G-Resources Group Limited — Earnings Release 2002

Oct 30, 2002

Listed Company Information

PALADIN<00495> - Results Announcement (Summary) Paladin Limited announced on 30/10/2002: (stock code: 495) Year end date: 30/6/2002 Currency: HK$ Auditors' Report: Modified Review of Interim Report by: N/A (Audited) (Audited) Last Current Corresponding Period Period from 1/7/2001 from 1/7/2000 to 30/6/2002 to 30/6/2001 ('000) ('000) Turnover : 18,576 2,193 Profit/(Loss) from Operations : (32,418) (55,684) Finance cost : (5,305) (73,310) Share of Profit/(Loss) of Associates : - - Share of Profit/(Loss) of Jointly Controlled Entities : - - Profit/(Loss) after Tax & MI : (37,723) (128,994) % Change over Last Period : N/A EPS/(LPS)-Basic : (7.1 cents) (24.4 cents) -Diluted : - - Extraordinary (ETD) Gain/(Loss) : - - Profit/(Loss) after ETD Items : (37,723) (128,994) 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 : 2/12/2002 to 5/12/2002 bdi. Other Distribution for Current Period : N/A B/C Dates for Other Distribution : - Remarks: 1. BASIS OF PREPARATION OF FINANCIAL STATEMENTS In preparing the financial statements, the directors have given careful consideration to the future liquidity of the Group in the light of its net current liabilities of HK$150,955,000 as at 30 June 2002. The Group is dependent upon the financial support of its bankers and other lenders. In July 2002, the Group reached an agreement with its banker for a further postponement of the repayment date for certain of its secured bank loans (including accrued interest) amounting to approximately HK$674 million as at 30 June 2002 to April 2003. The unused facilities available to the Group as at 30 June 2002 of approximately HK$129 million will be used to finance the completion of the development. Although the main contractor of the properties held under development terminated their contract in August 2002, a shortlist of potential new main contractors has been complied which is currently awaiting the bankers' approval under the terms of the loan agreement. With a new main contractor to be appointed shortly, the directors estimate that the properties held under development will be complete and available for sale or pre-sale in April 2003. Against this background, the directors consider that, with the continuing support of the Group's bankers and other lenders, the Group will be able to complete the development and to meet in full its financial obligations as they fall due for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis. 2. BASIC LOSS PER SHARE The calculation of the basic loss per share is based on the net loss for the year of HK$37,723,000 (2001:HK$128,994,000) and on 528,271,615 (2001:528,271,615) ordinary shares in issue during the year.