Hung Hing Printing Group Limited — Earnings Release 2001

Nov 13, 2001

Listed Company Information

ECYBERCHINA<00254> - Results Announcement (Summary) eCyberChina Holdings Limited announced on 12/11/2001: (stock code: 254) The auditors' report on the financial statements which contain the following result is modified by the Company's auditors. For more details, please refer to the press announcement issued by the Company on 13/11/2001. Year end date: 30/6/2001 Currency: HKD (Audited) (Audited) Last Current Corresponding Period Period from 1/7/2000 from 1/7/1999 to 30/6/2001 to 30/6/2000 ('000) ('000) Turnover : 8,213 16,134 Profit/(Loss) from Operations : (53,829) (98,636) Finance cost : (11,087) (12,037) Share of Profit/(Loss) of Associates : (146) - Share of Profit/(Loss) of Jointly Controlled Entities : - - Profit/(Loss) after Tax & MI : (81,358) (110,536) % Change over Last Period : N/A EPS/(LPS)-Basic : ($0.07) ($0.11) -Diluted : N/A N/A Extraordinary (ETD) Gain/(Loss) : - - Profit/(Loss) after ETD Items : (81,358) (110,536) Final Dividend per Share : NIL NIL (Specify if with other options) : - - B/C Dates for Final Dividend : - Payable Date : - B/C Dates for (-) General Meeting : - Other Distribution for Current Period : N/A B/C Dates for Other Distribution : - Remarks: 1. General The difference between the unaudited results of the Company's announcement on 30th October, 2001 and the audited results of the Company was mainly attributable to the additional impairment losses recognized in respect of the deposit paid for acquisition of an associate and the goodwill arising on acquisition of an associate, which were satisfied by the issuance of shares in the Company during the year, as a result of the change in the basis of recognition of the corresponding cost of investments as agreed with the Company's auditors. 2. Loss from operations 2001 2000 HK$'000 HK$'000 Loss from operations has been arrived at after charging: Deficit on revaluation of investment properties (11,400) (6,300) Depreciation and amortisation on: - Assets owned by the Group (148) (333) - Assets held under finance leases (402) (204) Impairment loss recognised in respect of properties under development - (24,090) Impairment loss recognised in respect of deposits paid for purchase of investment properties - (27,000) Loss on disposal of investment properties (252) - Provision for bad and doubtful debts (4,383) (17,853) and before charging: Amortisation on goodwill (1,175) - Impairment loss recognised in respect of deposit paid for acquisition of an associate (9,000) - Impairment loss recognised in respect of goodwill arising on acquisition of an associate(6,700) - ========================= 3. Taxation credit 2001 2000 HK$'000 HK$'000 The credit comprises of: Hong Kong Profits Tax Over provision in prior years - 137 -------------------- - 137 ==================== No provision for Hong Kong Profits Tax has been made in the financial statements as the companies comprising the Group did not have any assessable profit for the year. In the opinion of the Company's directors, the Group is not subject to taxation in any other jurisdictions in which it operates. 4. Loss per share The calculation of the basic loss per share is based on the loss for the year of approximately HK$81,358,000 (2000: HK$110,536,000) and on the adjusted weighted average of 1,226,458,904 (2000: 1,050,500,000) shares in issue throughout the year. No diluted loss per share has been presented because the exercise of the Company's outstanding share options would have an anti-dilutive effect on loss per share for the years ended 30th June, 2001 and 2000. The weighted average number of shares for the purpose of basic loss per share has been adjusted for the effect of the subdivision of the Company's shares effective from 19th June, 2001. For more details, please refer to the press announcement today.