G-Resources Group Limited — Earnings Release 2001

Dec 3, 2001

Listed Company Information

STAR BIO-TECH<01051> - Results Announcement (Summary) (Revised by STAR BIO-TECH) Star Bio-Tech (Holdings) Limited announced on 30/11/2001: (stock codes: 1051 & 2999) The auditors' report on the financial statements which contain the following result is qualified by the Company's auditors. For more details, please refer to the press announcement issued by the Company on 3/12/2001. Year end date: 30/6/2001 Currency: HKD (Audited) (Audited) 12-month 15-month Period Period from 1/7/2000 from 1/4/1999 to 30/6/2001 to 30/6/2000 ('000) ('000) Turnover : 30,071 13,810 Profit/(Loss) from Operations : (67,007) (20,360) Finance cost : (2,549) (1,335) Share of Profit/(Loss) of Associates : Nil (31,358) Share of Profit/(Loss) of Jointly Controlled Entities : Nil Nil Profit/(Loss) after Tax & MI : (92,483) 34,220 % Change over Last Period : N/A EPS/(LPS)-Basic : (0.63 cent) 1.99 cents -Diluted : Nil 1.89 cents Extraordinary (ETD) Gain/(Loss) : Nil Nil Profit/(Loss) after ETD Items : (92,483) 34,220 Final Dividend per Share : Nil Nil (Specify if with other options) : - - B/C Dates for Final Dividend : N/A Payable Date : N/A B/C Dates for Annual General Meeting : 15/1/2002 to 17/1/2002 bdi. Other Distribution for Current Period : N/A B/C Dates for Other Distribution : N/A Remarks: 1. Profit/(Loss) from Operations 1.7.2000 1.4.1999 to to 30.6.2001 30.6.2000 ----------- ---------- HK$'000 HK$'000 Loss from operations has been arrived at after charging: Staff costs: Directors' remuneration 27,530 3,730 Other staff costs 13,830 2,948 ------------ ----------- 41,360 6,678 Auditors' remuneration: Current year 1,100 900 Overprovision in prior year - (49) Depreciation: Owned assets 4,238 4,015 Assets held under hire purchase contracts - 23 Loss on disposal of property, plant and equipment 2,342 612 Operating lease payments in respect of rented premises 8,424 1,991 Unrealised loss on investments in securities - - Write-off of pre-operating expenses - - and after crediting: Interest income 903 202 Rental income from properties under operating leases, net of outgoings of HK$10,000 (2000: HK$15,000) 533 65 ========================= 2. Adoption of Statements of Standards Accounting Practice ("SSAP"s) In the current year, the Group has adopted, for the first time, the revised Statement of Standard Accounting Practice ("SSAP") No.14 "Leases" issued by the Hong Kong Society of Accountants. Adoption of this SSAP has resulted in amendment to the related disclosures but with no effect on the results for the current or prior periods. 3. An analysis of turnover and profit/(loss) from continuing operations and discontinued operations Continuing Discontinued Operations Operations HK$'000 HK$'000 Turnover 30,071 Nil Profit/(Loss) (92,483) Nil 4. (Loss) earnings per share The calculation of the basic loss per share is based on the loss for the period from 1st July, 2000 to 30th June 2001 of HK$92,483,000 (1.4.1999 to 30.6.2000: profit of HK$34,220,000) and on the weighted average number of 14,608,274,971 (1.4.1999 to 30.6.2000: weighted average number of 1,719,225,884) ordinary shares in issue. No disclosure of the diluted loss per share for the year ended 30th June, 2001 is shown as the exercise prices of the share options were greater than the market prices of the Company's shares during that period. 5. Taxation Following the release of the final results announcement of Star Bio-Tech (Holdings) Limited (the "Company") on teletext on 30/11/2001, the Company subsequently notified the Exchange that due to typing error made by the Company, the figures for the taxation stated below should be expressed in thousand. 1.7.2000 1.4.1999 to to 30.6.2001 30.6.2000 HK$'000 HK$'000 The (charge) credit comprises: Underprovision of Hong Kong Profits Tax in prior year (251) (129) ------- ----- (251) (129) ======= ===== No provision for taxation has been made in the financial statements as the Group had incurred tax loss for the year/period. Taxation in other jurisdictions is calculated at the rates prevailing in the respective jurisdictions. As the Company's PRC subsidiaries as Sino-foreign joint venture enterprises, they are eligible for the certain tax holidays and concessions. Accordingly, certain of the PRC subsidiaries were subject to PRC income tax at reduced rates. No provision for taxation has been made in the financial statements as the PRC subsidiaries had incurred tax losses for the year. The Group has no other assessable income subject to income tax in other jurisdictions. For more details, please refer to the press announcement today.