IGG Inc — Earnings Release 2003

Jul 9, 2003

Listed Company Information

ORIENTAL WATCH<00398> - Results Announcement ORIENTAL WATCH HOLDINGS LIMITED announced on 09/07/2003: (stock code: 00398 ) Year end date: 31/03/2003 Currency: HKD Auditors' Report: Unqualified (Audited ) (Audited ) Last Current Corresponding Period Period from 01/04/2002 from 01/04/2001 to 31/03/2003 to 31/03/2002 Note ('000 ) ('000 ) Turnover : 1,901,779 1,713,574 Profit/(Loss) from Operations : 79,179 97,905 Finance cost : (1,603) (1,009) Share of Profit/(Loss) of Associates : N/A N/A Share of Profit/(Loss) of Jointly Controlled Entities : N/A N/A Profit/(Loss) after Tax & MI : 65,485 79,242 % Change over Last Period : -17.3 % EPS/(LPS)-Basic (in dollars) : 0.238 0.288 -Diluted (in dollars) : N/A 0.285 Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : 65,485 79,242 Final Dividend : 3.5 cents 4.5 cents per Share (Specify if with other : N/A N/A options) B/C Dates for Final Dividend : 22/08/2003 to 28/08/2003bdi. Payable Date : 18/09/2003 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. Taxation 2003 2002 HK$'000 HK$'000 The charge comprises: Hong Kong Profits Tax calculated at 16% on the estimated assessable profit for the year (13,057) (16,317) Overprovision in prior years 1,443 173 ------------------------ (11,614) (16,144) Mainland China income tax (540) (262) Deferred taxation 63 17 ------------------------ (12,091) (16,389) ====== ====== The income tax in Mainland China (the "PRC") is calculated at the rates prevailing pursuant to the relevant laws and regulations. 2. Dividends 2003 2002 HK$'000 HK$'000 Interim dividend of 2.0 Hong Kong cents (2002: 2.5 Hong Kong cents) per share 5,505 6,881 Proposed final dividend of 3.5 Hong Kong cents (2002: 4.5 Hong Kong cents) per share 9,634 12,386 ------------------------- 15,139 19,267 ====== ====== The final dividend proposed for the year ended 31 March 2003 is calculated on the basis of 275,253,200 shares in issue at the date of this report. 3. Earnings per share The calculation of the basic and diluted earnings per share for the year is based on the following data: 2003 2002 HK'000 HK$'000 Earnings: Net profit attributable to shareholders and earnings for the purposes of basic and diluted earnings per share 65,485 79,242 ====== ======= Number of shares 2003 2002 Number of shares for the purposes of basic earnings per share 275,253,200 275,253,200 Potential dilutive shares issuable under the Company's share option scheme - 2,872,972 ----------------------------- Weighted average number of shares for the purposes of diluted earnings per share 275,253,200 278,126,172 ============ ============ 4. Business and geographical segment The Group's operation is regarded as a single segment, being an enterprise engaged in watch trading. Analysis of the Group's turnover and results as well as analysis of carrying amount of segment assets and additions to property, plant and equipment by geographical market has not been presented as they are substantially generated from and situated in Hong Kong.