Central Development Holdings Limited — Earnings Release 2001

Jul 27, 2001

Listed Company Information

SEAPOWER RES I<0269> - Results Announcement (Summary) Seapower Resources International Limited announced on 26/7/2001: (stock code: 269) The auditors' report on the financial statements which contain the following result is qualified by the Company's auditors. For more details, please refer to the press announcement issued by the Company on 27/7/2001. Year end date: 31/3/2001 Currency: HKD (Audited) (Audited) Last Current Corresponding Period Period from 1/4/2000 from 1/4/1999 to 31/3/2001 to 31/3/2000 ('000) ('000) Turnover : 201,110 300,259 Profit/(Loss) from Operations : (116,735) (31,096) Finance cost : (121,902) (124,879) Share of Profit/(Loss) of Associates : 362 (3,328) Share of Profit/(Loss) of Jointly Controlled Entities : - (1,366) Profit/(Loss) after Tax & MI : (239,054) (161,474) % Change over Last Period : N/A EPS/(LPS)-Basic : (15.45 cents) (11.82 cents) -Diluted : N/A N/A Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : (239,054) (161,474) Final Dividend per Share : NIL NIL (Specify if with other options) : N/A N/A B/C Dates for Final Dividend : N/A Payable Date : N/A B/C Dates for Annual General Meeting : 4/9/2001 to 6/9/2001 bdi. Other Distribution for Current Period : N/A B/C Dates for Other Distribution : N/A Remarks: 2001 2000 HK$ '000 HK$ '000 1 Turnover - Continuing operations 193,974 222,532 - Discontinued operations 7,136 77,727 ------------------------ 201,110 300,259 ======================== 2 Loss from operations - Continuing operations (116,683) (76,903) - Discontinued operations (52) 45,807 ------------------------ (116,735) (31,096) ======================== 3 Operating loss including the following major revenue / (expenses) items: Continuing Operations Net realized gain on other investments 51,088 62,694 Unrealized gain on other investment 11,197 5,411 (Deficit) Surplus arising on revaluation of investment properties (28,990) 17,357 Surplus arising on revaluation of other land and buildings - 2,642 Deficit arising on revaluation of cold storage warehouses and other land and buildings (30,933) - Write down of investment in convertible notes to net realized value and provision for accrued interest - (4,487) Amortization of goodwill - (14,992) Write off of goodwill (85) (30,134) Provision for jointly controlled entities - (7,500) Provision for associates - (69,904) Provision for bad and doubtful debts (59,260) (16,572) Discontinued Operations Write back of bad and doubtful debt - 4,855 Provision for bad and doubtful debts - (1,696) ======================== 4 Due to the adoption of the new HKSSAP1 (revised), certain last year comparative figures have been reclassified to conform with current year presentaion. For more details, please refer to the press announcement today.