Pacific Basin Shipping Limited — Earnings Release 2002

Jul 16, 2002

Listed Company Information

RISING DEV HOLD<01004> - Results Announcement (Summary) Rising Development Holdings Limited announced on 16/7/2002: (stock code: 1004) Year end date: 31/3/2002 Currency: HKD Auditors' Report: Unqualified Review of Interim Report by: N/A (Audited) (Audited) Last Current Corresponding Period Period from 1/4/2001 from 1/4/2000 to 31/3/2002 to 31/3/2001 ('000) ('000) Turnover : 145,428 155,570 Profit/(Loss) from Operations : 16,676 16,537 Finance cost : (657) (229) Share of Profit/(Loss) of Associates : - - Share of Profit/(Loss) of Jointly Controlled Entities : - - Profit/(Loss) after Tax & MI : 20,096 15,451 % Change over Last Period : +30% EPS/(LPS)-Basic : 5 cents 3.9 cents -Diluted : N/A 3.9 cents Extraordinary (ETD) Gain/(Loss) : - - Profit/(Loss) after ETD Items : 20,096 15,451 Final Dividend per Share : 1.8 cents 1 cent (Specify if with other options) : - - B/C Dates for Final Dividend : 16/8/2002 to 23/8/2002 bdi. Payable Date : 27/8/2002 B/C Dates for Annual General Meeting : 16/8/2002 to 23/8/2002 bdi. Other Distribution for Current Period : - B/C Dates for Other Distribution : - Remarks: 1. Principal accounting policies In the current year, the Group adopted the following new or revised Statements of Standard Accounting Practice ("SSAPs") issued by the Hong Kong Society of Accountants which are, unless otherwise stated, effective for accounting periods commencing on or after 1st January 2001: SSAP 9 ( revised ) Events after the balance sheet date SSAP 14 ( revised ) Leases ( effective for the periods commencing on or after 1st July 2000 ) SSAP 18 ( revised ) Revenue SSAP 26 Segment reporting SSAP 28 Provisions, contingent liabilities and contingent assets SSAP 29 Intangible assets SSAP 30 Business combinations SSAP 31 Impairment of assets SSAP 32 Consolidated financial statements and accounting for investments in subsidiaries Comparative figures previously presented have been restated after the adoption of the new and revised SSAPs above. The effect of adopting these new or revised standards is set out in the accounting policies in the financial statements. 2. Earnings per share The calculation of basic earnings per share is based on the net profit from ordinary activities attributable to shareholders for the year of approximately HK$20,096,000 (2001: HK$15,451,000) and on the weighted average of 398,264,000 ordinary shares (2001: 398,289,894 ordinary shares) in issue during the year. Diluted earnings per share for 2002 is not presented because there were no dilutive potential shares in existence during the year ended 31st March, 2002. 3. Comparative Amounts Due to the adoption of certain new and revised SSAPs during the current year, the accounting treatment and presentation of certain items and balances in the financial statements have been revised to comply with the new requirements. Accordingly, certain comparative amounts have been reclassified to conform with the current year's presentation.