Uni-Bio Science Group Limited — Earnings Release 2004

Jul 28, 2004

Listed Company Information

Listed Company Information
NEW SPRING HOLD<00690> - Results Announcement New Spring Holdings Limited announced on 28/07/2004: (stock code: 00690 ) Year end date: 31/03/2004 Currency: HKD Auditors' Report: Unqualified (Audited ) (Audited ) Last Current Corresponding Period Period from 01/04/2003 from 01/04/2002 to 31/03/2004 to 31/03/2003 Note ('000 ) ('000 ) Turnover : 146,239 156,042 Profit/(Loss) from Operations : (7,929) (556) Finance cost : (5,799) (3,474) 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 : (18,880) (5,384) % Change over Last Period : N/A % EPS/(LPS)-Basic (in dollars) : (0.105) (0.03) -Diluted (in dollars) : N/A N/A Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : (18,880) (5,384) Final Dividend : NIL NIL per Share (Specify if with other : N/A N/A options) B/C Dates for Final 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. Turnover The Group is principally engaged in manufacturing and trading of packaging products, paper gifts items and promotional products. Revenues recognized during the year are as follows: Last Current Corresponding Period Period (HK$'000) (HK$'000) Turnover - continuing operation Sales of goods in invoiced valued to customers, net of discounts Packaging products 75,606 94,339 Paper gifts items 29,660 30,745 Promotional products 40,973 30,958 --------- --------- 146,239 156,042 ========= ========= 2. Operating loss Operating loss was stated after charging the following: Last Current Corresponding Period Period (HK$'000) (HK$'000) Auditors' remuneration - Current Year 300 806 - Overprovision in prior year (25) - ---------- ------------ 275 806 Cost of inventories sold 121,221 120,224 Provision for and write off of bad debts 2,035 1,462 Provision for and write off of obsolete inventories 3,348 198 Amortization of goodwill 2,650 1,342 Impairment of goodwill 95 - Depreciation of fixed assets - owned assets 8,834 6,470 - assets held under finance leases 2,209 3,798 Operating lease rentals in respect of land and buildings 1,375 1,393 Loss on fixed assets written off 366 - Loss on disposal of fixed assets 276 - Loss on partial disposal of interest in a subsidiary - 107 Investment written off 60 - Staff costs, including directors' emoluments 13,005 16,822 Exchange loss 42 - ---------- --------- 3. Taxation Hong Kong profits tax has been provided at the rate of 17.5% (2003: 16%) on the estimated assessable profit for the year. Taxation on overseas profits has been calculated on the estimated assessable profit for the year at the rates of taxation prevailing in the countries in which the Group operates. Subsidiaries of the Company established in the People's Republic of China (the "PRC") is subject to PRC Enterprise Income Tax ("EIT") on the taxable income as reported in its PRC statutory financial statements adjusted in accordance with relevant income tax laws. The applicable EIT rate is 33%. However, the subsidiaries have tax privileges granted by the PRC Government that they are entitled to full exemption from EIT for the first two years and 50% reduction in EIT for the next three years, commencing from the first profitable year after offsetting all tax losses carried forward from the previous years. No EIT is payable by the subsidiaries as they have no taxable income for the year. The amount of taxation charged/(credited) to the consolidated profit and loss account represents: Last Current Corresponding Period Period (HK$'000) (HK$'000) Hong Kong Profits tax - Current 165 425 - Overprovision in prior years (610) (924) Deferred taxation 4,940 1,730 --------- --------- 4,495 1,231 ========= ========= 4. Basic loss per share The calculation of basic loss per share (2003: loss per share) is based on the Group's loss attributable to shareholders of HK$18,880,000 (2003: loss of HK$5,384,000) and of 180,000,000 shares (2003: 180,000,000 shares) in issue during the year. Diluted loss per share was not presented for both years as there were no dilutive potential ordinary shares at year end.