of HK$121,236,000 and the weighted average of 4,316,884,381
ordinary shares in issue during the Period plus the weighted average of
45,303,448 ordinary shares deemed to have been issued at no consideration
if all outstanding options had been exercised.
A diluted earnings per share amount for the six months ended 30 June 2005
had not been presented because no dilutive events existed during that
period.
6. DIVIDEND
The Board resolved not to pay an interim dividend for the Period (June
2005: Nil).
7. ANNOUNCEMENT OF INTERIM RESULTS
The announcement of the interim results for the six months ended 30 June
2006 will be published in each of the following newspapers on 25 September
2006:
(1) Hong Kong Economic Times; and
(2) The Standard
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