IRC Limited — Earnings Release 1999

Apr 30, 1999

Listed Company Information

LAI SUN DEV<0488> - Results Announcement Lai Sun Development Company Limited announced on 29/4/1999: (stock code: 488) Year end date: 31/7/1999 Currency: HK Dollar Last Current Corresponding Period Period from 1/8/1998 from 1/8/1997 to 31/1/1999 to 31/1/1998 ('000) ('000) Turnover : 911,301 1,923,503 Profit-Continuing Operations - Operating Profit/(Loss) : (555,945) 342,151 - Exceptional Items : (646,714) - - Discontinued Operations : - - Total Operating Profit/(Loss) : (1,202,659) 342,151 Share of Profit/(Loss) of Associated Companies : (196,507) 8,573 Profit/(Loss) after Tax & MI : (1,368,799) 218,568 % Change over Last Period : N/A EPS/(LPS)-Basic : (64.2 cents) 16.8 cents -Diluted : N/A N/A Extraordinary (ETD) Gain/(Loss) : - - Profit/(Loss) after ETD Items : (1,368,799) 218,568 Interim Dividend per Share : Nil 6.0 cents (Specify if with other options) : - - B/C Dates for Interim Dividend : N/A Payable Date : N/A B/C Dates for (-) General Meeting : N/A Other Distribution for Current Period : N/A B/C Dates for Other Distribution : N/A Remarks: (1) Exceptional items Exceptional items represents loss on disposal and provision for diminution in value of long term investments during the period. (2) Earnings per share: The calculation of the basic loss per share for the six months ended 31st January, 1999 is based on the net loss attributable to shareholders of HK$1,368,799,000 (1998: net profit attributable to shareholders of HK$218,568,000) and the weighted average number of ordinary shares in issue during the period of 2,132,737,000 shares (1998: 1,301,334,000 shares). The weighted average number of ordinary shares in issue for the six months ended 31st January, 1999 has been adjusted to reflect the effects of the rights issue which occurred in February, 1999 subsequent to the period end date. The weighted average number of ordinary shares in issue for the six months ended 31st January, 1998 has been adjusted to reflect the effect of the rights issues which occurred in July, 1998 and February, 1999. Diluted earnings/(loss) per share is not shown as potential ordinary shares are anti-dilutive. The adoption of the revised Statement of Standard Accounting Practice 2,105 "Earnings Per Share" issued by the Hong Kong Society of Accountants in May, 1998 (the "revised SSAP") has resulted in certain modification to the basis of calculation of the earnings per share. Comparative figures for the corresponding previous period have been restated in accordance with the provisions of the revised SSAP. For more details, please refer to the press announcement today.