The Board of Directors of Shui Sing Holdings Limited ("the Company") announces the unaudited consolidated results of the Company and its subsidiaries ("the Group") for the six months ended 30th September 2000, with comparative figures for the period from 1st January 1999 to 30th June 1999 taking into account of the completion of reorganisation of the Group on 31st March 2000. The net profit for the period under review, after tax and minority interests, was HK$180,700,000.
Details of the results are as follows:-
1 April-30Sep '01 1Jan.-30June'99
HK$'000 K$'000
Turnover 12,209 11,734
Operating costs (346) (357)
Gross profit 11,863 11,377
Other revenue 19 541
Administrative expenses (474) (549)
Profit from operations 11,408 11,369
Finance costs (1,640) (5,086)
Share of results of associates 200,144 181,337
Profit before taxation 209,912 187,620
Taxation (29,214) (15,505)
Profit after taxation 180,698 172,115
Minority interests 2 2
Net profit 180,700 172,117
Basic earnings per share $468 $446
Notes:
(1) Basis of preparation of financial statementsThe Company was incorporated in Bermuda on 21st May 1999 as an exempted company with limited liability in Bermuda under the Companies Act 1981 of Bermuda.Pursuant to a scheme of reorganisation prior to and in preparation for the listing of the Company's shares on The Bermuda Stock Exchange ("Stock Exchange"), the Company became the holding company of the companies now comprising the Group on 20th March 2000. The Company's shares were listed on the Stock Exchange on 31st March 2000.For accounting purpose, the Group has been regarded as a continuing entity. Accordingly, the consolidated financial statements have been prepared on a merger accounting basis as if the Company had always been the holding company of the Group.Since the reporting date of the Company and its subsidiaries had been changed from 31st December to 31st March with effect from the financial year 2000, the Group's consolidated results for the current period cover the 6-month period from 1st April 2000 to 30th September 2000. In addition, corresponding amounts for the 6-month period from 1st January 1999 to 30th June 1999 were shown in the financial statements.As the consolidated results for the current period and the corresponding amounts cover a period not relating to the same months of the year, the corresponding amounts may not be comparable with the amounts shown for the current period.
2. Taxation 1st April 2000 to 30th September 2000 & 1st January 1999 to 30th June 1999
HK$'000
Company and subsidiaries:
Hong Kong Profits Tax 191 and 191 respectively
Share of taxation of associates:
Great Eagle Group and Sun Fook Kong Group
29,023 and 15,314 respectively
For a total of 29,214 and 15,505
(3) The calculation of the basic earnings per share for the period is based on the net profit for the period of HK$180,700,000 (1.1.1999 to 30.6.1999: HK$172,117,000) and on the weighted average number of 385,800 (1.1.1999 to 30.6.1999: 385,800) ordinary shares in issue during the period. The number of shares issued is calculated on the assumption that the Group Reorganisation had been completed on 1st January 1999, the beginning of the earliest period presented.
INTERIM DIVIDEND
The Board has resolved not to declare payment of interim dividend (1.1.1999 to 30.6.1999: HK$ nil) for the period.
DEALINGS IN THE COMPANY'S LISTED SECURITIES
During the period under review, neither the Company nor any of its subsidiaries had purchased, sold or redeemed any of the Company's securities.