Central Development Holdings Limited — Interim / Quarterly Report 2002

Oct 30, 2003

Listed Company Information

SEAPOWER RES I<00269> - Results Announcement (Summary) SEAPOWER RESOURCES INTERNATIONAL LIMITED (Provisional Liquidators Appointed) announced on 30/10/2003: (stock code: 00269 ) Year end date: 31/03/2003 Currency: HKD Auditors' Report: N/A Review of Interim Report by: Auditors (Unaudited ) (Unaudited ) Last Current Corresponding Period Period from 1/4/2002 from 1/4/2001 to 30/9/2002 to 30/9/2001 Note ('000 ) ('000 ) Turnover : 7,628 93,250 Profit/(Loss) from Operations : (1,244) (63,284) Finance cost : (25,324) (47,987) 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 : (24,026) (111,025) % Change over Last Period : N/A % EPS/(LPS)-Basic (in dollars) : (0.0155) (0.0718) -Diluted (in dollars) : N/A N/A Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : (24,026) (111,025) Interim Dividend : NIL NIL per Share (Specify if with other : N/A N/A options) B/C Dates for Interim 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 The Provisional Liquidators have prepared the unaudited interim financial statements on a going concern basis. 2 SEGMENT TURNOVER AND RESULTS For the six months ended 30 September 2002 2001 HK$'000 HK$'000 Segment turnover: Income from cold storage warehousing and logistics management 7,628 88,430 Rental income - 4,820 ---------- --------- 7,628 93,250 ========= ======== Segment results Cold storage warehousing and logistics management 4,353 18,781 Property investment (48) (53,219) ========= ========= 3 LOSS FROM OPERATIONS Loss from operations is stated after crediting and charging: For the six months ended 30 September 2002 2001 HK$'000 HK$'000 Crediting: Net realised gain on other investments - 779 Gain on disposal of leasehold properties9,104 - Gain on disposal of subsidiaries 656 - Charging: Loss on disposal of club membership 1,340 - Provision for bad and doubtful debts 2,076 - Loss on disposal of listed investment 443 - Depreciation and amortisation 1,010 18,532 Loss on disposals of investment properties - 28,838 Impairment losses recognised in respect of investment properties - 17,293 Impairment losses recognised in respect of property, plant and equipment - 10,407 Unrealised losses on other investments - 3,859 --------- -------- 4 LOSS PER SHARE The calculation of the basic loss per share is based on the net loss for the period of approximately HK$24,026,000 (for the six months ended 30 September 2001: HK$111,025,000) and on 1,547,042,829 (2001: 1,547,042,829) shares in issue during the period. No amount has been presented for the diluted loss per share for the periods ended 30 September 2002 and 2001 as the exercise of the outstanding share options of the Company during the periods ended 30 September 2002 and 2001 would result in reducing loss per share. 5 COMPARATIVE FIGURES Certain items in the unaudited interim financial statements were reclassified which would result in a more appropriate presentation of events or transactions. Accordingly, comparative figures have been reclassified to conform with the current period's presentation.