GoFintech Quantum Innovation Limited — Earnings Release 2004

Jul 27, 2004

Listed Company Information

Listed Company Information
NEW TIMES GROUP<00166> - Results Announcement New Times Group Holdings Limited announced on 27/7/2004: (stock code: 00166 ) 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 : 23,643 36,417 Profit/(Loss) from Operations : (36,114) (76,580) Finance cost : (788) (112) 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 : (37,337) (76,080) % Change over Last Period : N/A % EPS/(LPS)-Basic (in dollars) : (0.09) (0.25) -Diluted (in dollars) : N/A N/A Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : (37,337) (76,080) 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 STATEMENTS OF STANDARD ACCOUNTING PRACTICE The current year, the Group has adopted, for the first time, the Hong Kong Financial Reporting Standards ("HKFRS") - Statement of Standard Accounting Practice ("SSAP") 12 Revised - "Income taxes" issued by the Hong Kong Society of Accountants ("HKSA"), the term of HKFRS is inclusive of SSAPs and Interpretations approved by the HKSA. The principal effect of the implementation of SSAP12 (Revised) is in relation to deferred tax. In previous years, partial provision was made for deferred tax using the income statement liability method, i.e. a liability was recognised in respect of timing differences arising, except where those timing differences were not expected to reverse in the foreseeable future. SSAP 12 (Revised) requires the adoption of a balance sheet liability method, whereby deferred tax is recognised in respect of all temporary differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, with limited exceptions. As a result of this change in policy, The Group's deferred tax liability as at 31 March 2004 has been increased by HK$ 1,286,000 and debit to the Group's investment property revaluation reserve. 2. Profit (loss) before taxation included the following items: Continuing operations Discontinued/discontinuing operations 2004 2003 2004 2003 HK$'000 HK$'000 HK$'000 HK$'000 Impairment of fixed assets - - (5,526) - Loss on disposal of short term listed investments, net (20,035) (19,324) - - Unrealised loss on short term listed investments (6,076) (20,190) - - Legal and professional fees in respect of a conditional cash offer to acquire all the issued shares and outstanding share options of the Company - (4,428) - - Write-back of provision for legal and professional costs 13,000 - - - Write-back of provision for staff bonus 3,109 4,547 - - Gain on disposal of discontinued operations - - 2,101 - ======================================================== 3. Turnover and profits from operations from continuing and discontinued operations Group Continuing operations Property investment Financial services 2004 2003 2004 2003 HK$'000 HK$'000 HK$'000 HK$'000 Segment revenue: Sales and services to external customers 1,587 - 1,232 - Intersegment sales - - - - Other revenue - - 50 44 ------------------------------ Total 1,587 - 1,282 44 ============================== Segment results 1,382 - 1,093 (345) ============================== Disccontinued/discontinuing operations Manufacture and Trading of Corporate finance distribution of precision and investment precision components components advisory services processing equipment processing equipment 2004 2003 2004 2003 2004 2003 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 Segment revenue: Sales and services to external customers 2,236 2,190 18,089 28,798 499 5,429 Intersegment sales 2,466 1,680 - 200 - - Other revenue 100 47 130 497 22 1 ---------------------------------------------------------------- Total 4,802 3,917 18,219 29,495 521 5,430 ================================================================ Segment results (533) 3,133 (1,198) (7,345) (11,558) (11,354) ================================================================ Eliminations Consolidated 2004 2003 2004 2003 HK$'000 HK$'000 HK$'000 HK$'000 Segment revenue: Sales and services to external customers - - 23,643 36,417 Intersegment sales (2,466) (1,880) - - Other revenue - - 302 589 -------------------------------- Total (2,466) (1,880) 23,945 37,006 ================================ Segment results (2,466) (1,880) (13,280)(17,791) =============== consolidated 2004 2003 HK$'000 HK$'000 Interest income, dividend income and unallocated gains 3,709 1,326 Unallocated expenses (26,543) (60,115) --------- -------- Loss from operating activities (36,114) (76,580) Finance costs (788) (112) --------- -------- Loss before tax (36,902) (76,692) Tax (435) 612 Net loss from ordinary activities --------- -------- attributable to shareholders (37,337) (76,080) ======== ======== 4. LOSS PER SHARE The calculation of basic loss per share is based on the net loss attributable to shareholders for the year of HK$37,337,000 (2003: HK$76,080,000) and the weighted average of 419,768,732 (2003: 306,833,231) ordinary shares in issue during the year, adjusted to reflect the rights issue during the year. Diluted loss per share for the years ended 31 March 2004 and 2003 have not been shown because the share options outstanding during these years had an anti-dilutive effect on the basic loss per share for these years.