Silkwave Inc — Earnings Release 2003

Sep 25, 2003

Listed Company Information

SOUTH CHINA H<00265> - Results Announcement (Summary) (Revised) South China Holdings Limited announced on 24/09/2003: (stock code: 00265 ) Year end date: 31/12/2003 Currency: HKD Auditors' Report: N/A Review of Interim Report by: Audit Committee (Unaudited ) (Unaudited ) Last Current Corresponding Period Period from 1/1/2003 from 1/1/2002 to 30/6/2003 to 30/6/2002 Note ('000 ) ('000 ) Turnover : 1,330,234 716,959 Profit/(Loss) from Operations : (41,475) (114,021) Finance cost : (5,250) (7,135) Share of Profit/(Loss) of Associates : (6,436) (77,301) Share of Profit/(Loss) of Jointly Controlled Entities : N/A N/A Profit/(Loss) after Tax & MI : (27,426) (79,413) % Change over Last Period : N/A % EPS/(LPS)-Basic (in dollars) : (0.015) (0.0436) -Diluted (in dollars) : N/A N/A Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : (27,426) (79,413) 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. Changes in principal accounting policy The Group has adopted SSAP 36 "Agriculture" during the six months ended 30 June 2003. The principal effect of implementation of SSAP 36 is in relation to the agricultural activity. SSAP 36 requires the measurement of biological assets at their fair value and introduces certain new disclosure requirements for biological assets and agricultural produce. The effect of the change in policy on the Group's results for the six months ended 30 June 2002 was the reduction of loss attributable to shareholders by approximately HK$6,166,000 (HK$85,579,000 - HK$79,413,000). This adjustment relates to the recognition of the biological assets at their fair value as at the respective balance sheet dates. 2. Loss from operations for the six months ended 30 June 2002 excluded the net gain on disposal of subsidiaries of approximately HK$86,142,000 as stated in the 2002 Interim Report. 3. Share of loss of associates for the six months ended 30 June 2002 included loss on interest in an associate of approximately HK$75,000,000. 4. The calculation of basic loss per share is based on the loss attributable to shareholders of approximately HK$27,426,000 (six months ended 30 June 2002: HK$79,413,000) and on approximately 1,823,401,000 shares (six months ended 30 June 2002: 1,823,401,000 shares) in issue during the period. Diluted loss per share is not shown as there is no dilution effect for both periods.