Guoxia Technology Co., Ltd. — Earnings Release 2004

Sep 21, 2004

Listed Company Information

Listed Company Information
WING ON TRAVEL<01189> - Results Announcement Wing On Travel (Holdings) Limited announced on 21/9/2004: (stock code: 01189 ) Year end date: 31/12/2004 Currency: HKD Auditors' Report: N/A Interim report reviewed by: Both Audit Committee and Auditors (Unaudited ) (Unaudited ) Last Current Corresponding Period Period from 1/1/2004 from 1/1/2003 to 30/6/2004 to 30/6/2003 Note ('000 ) ('000 ) Turnover : 814,139 553,709 Profit/(Loss) from Operations : 137,142 64,935 Finance cost : (28,547) (11,161) Share of Profit/(Loss) of Associates : (181) (95,877) Share of Profit/(Loss) of Jointly Controlled Entities : N/A N/A Profit/(Loss) after Tax & MI : 32,953 (166,414) % Change over Last Period : N/A % EPS/(LPS)-Basic (in dollars) : 0.0018 (0.0091) -Diluted (in dollars) : 0.0017 N/A Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : 32,953 (166,414) Interim Dividend : Nil Nil per Share (Specify if with other : N/A N/A options) B/C Dates for Interim 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. The condensed financial statements have been prepared under the historical cost convention, as modified for the revaluation of certain properties and investments in securities. The accounting policies adopted in the preparation of the condensed financial statements are consistent with those followed in the preparation of the Group's annual audited financial statements for the year ended 31 December 2003 with the adoption of new accounting policy for its hotel properties as follows : Hotel Properties Hotel properties are stated at cost less accumulated impairment loss. Cost comprises land costs, development costs, borrowing cost capitalised in accordance with the Group's accounting policy and other direct cost attributable to the property. No depreciation or amortisation is provided on hotel property. It is the Group's policy to maintain in a continual state of sound repair and maintenance and to extend and make improvements thereto from time to time, and accordingly the directors consider that given the estimated life of this asset any depreciation would be insignificant. The gain or loss arising from disposal or retirement of hotel property is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the income statement. 2. The turnover and results are analysed below 1.1.2004 1.1.2003 to to 30.6.2004 30.6.2003 HK$'000 HK$'000 Turnover Continuing operations 814,139 489,205 Discontinued operations - 64,504 ------------------------ 814,139 553,709 ======================== Segment Results Continuing operations 31,631 1,128 Discontinued operations - (14,737) ------------------------- 31,631 (13,609) ========================= 3. Earnings (loss) per share The calculation of the basic and diluted earning (loss) per share is based on the following data : Six months ended 30.6.2004 30.6.2003 HK$'000 HK$'000 Earnings (loss) for the purpose of basic earnings (loss) per share 32,953 (166,414) Interest expenses on convertible notes 242 - -------------------------- Earning (loss) for the purpose of diluted earnings (loss) per share 33,195 (166,414) ========================== Number of shares Weighted average number of ordinary shares for the purpose of basic earnings (loss) per share 18,316,732,770 18,316,732,770 Effect of dilutive potential ordinary shares relating to convertible notes 1,619,047,619 N/A --------------------------------------- Weighted average number of ordinary shares for the purpose of diluted earnings (loss) per share 19,935,780,389 N/A ======================================= No diluted loss per share has been presented for the six months ended 30 June 2003 as the conversion of the convertible notes and shares issuable under the subscription agreement dated 31 May 2002 would result in a decrease in loss per share.