IRC Limited — Earnings Release 2000

Apr 27, 2000

Listed Company Information

LAI SUN DEV<0488> - Results Announcement Lai Sun Development Company Limited announced on 27/4/2000: (stock code: 488) Year end date: 31/7/2000 Currency: HK$ (Unaudited) (Unaudited) Last Current Corresponding Period Period from 1/8/1999 from 1/8/1998 to 31/1/2000 to 31/1/1999 Turnover - Continuing : 983,103,000 911,301,000 - Discontinued : - - Operating Profit/(Loss) - Continuing : (1,786,422,000) (1,202,659,000) - Discontinued : - - Total Operating Profit/(Loss) : (1,786,422,000) (1,202,659,000) Share of Profit/(Loss) of Associated Companies : (45,706,000) (196,507,000) Share of Profit/(Loss) of Jointly Controlled Entities : - - Profit/(Loss) after Tax & MI : (1,338,116,000) (1,368,799,000) % Change over Last Period : N/A EPS/(LPS)-Basic : (0.38) (0.64) -Diluted : N/A N/A Extraordinary (ETD) Gain/(Loss) : - - Profit/(Loss) after ETD Items : (1,338,116,000) (1,368,799,000) Interim Dividend per Share : Nil Nil (Specify if with other options) : - - B/C Dates for Interim Dividend : N/A Payable Date : N/A B/C Dates for (-) General Meeting : - Other Distribution for Current Period : - B/C Dates for Other Distribution : - Remarks: (1) Exceptional items 1/8/1999 1/8/1998 to to 31/1/2000 31/1/1999 HK$'000 HK$'000 Provision for diminution in value of a property under development (i) 559,679 - Provisions for diminutions in values of hotel properties (ii) 649,257 - Loss on disposal and provisions for diminutions in values of long term investments - 646,714 ---------- --------- 1,208,936 646,714 ========== ======== (i) This represented a further provision made for the diminution in value of Furama Hotel Hong Kong with reference to the estimated loss that would arise from the conditional sale as detailed in "Post Balance Sheet Events" in the press announcement. (ii) This represented provisions made for the diminutions in values of certain hotel properties held by the Group. (2) Loss per share The calculation of basic loss per share for the six months ended 31st January, 2000 is based on the net loss attributable to shareholders of HK$1,338,116,000 (1999: HK$1,368,799,000) and the number of ordinary shares in issue during the period of 3,536,002,000 shares (1999: weighted average number of ordinary shares in issue during the period of 2,132,737,000 shares). The weighted average number of ordinary shares in issue for the six months ended 31st January, 1999 is arrived at by adjusting the number of ordinary shares in issue prior to the rights issue of 3rd February, 1999 with a factor of 1.2063. No diluted loss per share for the six months ended 31st January, 1999 and 2000 has been presented as the effect of the assumed conversion of the warrants, convertible bonds and convertible notes of the Group or share options of a subsidiary outstanding during the periods would be anti-dilutive.