Comba Telecom Systems Holdings Limited — Interim / Quarterly Report 2004

Sep 8, 2004

Listed Company Information

Listed Company Information
COMBA<02342> - Results Announcement Comba Telecom Systems Holdings Limited announced on 8/9/2004: (stock code: 02342 ) Year end date: 31/12/2004 Currency: HKD Auditors' Report: N/A Interim report reviewed by: Audit Committee (Unaudited ) (Unaudited ) Last Current Corresponding Period Period from 1/1/2004 from 1/1/2003 to 30/6/2004 to 30/6/2003 Note ('000 ) ('000 ) Turnover : 446,403 334,172 Profit/(Loss) from Operations : 123,967 94,076 Finance cost : (4,281) (1,660) 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 : 118,271 86,768 % Change over Last Period : +36.3 % EPS/(LPS)-Basic (in dollars) : 0.1425 0.1446 -Diluted (in dollars) : 0.1389 N/A Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : 118,271 86,768 Interim Dividend : 4 cents NIL per Share (Specify if with other : N/A N/A options) B/C Dates for Interim Dividend : 23/9/2004 Payable Date : 7/10/2004 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. GROUP REORGANISATION AND BASIS OF PRESENTATION The Company was incorporated as an exempted company with limited liability in the Cayman Islands on 17 May 2002 under the Companies Law, Cap. 22 (Law 3 of 1961, as consolidated and revised) of the Cayman Islands and was listed on the Main Board of The Stock Exchange of Hong Kong Limited (the "Stock Exchange") on 15 July 2003. Pursuant to a group reorganisation (the "Reorganisation") to rationalise the Group structure for the listing of the ordinary shares (the "Share") of HK$0.10 each in the share capital of the Company on the Stock Exchange, the Company became the holding company of the Group formed after completion of the Reorganisation on 20 June 2003. Details of the Reorganisation are set out in the prospectus of the Company dated 3 July 2003 (the "Prospectus"). The Group Reorganisation involved companies under common control. The unaudited condensed consolidated interim financial statements for the six months ended 30 June 2003 have been prepared in accordance with Statements of Standard Accounting Practice No. 27 "Accounting for group reconstructions" ("SSAP 27") issued by the Hong Kong Society of Accountants ("HKSA"). Under this basis, the condensed consolidated interim financial statements for the six months ended 30 June 2003 and the related notes thereto have been presented in these condensed consolidated interim financial statements on the basis that the Company is treated as the holding company of its subsidiaries for the financial periods presented rather than from the subsequent date of acquisition of the subsidiaries on 20 June 2003 as is required by SSAP 27. The unaudited condensed consolidated interim financial statements for the six months ended 30 June 2004 have been prepared in accordance with SSAP No. 25 "Interim financial reporting" ("SSAP 25") issued by the HKSA and with the applicable disclosure requirements of Appendix 16 to Rules Governing the Listing of Securities on the Stock Exchange (the "Listing Rules"). 2. DIVIDEND The directors of the Company have resolved that an interim dividend of HK4 cents per ordinary share is to be declared in respect of the six months ended 30 June 2004. 3. EARNINGS PER SHARE The calculation of earnings per share for the period is based on the unaudited net profit attributable to shareholders for the six months ended 30 June 2004 of HK$118,271,000 (six months ended 2003:HK$86,768,000) and the weighted average of 830,000,000 shares (six months ended 30 June 2003 on the assumption that 600,000,000 shares were deemed to have been in issue, comprising 1,000 shares in issue as at the date of the Prospectus and 599,999,000 shares issued pursuant to the capitalisation issue, as described more fully in the Prospectus) in issue during the period. The calculation of diluted earnings per share for the period is based on the net profit attributable to shareholders of HK$118,271,000. The weighted average number of ordinary shares used in the calculation is 851,262,790, which comprises the 830,000,000 ordinary shares in issue during the year, as used in the basic earnings per share calculation, and the weighted average of 21,262,790 ordinary shares assumed to have been issued at no consideration on the deemed exercise of all share options granted during the year. No dilutive earnings per share amounts have been presented in 2003 as the Company did not have any dilutive potential ordinary shares during the period.