Comtec Solar Systems Group Limited — Earnings Release 2003

Jul 29, 2003

Listed Company Information

SUN EAST TECH<00365> - Results Announcement Sun East Technology (Holdings) Limited announced on 29/07/2003: (stock code: 00365 ) Year end date: 31/03/2003 Currency: HKD Auditors' Report: Unqualified (Audited ) (Audited ) Last Current Corresponding Period Period from 01/04/2002 from 01/04/2001 to 31/03/2003 to 31/03/2002 Note ('000 ) ('000 ) Turnover : 502,072 494,466 Profit/(Loss) from Operations : (42,670) 35,356 Finance cost : (1,976) (1,586) 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 : (46,216) 27,052 % Change over Last Period : N/A % EPS/(LPS)-Basic (in dollars) : (0.1481) 0.0867 -Diluted (in dollars) : N/A N/A Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : (46,216) 27,052 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 Annual General Meeting : 27/08/2003 to 29/08/2003bdi. Other Distribution for : N/A Current Period B/C Dates for Other Distribution : N/A Remarks: 1) The company was listed on 16 October 2000, this is not the first final results after listed on the exchange. 2). During the year, the Group decided to focus its operations on the development of production lines and production equipment, and brand name production equipment business. Accordingly, on 17 March 2003, the Group disposed of its entire 100% equity interest in Pro-Tech Industries Corp. ("Pro-Tech"), a wholly-owned subsidiary of the Company engaged in manufacturing and sub-contracting services of consumer electric products business, to two independent parties (the"Buyers"), at a total consideration of HK$16,650,000(the "Total Consideration"). Each of the Buyers acquired a 50% equity interest in Pro-Tech at a consideration of HK $8,325,000 each. Upon completion of the disposal of Pro-Tech (the "Disposal"), the Group discontinued its manufacturing and sub-contracting services of consumer electric products. TURNOVER HK$ '000 Continuing operations 362,505 Discontinued operations 139,567 --------- 502,072 (LOSS) BEFORE TAX Continuing operations (18,449) Discontinued operations (26,197) ---------- (44,646) TAX Continuing operations ( 890 ) Discontinued operations ( 680 ) ---------- (1,570) 3). The calculation of basic loss per share is based on the net loss attributable to shareholders for the year of approximately HK$46,216,000 (2002: net profit of HK$27,052,000) and the weighted average of 312,000,000 shares (2002: 312,000,000 shares) in issue during the year. No diluted earnings per share for both current and prior years has been calculated as no diluting events existed during these years.