IGG Inc — Earnings Release 2004

Jul 21, 2004

Listed Company Information

Listed Company Information
ORIENTAL WATCH<00398> - Results Announcement ORIENTAL WATCH HOLDINGS LIMITED announced on 21/7/2004: (stock code: 00398 ) Year end date: 31/03/2004 Currency: HKD Auditors' Report: Unqualified (Audited ) (Audited ) Last Current Corresponding Period Period from 1/4/2003 from 1/4/2002 to 31/3/2004 to 31/3/2003 Note ('000 ) ('000 ) Turnover : 1,876,233 1,901,779 Profit/(Loss) from Operations : 81,382 79,179 Finance cost : (1,175) (1,603) 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 : 68,630 65,485 % Change over Last Period : +4.7 % EPS/(LPS)-Basic (in dollars) : 0.2493 0.2379 -Diluted (in dollars) : 0.2491 N/A Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : 68,630 65,485 Final Dividend : 4.0 cents 3.5 cents per Share (Specify if with other : N/A N/A options) B/C Dates for Final Dividend : 20/8/2004 to 25/8/2004 bdi. Payable Date : 21/9/2004 B/C Dates for Annual General Meeting : 20/8/2004 to 25/8/2004 bdi. Other Distribution for : N/A Current Period B/C Dates for Other Distribution : N/A Remarks: 1. Business and geographical segment Business segments The Group's operation is regarded as a single segment, being an enterprise engaged in watch trading. Geographical segments The Group's operations are located in Hong Kong and Mainland China (the "PRC"), representing the basis on which the Group reports its primary segment information. The following table provides an analysis of the Group's geographical segment information. Turnover Results 2004 2003 2004 2003 HK$'000 HK$'000 HK$'000 HK$'000 Hong Kong 1,851,239 1,868,637 72,587 76,672 PRC 206,256 164,599 6,695 3,942 Inter-segment sales elimination (181,262) (131,457) - - ------------------------------------------------------------------------- 1,876,233 1,901,779 79,282 80,614 ========== ========== Unallocated other operating income 2,202 202 Unallocated corporate expenses (102) (1,637) -------- ---------- Profit from operations 81,382 79,179 Finance costs (1,175) (1,603) -------- --------- Profit before taxation 80,207 77,576 Taxation (11,577) (12,091) ---------- ---------- Net profit attributable to shareholders 68,630 65,485 ========= ======== Inter-segment sales are charged at the prevailing market rate 2. Taxation 2004 2003 HK$'000 HK$'000 The charge comprises: Hong Kong Profits Tax calculated at 17.5% (2003: 16%) on the estimated assessable profit for the year (10,843) (13,057) (Under)/overprovision in prior years (75) 1,443 --------------------------------------- (10,918) (11,614) Mainland China income tax (949) (540) Deferred taxation 290 63 ---------- -------- (11,577) (12,091) ========== ========== The income tax in Mainland China (the "PRC") is calculated at the rates prevailing pursuant to the relevant laws and regulations. 3. Dividends 2004 2003 HK$'000 HK$'000 Interim dividend of 2.0 Hong Kong cents (2003: 2.0 Hong Kong cents) per share 5,505 5,505 Proposed final dividend of 4.0 Hong Kong cents (2003: 3.5 Hong Kong cents) per share 11,010 9,634 ------ ------- 16,515 15,139 ======= ======== The final dividend proposed for the year ended 31 March 2004 is calculated on the basis of 275,253,200 shares in issue at the date of this report. 4. Earnings per share The calculation of the basic and diluted earnings per share for the year is based on the following data: 2004 2003 HK'000 HK$'000 Earnings: Net profit attributable to shareholders and earnings for the purposes of basic and diluted earnings per share 68,630 65,485 ====== ======== Number of shares 2004 2003 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 205,570 ------------------ Weighted average number of shares for the purposes of diluted earnings per share 275,458,770 =========== No diluted earinings per share hae been presented in 2003 as there were no potential dilutive shares issuable under the Company's share option scheme.