IRC Limited — Interim / Quarterly Report 2006

Apr 7, 2006

Listed Company Information

Listed Company Information
LAI SUN DEV<00488> - Results Announcement Lai Sun Development Company Limited announced on 07/04/2006: (stock code: 00488 ) Year end date: 31/07/2006 Currency: HKD Auditors' Report: N/A Interim report reviewed by: Audit Committee (Unaudited ) (Unaudited ) Last Current Corresponding Period Period from 01/08/2005 from 01/08/2004 to 31/01/2006 to 31/01/2005 Note ($ ) ($ ) Turnover : 404,551,000 396,134,000 Profit/(Loss) from Operations : 277,521,000 429,059,000 Finance cost : (78,934,000) (52,582,000) Share of Profit/(Loss) of Associates : 65,413,000 49,529,000 Share of Profit/(Loss) of Jointly Controlled Entities : N/A N/A Profit/(Loss) after Tax & MI 2 : 231,297,000 (1,171,387,000) % Change over Last Period : N/A % EPS/(LPS)-Basic (in dollars) 4 : 0.02 (0.18) -Diluted (in dollars) : N/A N/A Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : 231,297,000 (1,171,387,000) Interim Dividend : NIL NIL per Share (Specify if with other : N/A N/A options) B/C Dates for Interim 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. ACCOUNTING POLICIES The accounting policies and basis of presentation used in the preparation of these interim financial statements are the same as those used in the audited financial statements for the year ended 31st July, 2005. As disclosed in the Company's audited consolidated financial statements for the year ended 31st July, 2005, the Group has resolved to early adopt all Hong Kong Financial Reporting Standards ("HKFRSs"), which also include all Hong Kong Accounting Standards ("HKASs") and Interpretations issued by the Hong Kong Institute of Certified Public Accountants (the "HKICPA"), in the financial year ended 31st July, 2005. The early adoption took place after the Group had prepared its unaudited condensed interim consolidated financial statements for the six months ended 31st January, 2005 and accordingly, the Group's results for the six months ended 31st January, 2005 were previously reported in accordance with Statements of Standard Accounting Practice ("SSAPs") issued by HKICPA. In order to conform with the current period's presentation and to comply with the new requirements of HKFRSs, certain comparative amounts have been restated and reclassified accordingly. 2. PROFIT/(LOSS) AFTER TAXATION & MI The Group's profit/(loss) after taxation & MI is arrived at after charging/(crediting): Six months ended 31/1/2006 31/1/2005 HK$'000 HK$'000 (Restated) Gain on revaluation of investment properties (178,360) (217,269) Gain on cancellation of bond payables (37,492) (28,135) Loss arising from the Bonds Settlement and eSun Debt Settlement (Note 3) - 1,483,527 ========= ========= 3. LOSS ARISING FROM THE BONDS SETTLEMENT AND ESUN DEBT SETTLEMENT In last period, 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"). 4. EARNINGS/(LOSS) PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT The calculation of basic earnings per share is based on the profit for the period attributable to equity holders of the parent of HK$231,297 ,000 (2005: loss for the period attributable to equity holders of the parent of HK$1,171,387,000 (restated)) and the weighted average number of 12,746,042,320 (2005: 6,485,145,000) ordinary shares in issue during the period. Diluted earnings/(loss) per share amounts for the current and prior periods have not been disclosed, as no diluting event existed during both periods.