Silkwave Inc — Earnings Release 2003

Apr 26, 2004

Listed Company Information

Listed Company Information
SOUTH CHINA H<00265> - Results Announcement South China Holdings Limited announced on 24/4/2004: (stock code: 00265 ) Year end date: 31/12/2003 Currency: HKD Auditors' Report: Unqualified (Audited ) (Audited ) Last Current Corresponding Period Period from 01/01/2003 from 01/01/2002 to 31/12/2003 to 31/12/2002 Note ('000 ) ('000 ) Turnover : 3,407,870 1,980,605 Profit/(Loss) from Operations : 165,463 (200,219) Finance cost : (11,523) (15,102) Share of Profit/(Loss) of Associates : (5,923) (8,109) Share of Profit/(Loss) of Jointly Controlled Entities : N/A N/A Profit/(Loss) after Tax & MI : 93,383 (170,650) % Change over Last Period : N/A % EPS/(LPS)-Basic (in dollars) : 0.051 (0.094) -Diluted (in dollars) : N/A N/A Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : 93,383 (170,650) Final Dividend : 0.55 cent NIL per Share (Specify if with other : N/A N/A options) B/C Dates for Final Dividend : 24/05/2004 to 25/5/2004 bdi. Payable Date : 18/08/2004 B/C Dates for Annual General Meeting : 24/05/2004 to 25/5/2004 bdi. Other Distribution for : N/A Current Period B/C Dates for Other Distribution : N/A Remarks: 1. Principal accounting policies In 2003, the Group has adopted, for the first time, the following Hong Kong Financial Reporting Standards (HKFRS) issued by the Hong Kong Society of Accountants (HKSA). The term of HKFRS is inclusive of Statements of Standard Accounting Practice (SSAP) and Interpretations approved by the HKSA. The effect on adopting of new and revised standards are as follows: SSAP 12 (Revised) Income Taxes - The principal effect of the implementation of SSAP 12 (Revised) is in relation to deferred tax. SSAP 12 (Revised) requires the adoption of a balance sheet liability method, whereby deferred tax is recognised in respect of all temporary differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax basis used in the computation of taxable profit, with limited exceptions. The adoption of the Standard has no material effect on the Group's results other than presentational changes. SSAP 36 Agriculture - The principal effect of implementation of SSAP 36 is in relation to the agricultural activity. SSAP 36 requires the measurement of biological assets and agricultural produce at their fair value. In the absence of specific transitional requirements in SSAP 36, the new accounting policy has been applied retrospectively. The effect of the change in policy on the Group's results for the year ended 31 December 2002 was the reduction of loss by approximately HK$16,320,000. 2. Earnings (Loss) per share The calculation of basic earnings (loss) per share is based on the profit attributable to shareholders of approximately HK$93,383,000 (2002: loss of HK$170,650,000) and on approximately 1,823,401,000 shares (2002: approximately 1,823,401,000 shares) in issue during the year. In 2003, no diluted earnings per share is presented because the exercise price of the Company's warrants was higher than the average market price for shares. In 2002, no diluted loss per share is presented because there is no dilution effect.