Kerry Properties Limited — Earnings Release 2005

Sep 23, 2005

Listed Company Information

Listed Company Information
KERRY PPT<00683> - Results Announcement Kerry Properties Limited announced on 23/09/2005: (stock code: 00683 ) Year end date: 31/12/2005 Currency: HKD Auditors' Report: N/A Interim report reviewed by: Audit Committee (Unaudited ) (Unaudited ) Last Current Corresponding Period Period from 01/01/2005 from 01/01/2004 to 30/06/2005 to 30/06/2004 Note ('000 ) ('000 ) Turnover : 3,845,593 2,631,849 Profit/(Loss) from Operations : 1,631,500 744,302 Finance cost : (45,227) (61,642) Share of Profit/(Loss) of Associates : 276,526 195,371 Share of Profit/(Loss) of Jointly Controlled Entities : N/A N/A Profit/(Loss) after Tax & MI : 1,601,559 693,839 % Change over Last Period : +131 % EPS/(LPS)-Basic (in dollars) : 1.3214 0.5809 -Diluted (in dollars) : 1.2895 0.5791 Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : 1,601,559 693,839 Interim Dividend : 20 cents 20 cents per Share (Specify if with other : Scrip Scrip options) alternative alternative B/C Dates for Interim Dividend : 12/10/2005 to 14/10/2005 bdi. Payable Date : 30/11/2005 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) The 2005 unaudited interim accounts reflect the adoption of the new/revised Hong Kong Financial Reporting Standards and Hong Kong Accounting Standards issued by the Hong Kong Institute of Certified Public Accountants which became effective for accounting periods beginning on or after 1 January 2005. The comparative profit and loss account for the six months ended 30 June 2004 has been restated. 2) The most significant impact of the change in accounting standards on the Group is the adoption of fair value model for the Group's investment properties. Set out below are the effects on the Group's net profit attributable to shareholders for the six months ended 30 June 2005 as a result of adopting the fair value model in relation to the Group's investment properties:- Six months ended 30 June 2005 2004 % Change HK$ million HK$ million Profit attributable to the Company's shareholders 1,602 694 131 Less: Increase in fair value of investment properties 804 - Increase in deferred tax liabilities in relation to fair value gains of investment properties (43) - ------------------------ Net increase in fair value of investment properties 761 - Profit attributable to the Company's shareholders before taking into account the net increase in fair value of investment properties 841 694 21 ===================== 3) Basic earnings per share is calculated by dividing the profit attributable to shareholders of the Company by the weighted average number of shares in issue during the period. Six months ended 30 June 2005 2004 Weighted average number of shares in issue 1,212,029,672 1,194,366,901 ================================ HK$'000 HK$'000 Profit attributable to shareholders 1,601,559 693,839 ----------------------------- Basic earnings per share HK132.14 cents HK58.09 cents ============================= Diluted earnings per share is calculated by adjusting the profit attributable to shareholders of the Company and the weighted average number of shares outstanding for the effects of all dilutive potential shares. Six months ended 30 June 2005 2004 Weighted average number of shares in issue 1,212,029,672 1,194,366,901 Adjustment for convertible bonds 44,701,252 - Adjustment for share options 6,385,826 3,850,583 ----------------------------- Weighted average number of shares for calculation of diluted earnings per share 1,263,116,750 1,198,217,484 ================================ HK$'000 HK$'000 Profit attributable to shareholders 1,601,559 693,839 Finance cost on convertible bonds 27,205 - -------------------------- Profit used to determine diluted earnings per share 1,628,764 693,839 ======================== Diluted earnings per share HK128.95 cents HK57.91 cents ================================