SAM WOO<02322> - Results Announcement
Sam Woo Holdings Limited announced on 23/7/2004:
(stock code: 02322 )
Year end date: 31/3/2004
Currency: HKD
Auditors' Report: Unqualified
(Audited )
(Audited ) Last
Current Corresponding
Period Period
from 1/4/2003 from 1/4/2002
to 31/3/2004 to 31/3/2003
Note ('000 ) ('000 )
Turnover : 137,083 202,950
Profit/(Loss) from Operations : 11,551 75,285
Finance cost : (6,437) (8,425)
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 : 1,081 56,436
% Change over Last Period : -98 %
EPS/(LPS)-Basic (in dollars) : 0.0036 0.24
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 1,081 56,436
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 : 18/8/2004 to 25/8/2004 bdi.
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
1 Group reorganisation and basis of preparation
The Company was incorporated in Bermuda on 26th June 2002 as an exempted
company with limited liability under the Companies Act 1981 of Bermuda.
Pursuant to a group reorganisation (the "Reorganisation") 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"), the Company acquired
the entire issued share capital of Sam Woo Group Limited, the then holding
company of the other subsidiaries, through a share swap arrangement on
28th March 2003 and became the holding company of the Group. Details of
the Reorganisation are set out in the Company's prospectus dated 31st
March 2003. The Company's shares were listed on the Stock Exchange on 9th
April 2003.
The Reorganisation is accounted for using merger accounting as permitted
by the Hong Kong Statement of Standard Accounting Practice No. 27
"Accounting for group reconstructions" issued by the Hong Kong Society of
Accountants ("HKSA"). The consolidated accounts of the Group for the year
ended 31st March 2003 are prepared as if the Company had been the holding
company of the Group from the beginning of the earliest period presented.
The accounts have been prepared under the historical cost convention, in
accordance with accounting principles generally accepted in Hong Kong and
comply with accounting standards issued by the Hong Kong Society of
Accountant ("HKSA").
In the current year, the Group adopted Statement of Standard Accounting
Practice ("SSAP") 12 (revised) "Income taxes" issued by the HKSA which is
effective for accounting periods commencing on or after 1st January 2003.
The adoption of SSAP 12 (revised) has had no significant effect on the
results for the current or prior accounting years. Accordingly, no prior
year adjustment has been made.
2. Turnover
The Group is principally engaged in foundation works, leasing of machinery
and equipment for foundation works and trading of machinery and equipment.
Turnover recognised during the year are as follows:
2004 2003
HK$'000 HK$'000
Turnover
Revenue from foundation works 85,871 188,566
Rental of machinery and equipment
7,095 4,028
Sale of machinery and equipment 44,117 10,356
--------------------------
137,083 202,950
==========================
3. Earnings per share
The calculation of basic earnings per share is based on the Group's profit
attributable to shareholders of HK$1,081,000 (2003: HK$56,436,000) and the
weighted average number of 298,705,479 (2003: 232,500,000) ordinary shares
in issue during the year.
No diluted earnings per share is presented as the share options had no
dilutive effect on the earnings per share for the year.
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