Regent Pacific Group Limited — Earnings Release 2000

Jul 14, 2000

Listed Company Information

IREGENT.COM<0575> - Results Announcement iRegent.com Limited announced on 14/7/2000: (stock codes: Ord: 575 & War: 633) Year end date: 31/3/2000 Currency: USD (Audited) (Audited) Last Current Corresponding Period Period from 1/4/1999 from 1/4/1998 to 31/3/2000 to 31/3/1999 ('000) ('000) Turnover Investment management, corporate finance, property management and stockbroking : 22,585 20,502 Corporate investment, income, realised and unrealised gains and losses : 32,073 (52,699) ------- -------- 54,658 (32,197) ------- -------- Expenses Personnel costs : (30,358) (11,085) Marketing costs and commissions : (3,404) (2,797) Other costs : (6,171) (8,621) -------- -------- (39,933) (22,503) -------- -------- 14,725 (54,700) Share of Profit/(Loss) of Associated Companies and subsidiaries under temporary control : 32,178 4,251 Operating profit/(loss) on core activities : 46,903 (50,449) Profit on sales of interests in associated companies and subsidiaries under temporary control : 57,325 1,174 Loss on disposal of subsidiaries : (5,385) - Operating profit/(loss) from ordinary activities : 98,843 (49,275) Finance costs - interest on bank overdraft : (462) (688) Profit/(Loss) before taxation : 98,381 (49,963) Taxation : (12,283) (1,090) Profit/(Loss) after taxation : 86,098 (51,053) Minority interests : (534) 764 Net profit/(loss) attributable to shareholders : 85,564 (50,289) % Change over Last Period : N/A EPS/(LPS)-Basic : US9.3 cents (US5.4 cents) -Diluted : - - Extraordinary (ETD) Gain/(Loss) : - - Profit/(Loss) after ETD Items : 85,564 (50,289) Third Interim Dividend per Share * : US0.500 cent US0.646 cent * (see remarks note 5) (Specify if with other options) : - - B/C Dates for Third Interim Dividend : 1/8/2000 to 4/8/2000 bdi. Payable Date : 30/8/2000 B/C Dates for (-) General Meeting : N/A Other Distribution for Current Period : N/A B/C Dates for Other Distribution : N/A Remarks: 1) Basis of presentation The Company was incorporated in the Cayman Islands under the Companies Law as an exempted company with limited liability on 7 May 1991. The Company's shares were listed on The Stock Exchange of Hong Kong Limited (the "Stock Exchange") on 19 May 1997. Its registered office is at P O Box 309, Ugland House, South Church Street, George Town, Grand Cayman, Cayman Islands, British West Indies. The audited consolidated profit and loss account of the Group includes the results of the companies now comprising the Group throughout the year from 1 April 1999 to 31 March 2000. All material intra-group transactions and balances have been eliminated on consolidation. Where the financial year end dates of the associated companies differ from 31 March, the results of such associated companies, which are not material to the consolidated results of the Group, have been included in this report by reference to their respective management accounts. The nature of the Company's operations is as follows:- a. Asset management b. Corporate finance c. Stockbroking d. Corporate investment e. Property management 2) Restatement of comparative figures The exceptional item in the prior year profit and loss account of a loss of US$60,109,000, which related to the write down of investments in Russia and certain former Soviet satellite republics and losses on Eastern European stockbroking, has this year been included in turnover (corporate investment, income, realised and unrealised gains and losses) and expenses as relevant. In the current year, turnover includes gains, both realised and unrealised, on investments which had been written down in the prior year as part of the exceptional loss. 3) Turnover For the year ended 31 March 2000 1999 US$'000 US$'000 Investment management, advisory, administration and performance fees 18,115 25,463 Placement, arrangement and other corporate finance and advisory fees and commissions 2,682 2,713 Property management 531 - Stockbroking, including dealing profits and losses 1,257 (7,674) ----- ------- 22,585 20,502 ====== ====== 4) Taxation For the year ended 31 March 2000 1999 US$'000 US$'000 Group - Hong Kong profits tax for the year - - - Overprovision of Hong Kong profits tax in respect of prior year - (29) Overseas taxation Group subsidiaries 1,314 845 Share of tax of associated companies and subsidiaries under temporary control 11,233 - Deferred taxation (264) 274 ----- ---- 12,283 1,090 ====== ===== No provision for Hong Kong profits tax has been made in the financial statements as all the Group companies which are subject to such tax have sustained losses for taxation purposes for the year. Taxes on profits assessable in overseas countries have been calculated at the rates of taxation prevailing in such countries. Provision has been set aside in respect of all entities where the directors believe a liability exists. 5) Dividends For the year ended 31 March 2000 1999 US$'000 US$'000 Interim dividend for 1999 -- 5,910 First interim dividend of 1.0296 US cents 9,466 -- Second interim dividend of 1.541 US cents or a share in Regent Europe Limited 23,325 -- Third interim dividend of 0.5US cents 5,947 -- ----- ----- 38,738 5,910 ====== ===== The third interim dividend will be paid on 30 August 2000 to shareholders whose names appear on the Register of Members of the Company on 4 August 2000. 6) Earnings/(Loss) per share The calculation of earnings/(loss) per share is based on the net profit attributable to shareholders for the year of US$85.6 million (1999: loss of US$50.3 million) and the weighted average number of shares of 917,059,287 (1999: 926,565,521 shares) in issue during the year. Diluted earnings per share is not presented as the potential ordinary shares are not dilutive.