Guoxia Technology Co., Ltd. — Earnings Release 2003

Apr 23, 2004

Listed Company Information

Listed Company Information
WING ON TRAVEL<01189> - Results Announcement (Summary) Wing On Travel (Holdings) Limited announced on 23/04/2004: (stock code: 01189 ) Year end date: 31/12/2003 Currency: HKD Auditors' Report: Unqualified (Audited ) (Audited ) Last 12 month 9-month Period Period from 01/01/2003 from 01/04/2002 to 31/12/2003 to 31/12/2002 Note ('000 ) ('000 ) Turnover : 1,416,235 1,323,286 Profit/(Loss) from Operations : (145,329) (256,270) Finance cost : (25,045) (12,708) Share of Profit/(Loss) of Associates : (114,788) (33,463) Share of Profit/(Loss) of Jointly Controlled Entities : N/A N/A Profit/(Loss) after Tax & MI : (370,972) (302,248) % Change over Last Period : N/A % EPS/(LPS)-Basic (in dollars) : (0.0203) (0.0183) -Diluted (in dollars) : N/A N/A Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : (370,972) (302,248) 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. During 2002, the Board of Directors resolved to change the financial year end date of the Company from 31 March to 31 December in order to coincide the financial year end of the Group with that of an indirect substantial shareholder of the Company. As a result of the change in the financial year end date, the financial statements for the current year cover the twelve-month period from 1 January 2003 to 30 December 2003. The comparative amounts shown for the income statement and related notes cover the nine-month period from 1 April 2002 to 31 December 2002 and therefore may not be comparable with the amounts shown for the current year. 2. The turnover and results before taxation were analysed below : 1.1.2003 1.4.2002 to to 31.12.2003 31.12.2002 HK$'000 HK$'000 (Restated) Turnover Continuing operation 1,291,906 1,185,560 Discontinued operation 124,329 137,726 ---------- ---------- 1,416,235 1,323,286 ========== ========== Segment Results Continuing operation 17,880 (6,524) Discontinued operation (19,505) (7,621) ---------- ---------- (1,625) (14,145) Interest income 1,150 10,679 Amortisation of goodwill arising on acquisition of subsidiaries (496) (165) Surplus arising from revaluation of investment property 7 - Impairment loss recognised in respect of investments in securities (26,974) - Impairment loss recognised in respect of leasehold land and buildings (301) (12,281) Impairment loss recognised in respect of properties under construction (2,400) (1,000) Loss on disposal of investment securities (30,633) - Loss on disposal of other investments (465) - Loss on disposal of property, plant and equipment (28,587) - Loss on disposal of interest in a co-operative joint venture (20,000) - Net unrealised holding loss on other investments (2,849) (733) Allowance for short term investment deposit - (23,000) Allowance for advances to service suppliers - (162,122) Allowance for irrecoverable trade debts - (22,813) Unallocated corporate expenses (32,156) (30,690) ---------- ---------- Loss from operations (145,329) (256,270) Finance costs (25,045) (12,708) Share of results of associates (114,788) (33,463) Impairment loss recognised in respect of interest in an associate (31,717) - Loss on disposal of discontinued operation (32,697) - Loss on disposal of associates (23,471) Loss on deemed disposal/disposal of subsidiaries - (1,712) ---------- ---------- Loss before taxation (373,047) (304,153) ========== ========== 3. Loss per share The calculation of the basic loss per share is based on the net loss for the year of HK$370,972,000 (1.4.2002 to 31.12.2002 : HK$302,248,000) and on 18,316,732,770 shares (1.4.2002 to 31.12.2002 : the weighted average of 16,509,000,000 shares) in issue during the year/period. 4. Adoption of SSAP 12 (Revised) Income Taxes In the current year, the Group has adopted, for the first time, SSAP 12 (Revised) Income Taxes issued by the Hong Kong Society of Accountants. The principal effect of the adoption of SSAP 12 (Revised) is in relation to deferred tax. In previous years, partial provision was made for deferred tax using the income statement liability method under which 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 amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, with limited exceptions. In the absence of any specific transitional requirements in SSAP 12 (Revised), the new accounting policy has been applied retrospectively. Comparative amounts for the nine months ended 31 December 2002 have been restated accordingly. The adoption of SSAP 12 (Revised) has led to a decrease in the net loss for the year ended 31 December 2003 and nine months ended 31 December 2002 by HK$407,000 and HK$610,000 respectively.