Persistence Gold Group Ltd — Interim / Quarterly Report 2006

Sep 8, 2006

Listed Company Information

Listed Company Information
SHANGHAI MER H<01104> - Results Announcement Shanghai Merchants Holdings Limited announced on 08/09/2006: (stock code: 01104 ) Year end date: 31/12/2006 Currency: HKD Auditors' Report: N/A Interim report reviewed by: Both Audit Committee and Auditors (Unaudited ) (Unaudited ) Last Current Corresponding Period Period from 01/01/2006 from 01/01/2005 to 30/06/2006 to 30/06/2005 Note ('000 ) ('000 ) Turnover : 5,788 41,055 Profit/(Loss) from Operations : (5,134) 11,519 Finance cost : (958) (841) Share of Profit/(Loss) of Associates : N/A N/A Share of Profit/(Loss) of Jointly Controlled Entities : N/A N/A Profit/(Loss) after Tax & MI : (6,094) 10,532 % Change over Last Period : N/A % EPS/(LPS)-Basic (in dollars) : (0.0148) 0.0255 -Diluted (in dollars) : N/A N/A Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : (6,094) 10,532 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. BASIS OF PREPARATION These unaudited condensed interim financial statements are prepared in accordance with Hong Kong Accounting Standard ("HKAS") 34, "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants (the "HKICPA"). These interim financial statements should be read in conjunction with the 2005 annual report. 2. PRINCIPAL ACCOUNTING POLICIES The accounting policies adopted are consistent with those of the consolidated financial statements for the year ended 31 December 2005. The following new standards, amendments to standards and interpretations which are relevant to the Group's operations are mandatory for the financial year ending 31 December 2006. - HKAS 19 (Amendment) Actuarial Gains and Losses, Group Plans and Disclosures - HKAS 21 (Amendment) The Effects of Changes in Foreign Exchange Rates - Net Investment in a Foreign Operation - HKAS 39 (Amendment) Cash Flow Hedge Accounting of Forecast Intragroup Transactions - HKAS 39 (Amendment) The Fair Value Option - HKAS 39 and HKFRS 4 Financial Instruments: Recogntion and Measurement and Insurance Contracts (Amendment) - Financial Guarantee Contracts - HK(IFRIC) - INT 4 Determining Whether an Arrangement Contains a Lease The adoption of the above new/revised standards and interpretations did not result in substantial change to the Group's accounting policies. 3. BASIC EARNINGS (LOSS) PER SHARE The calculation of the basic (loss)/earnings per share is based on the loss for the period of HK$6,094,000 (2005: profit of HK$10,532,000) and on 413,000,000 (2005: 413,000,000) shares in issue during the period. Diluted (loss)/earnings per share has not been presented for the six months ended 30 June 2006 and 2005, as there were no potential dilutive shares outstanding during both periods. 4. MODIFIED INDEPENDENT REVIEW REPORT The auditors' independent review report of the Group for the six months ended 30 June 2006 has been modified due to uncertainty on the adequacy of full impairment/allowance made against the Group's available-for-sale investment and amount due from the investee company.