Glorious Sun Enterprises Limited — Earnings Release 2002

Jul 15, 2002

Listed Company Information

GLORIOUS SUN<00393> - Results Announcement (Summary) Glorious Sun Enterprises Limited announced on 15/7/2002: (stock code: 393) Year end date: 31/3/2002 Currency: HKD Auditors' Report: Unqualified Review of Interim Report by: N/A (Audited) (Audited) Last Current Corresponding Period Period from 1/4/2001 from 1/4/2000 to 31/3/2002 to 31/3/2001 ('000) ('000) Turnover : 2,924,850 3,003,243 Profit/(Loss) from Operations : 266,699 348,064 Finance cost : (31,691) (41,021) Share of Profit/(Loss) of Associates : 27,609 37,632 Share of Profit/(Loss) of Jointly Controlled Entities : 4,720 8,110 Profit/(Loss) after Tax & MI : 152,765 180,626 % Change over Last Period : -15.42% EPS/(LPS)-Basic : 15.27 cents 18.05 cents -Diluted : N/A N/A Extraordinary (ETD) Gain/(Loss) : Nil Nil Profit/(Loss) after ETD Items : 152,765 180,626 Final Dividend per Share : 7.50 cents 7.50 cents (Specify if with other options) : Nil Nil B/C Dates for Final Dividend : 4/9/2002 to 9/9/2002 bdi. Payable Date : 16/9/2002 B/C Dates for Annual General Meeting : 4/9/2002 to 9/9/2002 bdi. Other Distribution for Current Period : N/A B/C Dates for Other Distribution : N/A Remarks: 1. Earnings per share (a) Basic earnings per share The calculation of basic earnings per share is based on the net profit attributable to shareholders for the year ended 31 March 2002 of HK$152,765,000 (2001: HK$180,626,000 (as restated)) and 1,000,584,000 (2001: 1,000,584,000) shares in issue during the year. (b) Diluted earnings per share As the subscription prices of the share options outstanding during the year ended 31 March 2002 and 2001 are higher than the respective average market price of the Company's shares during both years, there is no dilution effect on the basic earnings per share. 2. Profit on disposal of subsidiaries Included in the profit from operating activities is a gain of HK$8,010,000 on disposal of the entire interests in Old Garage Pty Ltd. and its subsidiaries, which were engaged in the business of trading and retailing casual wear in Australia. 3. Comparative amounts Following the adoption of certain new and revised Statements of Standard Accounting Practice issued by the Hong Kong Society of Accountants, the accounting treatment and presentation of certain items and balances in the announcement have been revised to comply with the new requirements. Accordingly certain prior year adjustment has been made and certain comparative amounts have been restated to conform to the current year's presentation. Details of changes to the Group's accounting policies and the effects of adopting these new policies are set out in the 2002 annual report.