Bloks Group Limited — Earnings Release 1999

Sep 7, 1999

Listed Company Information

N P H INT'L<0182> - Results Announcement N P H International Holdings Limited announced on 6/9/1999: (stock code: 182) The accounts which contain the following results are qualified by the Company's auditor. For more details, please refer to the press announcement issued by the Company on 7/9/1999. Year end date: 31/3/1999 Currency: HK Dollars Last Current Corresponding Period Period from 1/4/1998 from 1/4/1997 to 31/3/1999 to 31/3/1998 ('000) ('000) Turnover : 100,935 177,297 Profit-Continuing Operations - Operating Profit/(Loss) : (55,801) 8,604 - Exceptional Items : (188,339) (5,078) - Discontinued Operations : (39,130) 1,346 Total Operating Profit/(Loss) : (283,270) 4,872 Share of Profit/(Loss) of Associated Companies : - - Profit/(Loss) after Tax & MI : (282,611) 1,387 % Change over Last Period : N/A EPS/(LPS)-Basic : (57.29 cents) 0.38 cent -Diluted : N/A 0.38 cent Extraordinary (ETD) Gain/(Loss) : - - Profit/(Loss) after ETD Items : (282,611) 1,387 Final Dividend per Share : NIL NIL (Specify if with other options) : - - B/C Dates for Final Dividend : - Payable Date : - B/C Dates for (-) General Meeting : - Other Distribution for Current Period : - B/C Dates for Other Distribution : - Remarks: (1) Basic of presentation Pursuant to a group reorganization scheme (the "Scheme") which became effective on 30 September 1997, the Company became the ultimate holding company of Foster (Group) Limited, a company incorporated in Hong Kong and listed on the The Stock Exchange of Hong Kong Limited before the Scheme became effective. The comparative consolidated financial statements have been prepared on the basis of merger accounting, under which the consolidated results have been prepared as if the Company had been the ultimate holding company of the other companies comprising the Group throughout the year ended 31 March 1998, rather than from the date on which the Scheme was completed. (2) Discontinued operations The Group discontinued the trading of petrochemical products in Hong Kong and Mainland China during the year. Accordingly, certain comparative figures have been reclassified to conform with the current year's presentation. (3) Exceptional items 1999 1998 HK$'000 HK$'000 Continuing operations: Provision for the decline in recoverable amount of a property in Shenzhen (43,447) - Provision against loans receivable (83,862) - Provision against the proceeds receivable from gain of a stock option transaction (15,500) - Gain on disposals of subsidiaries - 18,915 Loss the repossession of a subsidiary disposed of in the prior year (15,989) - Loss on disposal of a subsidiary and a land use right - (7,169) Gain on disposal of investment properties - 4,499 Provision for permanent diminutions in value of long-term investments (16,240) (16,702) Loss on disposal of long-term investments (13,301) (4,636) Expenditures and losses incurred on closure of certain retail outlets - (3,358) Reimbursement of certain extra operating expenses from a former shareholders - 5,866 Expenses incurred in the implementation of the Scheme - (2,493) ------------ ------------ (188,339) (5,078) Discontinued operations: Provision for doubtful receivables relating to trading of petrochemical products (34,569) - ---------- ---------- (222,908) (5,078) ========= ======= (4) Earnings / (loss) per share The calculation of basic earnings/(loss) per share is based on the net loss attributable to shareholders of HK$282,611,000 (1998: profit of HK$1,387,000) and on the weighted average number of 493,328,970 (1998: 363,822,043) ordinary shares in issue during the year. Diluted loss per share for the year ended 31 March 1999 has not been calculated as the effect of the assumed conversion of the share options of the Company during the year would be anti-dilutive. The calculation of diluted earnings per share for the year ended 31 March 1998 is based on the net profit attributable to shareholders for the year of approximately HK$1,387,000, and the adjusted weighted average number of 363,931,938 ordinary shares after taking into account the weighted average number of shares which would have been in issue at no consideration on the deemed exercise of all share options during the year. The basic and diluted loss per share for the year ended 31 March 1999 have been calculated, and diluted earnings per share for the year ended 31 March 1998 have been restated, in accordance with the provisions of Statement of Standard Accounting Practice No. 5 (Revised) issued by the Hong Kong Society of Accountants in May 1998. For more details, please refer to the press announcement today.