IGG Inc — Earnings Release 2001

Jul 18, 2001

Listed Company Information

ORIENTAL WATCH<0398> - Results Announcement (Summary) Oriental Watch Holdings Limited announced on 18/7/2001: (stock code: 398) Year end date: 31/3/2001 Currency: HK$ (Audited) (Audited) Last Current Corresponding Period Period from 1/4/2000 from 1/4/1999 to 31/3/2001 to 31/3/2000 ('000) ('000) Turnover : 1,598,968 1,527,847 Profit/(Loss) from Operations : 116,927 123,196 Finance cost : (973) (2,665) Share of Profit/(Loss) of Associates : - - Share of Profit/(Loss) of Jointly Controlled Entities : - - Profit/(Loss) after Tax & MI : 97,327 104,865 % Change over Last Period : -7.2% EPS/(LPS)-Basic : 35.3 cents 37.9 cents -Diluted : 35.1 cents N/A Extraordinary (ETD) Gain/(Loss) : - - Profit/(Loss) after ETD Items : 97,327 104,865 Final Dividend per Share : 6 cents 6 cents (Specify if with other options) : - - B/C Dates for Final Dividend : 20/8/2001 to 23/8/2001 bdi. Payable Date : 18/9/2001 B/C Dates for Annual General Meeting : 20/8/2001 to 23/8/2001 bdi. Other Distribution for Current Period : - B/C Dates for Other Distribution : - Remarks: 1. Taxation 2001 2000 HK$'000 HK$'000 The charge comprises: Hong Kong Profits Tax - charge for the year 18,747 21,585 - under(over)provision in a prior year 310 (107) ----------------------- 19,057 21,478 Taxation outside Hong Kong 229 329 Deferred taxation charge (credit) 61 (133) ----------------------- 19,347 21,674 ======================= Hong Kong Profits Tax is calculated at 16% on the estimated assessable profits of the Group which are derived from Hong Kong. Taxation outside Hong Kong is calculated at the rate prevailing in the respective jurisdiction outside Hong Kong in which the Group operates. 2. Dividends 2001 2000 HK$'000 HK$'000 Proposed final dividend of 6 cents (2000: 6 cents) per share 16,515 16,606 Interim dividend paid of 3 cents (2000: 2 cents) per share 8,270 5,535 ------------------------ 24,785 22,141 ======================== The final dividend for the year ended 31 March 2001 is subject to the approval by shareholders in the forthcoming annual general meeting. The amount is calculated on the basis of the proposed dividend rate and the 275,253,200 shares in issue at the date of approval of these financial statements by the directors. 3. Earnings per share The calculation of the basic and diluted earnings per share are based on the following data: 2001 2000 HK'000 HK$'000 Earnings: Profit for the year attributable to shareholders 97,327 104,865 ======= ======== Number of shares: Weighted average number of shares for the purpose of calculating basic earnings per share 275,959,184 276,759,200 =========== Potential dilutive shares issuable under the Company's share option scheme 1,269,373 ----------- Weighted average number of shares for the purpose of calculating diluted earnings per share 277,228,557 =========== No diluted earnings per share is presented for the prior year as the effect of the Company's outstanding share options was anti-dilutive in that period. 4. Accounting policies The consolidated financial statements have been prepared in accordance with Statement of Standard Accounting Practice No.1 issued by the Hong Kong Society of Accountants.