CWT International Limited — Earnings Release 2004

Jul 23, 2004

Listed Company Information

Listed Company Information
SINOCHEM HK<00297> - Results Announcement Sinochem Hong Kong Holdings Limited announced on 23/7/2004: (stock code: 00297 ) Year end date: 31/3/2004 Currency: HKD Auditors' Report: Unqualified (Audited ) (Audited ) Last Current Corresponding Period Period from 1/4/2003 from 1/4/2002 to 31/3/2004 to 31/3/2003 Note ('000 ) ('000 ) Turnover : 99,483 84,414 Profit/(Loss) from Operations : (91,474) (117,294) Finance cost : (10,180) (18,100) 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 : (101,873) (129,883) % Change over Last Period : N/A % EPS/(LPS)-Basic (in dollars) : (0.028) (0.039) -Diluted (in dollars) : (0.028) (0.039) Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : (101,873) (129,883) 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 (-) General Meeting : N/A Other Distribution for : N/A Current Period B/C Dates for Other Distribution : N/A Remarks: (1) ADOPTION OF HONG KONG FINANCIAL REPORTING STANDARDS In the current year, the Group has adopted, for the first time, the following Hong Kong Financial Reporting Standard ("HKFRS") issued by the Hong Kong Society of Accountants ("HKSA"), the term of HKFRS is inclusive of Statements of Standard Accounting Practice ("SSAP(s)") and Interpretations approved by the HKSA: SSAP 12 (Revised) "Income taxes" The principal effect of the implementation of SSAP 12 (Revised) is in relation to deferred taxation. SSAP 12 (Revised) requires the adoption of a balance sheet liability method, whereby deferred taxation is recognised in respect of all temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, with limited exceptions. In the absence of any specific transitional requirements in SSAP 12 (Revised), the new accounting policy has been applied retrospectively. Comparative amounts for prior period have been restated accordingly. As a result of the adoption of SSAP 12 (Revised), the balance of accumulated losses at April 1, 2002 has been increased by HK$481,000, representing the cumulative effect on the results for the years prior to April 1, 2002. The adoption of SSAP 12 (Revised) has resulted in a decrease of HK$181,000 in the net loss for the year ended March 31, 2004 (2003: increase of HK$54,000 in the net loss for the year). (2) LOSS PER SHARE The calculation of the basic loss per share is based on the following data: THE GROUP 2004 2003 HK$'000 HK$'000 (restated) Net loss for the year (101,873) (129,883) Dividend on preference shares (1,036) (1,126) _________ _________ Loss for the purposes of basic loss per share (102,909) (131,009) ========= ========= Weighted average number of ordinary shares for the purposes of basic loss per share 3,663,121,235 3,319,537,087 ============= ============= No change has been made to the loss per share figure reported for 2003 as a result of the prior period adjustment set out in note 1 above because the effect to this figure is insignificant. The computation of diluted loss per share for the year ended March 31, 2004 and March 31, 2003 does not assume the exercise of the conversion rights attached to the Company's outstanding share options and convertible redeemable non-voting preference shares as these conversions would result in a decrease in loss per share.