Guoxia Technology Co., Ltd. — Earnings Release 2004

Apr 26, 2005

Listed Company Information

Listed Company Information
WING ON TRAVEL<01189> - Results Announcement Wing On Travel (Holdings) Limited announced on 26/04/2005: (stock code: 01189 ) Year end date: 31/12/2004 Currency: HKD Auditors' Report: Unqualified (Audited ) (Audited ) Last Current Corresponding Period Period from 01/01/2004 from 01/01/2003 to 31/12/2004 to 31/12/2003 Note ('000 ) ('000 ) Turnover : 1,722,177 1,416,235 Profit/(Loss) from Operations : 53,814 (145,329) Finance cost : (53,711) (25,045) Share of Profit/(Loss) of Associates : (195) (114,788) Share of Profit/(Loss) of Jointly Controlled Entities : N/A N/A Profit/(Loss) after Tax & MI : 35,377 (370,972) % Change over Last Period : N/A % EPS/(LPS)-Basic (in dollars) : 0.18 (2.03) -Diluted (in dollars) : 0.13 N/A Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : 35,377 (370,972) 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. The financial statements have been prepared under the historical cost convention, as modified for the revaluation of certain properties and investments in securities. The financial statements have been prepared in accordance with accounting principles generally accepted in Hong Kong. In the current year, the Group has adopted the 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 amortization 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 : 2004 2003 HK$'000 HK$'000 Turnover Continuing operations 1,722,177 1,291,906 Discontinued operations - 124,329 --------------------------- 1,722,177 1,416,235 ========================== Segment Results Continuing operations 83,050 (60,207) Discontinued operations - (20,169) -------------------------- 85,050 (80,376) ========================= 3. Earnings (loss) per share The calculation of the basic and diluted earnings (loss) per share is based on the following data : 2004 2003 HK$'000 HK$'000 Earnings (loss) for the purpose of basic earnings (loss) per share 35,377 (370,972) =========== Interest expenses on convertible notes 3,102 ---------- Earnings (loss) for the purpose of diluted earnings (loss) per share 38,479 ========== Number of shares 2004 2003 (Restated) Weighted average number of ordinary shares for the purpose of basic earnings (loss) per share 201,251,437 183,167,328 Effect of dilutive potential ordinary shares relating to convertible notes 97,498,216 ------------ Weighted average number of ordinary shares for the purpose of diluted earnings per share 298,749,653 ============ Notes : (a) The above weighted average number of ordinary shares for the calculation of the basic and diluted earnings (loss) per share for the year ended 31 December 2003 and 31 December 2004 have been adjusted to take into account of the consolidation of one hundred shares of HK$0.01 in the issued and unissued share capital of the Company into one share of HK$1.00 each completed subsequent to 31 December 2004. (b) No diluted loss per share has been presented for 2003 as the conversion of the convertible notes and shares issuable under the subscription agreement dated 31 May 2002 to a subscriber would result in a decrease in loss per share. (c) A reconciliation of the statement of loss per share for 2003 to adjust for the consolidation of shares as mentioned above subsequent to 31 December 2004 is as follows : HK$ As originally stated (0.0203) Consolidation of shares (2.0097) --------- As restated (2.0300) ========