Guoco Group Limited — Interim / Quarterly Report 2001

Dec 8, 2000

Listed Company Information

FE HOTELS<0037> - Results Announcement Far East Hotels & Entertainment Limited announced on 8/12/2000: (stock code: 37) Year end date: 31/3/2001 Currency: HK$ (Unaudited) (Unaudited) Last Current Corresponding Period Period from 1/4/2000 from 1/4/1999 to 30/9/2000 to 30/9/1999 Turnover : 15,492,278 22,762,379 Profit/(Loss) from Operations : (4,677,581) 2,872,404 Finance cost : (2,024,558) (2,778,784) Share of Profit/(Loss) of Associates : 420,734 (583,453) Share of Profit/(Loss) of Jointly Controlled Entities : NIL NIL Profit/(Loss) after Tax & MI : (5,962,012) (453,858) % Change over Last Period : N/A EPS/(LPS)-Basic : (1.22 cents) (0.09 cent) -Diluted : N/A N/A Extraordinary (ETD) Gain/(Loss) : NIL NIL Profit/(Loss) after ETD Items : (5,962,012) (453,858) Interim Dividend per Share : NIL NIL (Specify if with other options) : N/A N/A B/C Dates for Interim Dividend : N/A Payable Date : N/A B/C Dates for (-) General Meeting : N/A Other Distribution for Current Period : N/A B/C Dates for Other Distribution : N/A Remarks: 1. In prior years, pre-operating expenditure was capitalised and amortised on a straight line basis, over a period of five years from the date of commencement of commercial operations of the subsidiaries. The adoption of Statement of Standard Accounting Practice 1 (Revised) has led to a re-assessment of this accounting policy. In particular, pre-operating expenditure is not considered to give rise to an identifiable resource from which economic benefits are expected to flow to the Group. Accordingly, such expenditure is now recognised as an expense in the period in which it is incurred. This change in accounting policy has been adopted retrospectively. The results of the prior interim reporting period for the six months ended 30 September 1999 previously announced has not been adjusted for the above adoption and is restated resulting in a decrease in Group's loss in the prior interim period of HK$352,480 after the share of HK$195,737 by minority interests. Comparative amounts have been restated to reflect this change in accounting policy. Under Statement of Standard Accounting Practice 24 (SSAP 24), investments in securities are now classified as held-to-maturity (carried at amortised cost less provision for irrecoverable amounts), investment securities (carried at cost less impairment) and other investments (carried at fair value, with valuation movements dealt with in the income statement). In prior years, the Group's investments were classified either as long-term (carried at cost less provision for permanent diminution in value) or short-term (carried at the lower of cost and market value or at the lower of cost and net realisable value). The accounting treatment specified by SSAP 24 has been applied retrospectively. The results of the prior interim reporting period for the six months ended 30 September 1999 previously announced has not been adjusted for the above adoption and is restated resulting in an increase in loss in the prior interim period of HK$608,400. Comparative amounts have been restated to reflect this change in accounting policy. 2. Loss Per Share (a) Basic loss per share The calculation of basic loss per share is based on the Group's loss attributable to shareholders of HK$5,962,012 (1999: HK$453,858 as restated) and on the 488,842,675 (1999: 488,842,675) shares in issue during the period. (b) Diluted loss per share No diluted loss per share has been presented because the exercise prices of the outstanding share options of the Company were greater than the average market price of shares for both the current and the prior interim reporting period.