CTF Services Limited — Earnings Release 1998

Apr 22, 1999

Listed Company Information

PACIFIC PORTS<0659> - Results Announcement Pacific Port Company Limited announced on 22/4/1999: (stock code: 659) Year end date: 31/12/1998 Currency: HKD Last Current Corresponding Period Period from 1/1/1998 from 1/1/1997 to 31/12/1998 to 31/12/1997 ('000) ('000) Turnover/Interest Income : 81,379 69,968 Profit-Continuing Operations - Operating Profit/(Loss) : (91,031) 537 - Exceptional Items : (169,832) 10,167 - Discontinued Operations : - - Total Operating Profit/(Loss) : (260,863) 10,704 Share of Profit/(Loss) of Associated Companies : - - Profit/(Loss) after Tax & MI : (237,055) 12,840 % Change over Last Period : N/A EPS/(LPS)-Basic : (28.9 cents) 1.7 cents -Diluted : N/A N/A Extraordinary (ETD) Gain/(Loss) : - - Profit/(Loss) after ETD Items : (237,055) 12,840 Final Dividend per Share : Nil 1.5 cents (Specify if with other options) : - - B/C Dates for Final Dividend : - Payable Date : - B/C Dates for (-) General Meeting : - Other Distribution for Current Period : - B/C Dates for Other Distribution : - Remarks: (1) Basis of presentation The Company was incorporated in Bermuda on 3rd September, 1996 as an exempted company with limited liability under the Companies Act of Bermuda (as amended). Pursuant to a reorganization in preparation for the listing of the Company's shares on The Stock Exchange of Hong Kong Limited on 25th April, 1997, the Company became the holding company of the Group on 11th April, 1997. The comparative results for the year ended 31st December, 1997 have been prepared on the basis as if the current group structure had been in existence throughout the period. (2) Change of Financial Year End Date The Directors have resolved to change its financial year end date of the Company from 31st December to 30th June. The next financial year-end date will be on 30th June, 2000. The change is to make the Company's financial year consistent with that of New World Infrastructure Limited, the substantial shareholders of the Company. In this respect, the Company will publish and distribute to shareholder the unaudited first interim reports for the six months ending 30th June, 1999 on or before 30th September, 1999. The unaudited second interim report for the twelve months ending 31st December, 1999 will be published on or before 31st March, 2000. The unaudited results for the eighteen months ending 30th June, 2000 will be published by November, 2000. (3) Exceptional items The exceptional items comprise:- Year ended 31st December, 1998 1997 HK$'000 HK$'000 Provision against amounts due from a former director and certain former related companies (note) (102,803) - Provision against short term loan receivables (28,504) - Legal and professional fees incurred in relation to the conditional cash offer for the shares of the Company (2,941) - Legal and professional fees incurred in respect of claims against a former director and certain former related companies (3,584) - Write-off of previously capitalised expenses (32,000) - Interest income derived from shares application monies received during initial public offer period of the Company - 10,167 ----------- --------- (169,832) 10,167 ======== ======== Note: The amounts due from a former director and certain former related companies included withdrawals from the Group and expenses paid on behalf of the former director by the Group less market value of certain marketables securities held. The Group is now actively pursuing litigation against the former director and those former related companies to recover the amounts. (4) Earnings / (loss) per share The calculation of basic earning per share is based on the net loss attributable to shareholders of HK$237,055,000 (1997: net profit of HK$12,840,000) and on the weighted average number of 819,462,000 (1997: 754,859,000) shares in issue during the year. No dilutive loss per share for the year ended 31 December 1998 has been presented as the effect of the assumed conversion of the stock options of the Company in 1998 would be anti-dilutive. No dilutive earnings per share for the year ended 31 December 1997 has been presented as there were no dilutive potential ordinary shares in issue during that year.