Guoxia Technology Co., Ltd. — Interim / Quarterly Report 2005

Sep 21, 2005

Listed Company Information

Listed Company Information
WING ON TRAVEL<01189> - Results Announcement Wing On Travel (Holdings) Limited announced on 21/09/2005: (stock code: 01189 ) Year end date: 31/12/2005 Currency: HKD Auditors' Report: N/A Interim report reviewed by: Both Audit Committee and Auditors (Unaudited ) (Unaudited ) Last Current Corresponding Period Period from 01/01/2005 from 01/01/2004 to 30/06/2005 to 30/06/2004 Note ('000 ) ('000 ) Turnover : 836,603 814,139 Profit/(Loss) from Operations : 39,845 8,613 Finance cost : (25,903) (32,665) Share of Profit/(Loss) of Associates : 2,195 (181) Share of Profit/(Loss) of Jointly Controlled Entities : N/A N/A Profit/(Loss) after Tax & MI : 17,344 20,711 % Change over Last Period : -16.26 % EPS/(LPS)-Basic (in dollars) : 0.0434 0.1131 -Diluted (in dollars) : N/A 0.1101 Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : 17,344 20,711 Interim Dividend : 2.0 cents NIL per Share (Specify if with other : N/A N/A options) B/C Dates for Interim Dividend : 12/10/2005 to 14/10/2005 bdi. Payable Date : 28/10/2005 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. BASIS OF PREPARATION The condensed financial statements have been prepared in accordance with the applicable disclosure requirements of Appendix 16 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and the Hong Kong Accounting Standard 34 "Interim financial reporting" issued by the Hong Kong Institute of Certified Public Accountants ("HKICPA"). 2. PRINCIPAL ACCOUNTING POLICIES The condensed financial statements have been prepared under the historical cost convention except for certain properties and certain financial instruments, which are measured at fair values. The accounting policies used in the condensed financial statements are consistent with those followed in the preparation of the Group's annual financial statements for the year ended 31 December 2004 except as described below. In the current period, the Group has applied, for the first time, a number of new Hong Kong Financial Reporting Standards ("HKFRSs"), Hong Kong Accounting Standards ("HKASs") and Interpretations ("INT") (hereinafter collectively referred to as "new HKFRSs") issued by the HKICPA that are effective for accounting periods beginning on or after 1 January 2005. The application of the new HKFRSs has resulted in a change in the presentation of the income statement, balance sheet and the statement of changes in equity. In particular, the presentation of minority interests and share of tax of associates has been changed as required by HKAS 1 "Presentation of financial statements". The changes in presentation have been applied retrospectively. The adoption of the following new HKFRSs has resulted in changes to the Group's accounting policies that have an effect on how the results for the current or prior accounting periods are prepared and presented: HKFRS 3 - Business combinations HKAS 1 - Presentation of financial statements HKAS 32 - Financial instruments: disclosure and presentation HKAS 39 - Financial instruments: recognition and measurement HKAS 40 - Investment property INT 2 - The appropriate accounting policies for hotel properties 3. TURNOVER AND PROFIT All turnover and profit were from continuing operations. 4. EARNINGS PER SHARE The calculation of the basic and diluted earnings per share is based on the following data : Six months ended 30.6.2005 30.6.2004 HK$'000 HK$'000 Earnings for the purpose of basic earnings per share 17,344 20,711 ======== Interest expenses on convertible notes 6,483 ----------- Earnings for the purpose of diluted earnings per share 27,194 =========== Number of shares Weighted average number of ordinary shares for the purpose of basic earnings per share 399,180,495 183,167,328 ============ Effect of dilutive potential ordinary shares relating to convertible notes 63,751,645 ------------ Weighted average number of ordinary shares for the purpose of diluted earnings per share 246,918,973 ============= No disclosure of diluted earnings per share for the current period is presented as the conversion of the Company's convertible notes would only serve to increase the earnings per share. The above weighted average number of ordinary shares for the calculation of the basic and diluted earnings per share for the six months ended 30 June 2004 has been adjusted to take into account the consolidation of every one hundred shares of HK$0.01 each in the issued and unissued ordinary share capital of the Company into one share of HK$1.00 each in March 2005. The adjustment to comparative basic and diluted earnings per share, arising from the changes in accounting policies is as follows: Basic Diluted HK cents HK cents Reconciliation of earnings per share for the six months ended 30 June 2004: As originally stated 0.18 0.14 Adjustments arising from the changes in accounting policies (6.69) (2.99) Consolidation of shares 17.82 13.86 ---------- ---------- As restated 11.31 11.01 ========== ==========