Silkwave Inc — Interim / Quarterly Report 2005

Sep 27, 2005

Listed Company Information

Listed Company Information
SOUTH CHINA H<00265> - Results Announcement South China Holdings Limited announced on 27/09/2005: (stock code: 00265 ) Year end date: 31/12/2005 Currency: HKD Auditors' Report: N/A Interim report reviewed by: Audit Committee (Unaudited ) (Unaudited ) Last Current Corresponding Period Period from 01/01/2005 from 01/01/2004 to 30/06/2005 to 30/06/2004 Note ('000 ) ('000 ) Turnover : 1,642,794 1,560,588 Profit/(Loss) from Operations : 37,044 41,904 Finance cost : (6,719) (4,484) Share of Profit/(Loss) of Associates : 2,077 (3,438) Share of Profit/(Loss) of Jointly Controlled Entities : N/A N/A Profit/(Loss) after Tax & MI : 27,238 22,035 % Change over Last Period : +23.6 % EPS/(LPS)-Basic (in dollars) : 0.0149 0.0121 -Diluted (in dollars) : N/A N/A Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : 27,238 22,035 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. Principal accounting policies The unaudited condensed interim financial statements ("interim financial statements") have been prepared in accordance with the requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") and in compliance with the Hong Kong Accounting Standards ("HKAS") No. 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants. These interim financial statements should be read, where relevant, in conjunction with the 2004 annual financial statements of the Group. Save as disclosed below, the accounting policies and methods of computation used in the preparation of the interim financial statements are consistent with those used in the annual financial statements for the year ended 31 December 2004. In 2005, the Group has adopted all new and revised Hong Kong Financial Reporting Standards ("HKFRSs") and HKAS (herein collectively referred to as "new HKFRSs") which are effective for periods beginning or after 1 January 2005. The comparative figures in respect of 2004 have been amended as required and where necessary, in accordance with the relevant requirements. HKAS 1 Presentation of Financial Statements HKAS 2 Inventories HKAS 7 Cash Flow Statements HKAS 8 Accounting Policies, Changes in Accounting Estimates and Errors HKAS 10 Events after Balance Sheet Date HKAS 12 Income Taxes HKAS 16 Property, Plant and Equipment HKAS 18 Revenue HKAS 19 Employee Benefits HKAS 24 Related Party Disclosures HKAS 27 Consolidated and Separate Financial Statements HKAS 32 Financial Instruments: Disclosure and Presentation HKAS 33 Earnings Per Share HKAS 34 Interim Financial Reporting HKAS 37 Provisions, Contingent Liabilities and Contingent Assets HKAS 39 Financial instruments: Recognition and Measurement The comparative figures had been amended in accordance with HKFRS 3 (which the Group had early adopted as disclosed in the 2004 audited financial statements). The change had resulted in an increase in profit of HK$14, 224,000 for the six months ended 30 June 2004. HKAS 39 does not permit to recognise, derecognise and measure financial assets and liabilities in accordance with this standard on a retrospective basis. The Group applied the previous Hong Kong Statement of Standard Accounting Practice 24 "Accounting for investments in securities" to investments in securities for the 2004 comparative information. From 1 January 2005 onwards, the Group classifies and measures its investment in equity securities in accordance with HKAS 39. Under HKAS 39, the Group's financial assets are classified as "financial assets at fair value through profit or loss" or "available-for-sale financial assets". They are carried at fair value, with changes in fair values recognised in income statement and equity respectively. These changes have had no material effect on the previous carrying amount of assets and liabilities at 1 January 2005. The adoption of other new HKFRSs does not result in substantial changes to the Group's accounting policies except certain presentation and disclosure of the accounts would be affected. 2. Basic earnings per share The calculation of basic earnings per share is based on the profit attributable to equity holders of the Company of approximately HK$27,238, 000 (six months ended 30 June 2004: HK$22,035,000) and on 1,823,401,376 shares (six months ended 30 June 2004: 1,823,401,376 shares) in issue during the period. Diluted earnings per share is not shown, as there is no dilution effect for both periods.