Central Development Holdings Limited — Earnings Release 2003

Sep 23, 2003

Listed Company Information

SEAPOWER RES I<00269> - Results Announcement (Summary) SEAPOWER RESOURCES INTERNATIONAL LIMITED (Provisional Liquidators Appointed) announced on 23/9/2003: (stock code: 00269 ) Year end date: 31/3/2003 Currency: HKD Auditors' Report: Qualified (Audited ) (Audited ) Last Current Corresponding Period Period from 1/4/2002 from 1/4/2001 to 31/3/2003 to 31/3/2002 Note ('000 ) ('000 ) Turnover : 16,881 165,272 Profit/(Loss) from Operations : (4,902) (1,394,221) Finance cost : (45,948) (91,046) 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 : (47,650) (1,516,245) % Change over Last Period : N/A % EPS/(LPS)-Basic (in dollars) : (0.0308) (0.9801) -Diluted (in dollars) : N/A N/A Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : (47,650) (1,516,245) 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 (-) General Meeting : N/A Other Distribution for : N/A Current Period B/C Dates for Other Distribution : N/A Remarks: 1. Basis of preparation in relation to going concern basis The Provisional Liquidators have prepared the financial statements on a going concern basis. 2. SEGMENT TURNOVER AND RESULTS 2003 2002 HK$'000 HK$'000 Segment turnover: Income from cold storage warehousing and logistics management 16,881 159,158 Rental income - 6,114 ----------- --------- 16,881 165,272 ============ ======== Segment results Cold storage warehousing and logistics management 5,977 (529,906) Property investment (321) (152,761) ======= ========= 3 LOSS FROM OPERATIONS Loss from operations is stated after crediting and charging: 2003 2002 HK$'000 HK$'000 Crediting: Gross rental income from properties - 6,114 Provision for bad and doubtful debts written back 1 918 Charging: Loss on disposal of club membership 1,340 - Provision for bad and doubtful debts 3,046 2,486 Provisional Liquidators' remuneration 6,425 4,872 Auditors' remuneration - Current year - 814 - Underprovision in previous years 3 171 Depreciation - Owned fixed assets 2,032 32,404 - Assets held under finance leases - 364 Staff costs including retirement costs of HK$76,000 (2002: HK$2,867,000) 5,598 70,322 Rental expenses under operating leases - 912 Provision for a claim - 24,804 Unrealised loss on other investments - 263 Loss on disposal of fixed assets (other than properties) 516 598 -------- -------- 4 LOSS PER SHARE The calculation of the basic loss per share is based on the net loss for the year of approximately HK$47,650,000 (2002: HK$1,516,245,000) and on 1,547,042,829 (2002: 1,547,042,829) shares in issue during the year. No amount has been presented for the diluted loss per share for the years ended 31 March 2003 and 2002 as the exercise of the outstanding share options of the Company during the years ended 31 March 2003 and 2002 would result in reducing loss per share.