IGG Inc — Earnings Release 2006

Jul 19, 2006

Listed Company Information

Listed Company Information
ORIENTAL WATCH<00398> - Results Announcement ORIENTAL WATCH HOLDINGS LIMITED announced on 19/07/2006: (stock code: 00398 ) Year end date: 31/03/2006 Currency: HKD Auditors' Report: Unqualified (Audited ) (Audited ) Last Current Corresponding Period Period from 01/04/2005 from 01/04/2004 to 31/03/2006 to 31/03/2005 Note ('000 ) ('000 ) Turnover : 2,022,381 2,041,810 Profit/(Loss) from Operations : 84,712 90,943 Finance cost : (5,343) (2,435) 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 : 65,271 73,994 % Change over Last Period : -11.79 % EPS/(LPS)-Basic (in dollars) : 0.2371 0.2688 -Diluted (in dollars) : N/A N/A Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : 65,271 73,994 Final Dividend : 4.00 cents 4.50 cents per Share (Specify if with other : N/A N/A options) B/C Dates for Final Dividend : 24/08/2006 to 29/08/2006 bdi. Payable Date : 20/09/2006 B/C Dates for Annual General Meeting : 24/08/2006 to 29/08/2006 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 2006 2005 2006 2005 HK$'000 HK$'000 HK$'000 HK$'000 Hong Kong 1,654,842 1,857,567 67,034 78,738 PRC 367,539 305,360 16,594 12,302 Inter-segment sales elimination - (121,117) - - ___________________________________________________________________ 2,022,381 2,041,810 83,628 91,040 ================================================================== Unallocated other income 2,398 202 Unallocated corporate expenses (1,314) (299) ______________________________ Profit from operations 84,712 90,943 Finance costs (5,343) (2,435) ______________________________ Profit before taxation 79,369 88,508 Taxation (14,098) (14,514) ______________________________ Net profit attributable to shareholders 65,271 73,994 ============================== Inter-segment sales are charged at the prevailing market rate 2. Taxation 2006 2005 HK$'000 HK$'000 The charge comprises: Hong Kong Profits Tax calculated at 17.5% on the estimated assessable profit for the year (11,373) (12,798) Over(under)provision in prior years - 142 _________________________________________ (11,373) (12,656) PRC income tax (2,725) (1,858) _________________________________________ (14,098) (14,514) =========================================== The PRC income tax is calculated at the rates prevailing pursuant to the relevant laws and regulations. 3. Dividends 2006 2005 HK$'000 HK$'000 Interim dividend of 2.5 Hong Kong cents (2005: 2.0 Hong Kong cents) per share 6,881 5,505 Proposed final dividend of 4.0 Hong Kong cents (2005: 4.5 Hong Kong cents) per share 11,010 12,386 ______________________________ 17,891 17,891 ============================== The final dividend proposed for the year ended 31 March 2006 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: 2006 2005 HK'000 HK$'000 Earnings: Net profit attributable to shareholders and earnings for the purposes of basic and diluted earnings per share 65,271 73,994 ============================= Number of shares 2006 2005 Number of shares for the purposes of basic earnings per share 275,253,200 275,253,200 ============================= 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.