China Pipe Group Limited — Earnings Release 2004

Apr 22, 2005

Listed Company Information

Listed Company Information
PRIME SUCCESS<00210> - Results Announcement Prime Success International Group Limited announced on 22/04/2005: (stock code: 00210 ) Year end date: 31/12/2004 Currency: HKD Auditors' Report: Unqualified (Audited ) (Audited ) Last Current Corresponding Period Period from 01/01/2004 from 01/01/2003 to 31/12/2004 to 31/12/2003 Note ('000 ) ('000 ) Turnover : 1,788,539 1,407,007 Profit/(Loss) from Operations : 236,895 107,809 Finance cost : (3,085) (5,780) Share of Profit/(Loss) of Associates : 256 230 Share of Profit/(Loss) of Jointly Controlled Entities : N/A N/A Profit/(Loss) after Tax & MI : 176,220 82,935 % Change over Last Period : +112 % EPS/(LPS)-Basic (in dollars) : 0.1133 0.0551 -Diluted (in dollars) : 0.1107 0.0550 Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : 176,220 82,935 Final Dividend : 2.00 cents 1.50 cents per Share (Specify if with other : N/A N/A options) B/C Dates for Final Dividend : 20/05/2005 to 25/05/2005 bdi. Payable Date : 15/06/2005 B/C Dates for Annual General Meeting : 20/05/2005 to 25/05/2005 bdi. Other Distribution for : N/A Current Period B/C Dates for Other Distribution : N/A Remarks: 1 . Basis of preparation The accounts have been prepared in accordance with all applicable Hong Kong Financial Reporting Standards ("HKFRS") issued by the Hong Kong Institute of Certified Public Accountants ("HKICPA"). The term of HKFRS is inclusive of all Statements of Standard Accounting Practice ("SSAP") and Interpretations approved by the HKICPA. The accounts have been prepared under the historical cost convention as modified by the revaluation of certain land and buildings, plant and machinery, investment securities and trading investments. The HKICPA has issued a number of new and revised HKFRS and Hong Kong Accounting Standards ("new HKFRSs") which are effective for accounting periods beginning on or after 1 January 2005. The Group has not early adopted these new HKFRSs in the accounts for the year ended 31 December 2004. The Group has already commenced an assessment of the impact of these new HKFRSs but is not yet in a position to state whether these new HKFRSs would have a significant impact on its results of operations and financial position. 2. Dividends 2004 2003 HK$'000 HK$'000 Interim dividend, paid, of HK1.5 cents (2003: HK1.0 cent) per ordinary share 23,368 15,289 Final dividend, proposed, of HK2.0 cents (2003: HK1.5 cents) per ordinary share (Note) 32,198 23,368 ------------------------ 55,566 38,657 ======================= Note: At a meeting held on 22 April 2005, the board of directors recommended a final dividend of HK2.0 cents per ordinary share for the year ended 31 December 2004. This proposed dividend is not reflected as a dividend payable in these accounts, but will be reflected as an appropriation of retained profits for the year ending 31 December 2005. 3. Earnings per share The calculations of basic and diluted earnings per share are based on the Group's profit attributable to shareholders of approximately HK$176,220,000 (2003: HK$82,935,000). The basic earnings per share is based on the weighted average number of 1,555,791,014 (2003: 1,504,118,411) ordinary shares in issue during the year. The diluted earnings per share for the year ended 31 December 2004 is based on 1,591,898,622 (2003: 1,507,682,404) ordinary shares which is the weighted average number of ordinary shares in issue during the year plus the weighted average number of 36,107,608 (2003: 3,563,993) ordinary shares deemed to be issued at no consideration if all outstanding options had been exercised.