CTF Services Limited — Earnings Release 1999

Mar 30, 2000

Listed Company Information

PACIFIC PORTS<0659> - Results Announcement Pacific Ports Company Limited announced on 30/3/2000: (stock code: 659) Year end date: 30/6/2000 Currency: HKD (Audited) (Unaudited) Last Current Corresponding Period Period from 1/1/1999 from 1/1/1998 to 31/12/1999 to 31/12/1998 ('000) ('000) Turnover - Continuing : 92,488 81,379 - Discontinued : - - Operating Profit/(Loss) - Continuing : (40,809) (260,863) - Discontinued : - - Total Operating Profit/(Loss) : (40,809) (260,863) Share of Profit/(Loss) of Associated Companies : - - Share of Profit/(Loss) of Jointly Controlled Entities : - - Profit/(Loss) after Tax & MI : (29,053) (237,055) % Change over Last Period : N/A EPS/(LPS)-Basic : (3.5 cents) (28.9 cents) -Diluted : - - Extraordinary (ETD) Gain/(Loss) : - - Profit/(Loss) after ETD Items : (29,053) (237,055) 2nd Interim Dividend per Share : NIL NIL (FIN DIV) (Specify if with other options) : NIL NIL B/C Dates for 2nd Interim Dividend : N/A Payable Date : N/A B/C Dates for (-) General Meeting : N/A Other Distribution for Current Period : NIL B/C Dates for Other Distribution : N/A Remarks: 1. Loss before taxation The Group's loss before taxation included the following items which were exceptional in their nature and size : Twelve months ended 31 December 1999 1998 Unaudited Audited HK$'000 HK$'000 Partial recovery of a short-term loan 9,100 - receivable provided for in previous year Provisions against short-term loan receivables - (28,504) Write-off of previously capitalized expenses - (32,000) Legal and professional fees incurred in - (2,941) relation to the conditional cash offer for the shares of the Company Legal and professional fees in respect of - (3,584) claims against a former director and certain former related companies Provisions against amounts due from a - (102,803) former director and certain former related companies --------------------------- 9,100 (169,832) =========================== As from 1 January, 1999, the Group adopted the revised Statement of Standard Accounting Practice Statement 2.102 "Net Profit or Loss for the Period, Fundamental Errors and Changes in Accounting Policies" (SSAP 2).The exceptional items previously reported on the face of the profit and loss account for the 12 months ended 31 December, 1998 are now disclosed in the notes as recommended by SSAP 2. 2. Loss per share The calculation of basic loss per share is based on the net loss attributable to shareholders of HK$29,053,000 (1998 : HK$237,055,000) and on the weighted average number of 819,462,000 (1998 : 819,462,000) ordinary shares in issue during the period. No diluted loss per share for the 12 months ended 31 December, 1998 and 1999 has been presented as the effect of the assumed conversion of the share options of the Company during the period would be anti-dilutive. 3. Change of financial year-end date The financial year-end date is changed from 31 December to 30 June as approved on 22 April, 1999.