IGG Inc — Earnings Release 2005

Jul 20, 2005

Listed Company Information

Listed Company Information
ORIENTAL WATCH<00398> - Results Announcement ORIENTAL WATCH HOLDINGS LIMITED announced on 20/07/2005: (stock code: 00398 ) Year end date: 31/03/2005 Currency: HKD Auditors' Report: Unqualified (Audited ) (Audited ) Last Current Corresponding Period Period from 01/04/2004 from 01/04/2003 to 31/03/2005 to 31/03/2004 Note ('000 ) ('000 ) Turnover : 2,041,810 1,876,233 Profit/(Loss) from Operations : 90,943 81,382 Finance cost : (2,435) (1,175) 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 : 73,994 68,630 % Change over Last Period : +7.8 % EPS/(LPS)-Basic (in dollars) : 0.2688 0.2493 -Diluted (in dollars) : N/A 0.2491 Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : 73,994 68,630 Final Dividend : 4.50 cents 4.0 cents per Share (Specify if with other : N/A N/A options) B/C Dates for Final Dividend : 26/08/2005 to 31/08/2005 bdi. Payable Date : 21/09/2005 B/C Dates for Annual General Meeting : 26/08/2005 to 31/08/2005 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 2005 2004 2005 2004 HK$'000 HK$'000 HK$'000 HK$'000 Hong Kong 1,857,567 1,851,239 78,738 72,587 PRC 305,360 206,256 12,302 6,695 Inter-segment sales elimination (121,117) (181,262) - - ------------------------------------------------------------------- 2,041,810 1,876,233 91,040 79,282 ============================ Unallocated other operating income 202 2,202 Unallocated corporate expenses (299) (102) --------------------- Profit from operations 90,943 81,382 Finance costs (2,435) (1,175) ---------------------- Profit before taxation 88,508 80,207 Taxation (14,514) (11,577) ------------------------ Net profit attributable to shareholders 73,994 68,630 ===================== Inter-segment sales are charged at the prevailing market rate 2. Taxation 2005 2004 HK$'000 HK$'000 The charge comprises: Hong Kong Profits Tax calculated at 17.5% on the estimated assessable profit for the year (12,798) (10,843) Over(under)provision in prior years 142 (75) ------------------------------------------- (12,656) (10,918) PRC income tax (1,858) (949) Deferred taxation - 290 ----------------------------------------- (14,514) (11,577) ========================================= The PRC income tax is calculated at the rates prevailing pursuant to the relevant laws and regulations. 3. Dividends 2005 2004 HK$'000 HK$'000 Interim dividend of 2.0 Hong Kong cents (2004: 2.0 Hong Kong cents) per share 5,505 5,505 Proposed final dividend of 4.5 Hong Kong cents (2004: 4.0 Hong Kong cents) per share 12,386 11,010 ------------------------------ 17,891 16,515 ================================ The final dividend proposed for the year ended 31 March 2005 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: 2005 2004 HK'000 HK$'000 Earnings: Net profit attributable to shareholders and earnings for the purposes of basic and diluted earnings per share 73,994 68,630 ================================== Number of shares 2005 2004 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 earnings per share has been presented in the current year because the exercise price of the Company's options was higher than the average market price for shares in the current year.