IRC Limited — Earnings Release 2006

Nov 10, 2006

Listed Company Information

Listed Company Information
LAI SUN DEV<00488> - Results Announcement Lai Sun Development Company Limited announced on 10/11/2006: (stock code: 00488 ) Year end date: 31/07/2006 Currency: HKD Auditors' Report: Unqualified (Audited ) (Audited ) Last Current Corresponding Period Period from 01/08/2005 from 01/08/2004 to 31/07/2006 to 31/07/2005 Note ($ ) ($ ) Turnover : 793,807,000 788,799,000 Profit/(Loss) from Operations : 541,956,000 1,171,447,000 Finance cost : (156,943,000) (115,048,000) Share of Profit/(Loss) of Associates : 107,752,000 169,390,000 Share of Profit/(Loss) of Jointly Controlled Entities : N/A N/A Profit/(Loss) after Tax & MI 1 : 512,922,000 (705,962,000) % Change over Last Period : N/A % EPS/(LPS)-Basic (in dollars) 3 : 0.04 (0.07) -Diluted (in dollars) : 0.04 N/A Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : 512,922,000 (705,962,000) Final Dividend : NIL NIL per Share (Specify if with other : N/A N/A options) B/C Dates for Final Dividend : N/A Payable Date : N/A B/C Dates for (-) General Meeting : N/A Other Distribution for : N/A Current Period B/C Dates for Other Distribution : N/A Remarks: 1. PROFIT/(LOSS) AFTER TAXATION & MI The Group's profit/(loss) after taxation & MI is arrived at after charging/(crediting): 2006 2005 HK$'000 HK$'000 Gain on revaluation of investment properties (315,091) (599,549) (Gain)/loss on deemed disposal of interest in an associate (94,653) 16,419 Loss arising from the Bonds Settlement and eSun Debt Settlement (Note 2) - 1,483,527 ========= =========== 2. LOSS ARISING FROM THE BONDS SETTLEMENT AND ESUN SETTLEMENT In last year, the Group incurred a loss of approximately HK$1,484 million arising from the settlement of its indebtedness owed to (i) the holders of exchangeable bonds; (ii) the holders of convertible bonds (collectively, the "Bonds Settlement") and (iii) Golden Pool Enterprises Limited, a wholly-owned subsidiary of eSun Holdings Limited ("eSun") (the "eSun Debt Settlement"). 3. EARNINGS/(LOSS) PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE COMPANY The calculation of basic earnings/(loss) per share amounts is based on the profit for the year attributable to ordinary equity holders of the Company of HK$512,922,000 (2005: loss for the year attributable to ordinary equity holders of the Company of HK$705,962,000) and the 12,746,042,000 (2005: weighted average number of 9,589,864,000) ordinary shares in issue during the year. The calculation of diluted earnings per share amount for the year ended 31st July, 2006 is based on the adjusted profit attributable to equity holders of the Company for that year of HK$512,797,000 and the number of 12,746,042,000 ordinary shares in issue during that year. The current year adjusted profit attributable to equity holders of the Company is calculated based on the profit attributable to equity holders of the Company for that year of HK$512,922,000 less the dilution in the results of an associate, eSun, attributable to the Group of HK$125,000 arising from the deemed exercise of all eSun's share options being outstanding during the year. Diluted loss per share amount for the year ended 31st July, 2005 has not been disclosed, as no diluting event existed during that year.