WH Group Limited — Earnings Release 2003

Jul 29, 2003

Listed Company Information

PREMIUM LAND<00164> - Results Announcement Premium Land Limited announced on 29/07/2003: (stock code: 00164 ) Year end date: 31/03/2003 Currency: HKD Auditors' Report: Unqualified (Audited ) (Audited ) Last Current Corresponding Period Period from 01/04/2002 from 01/04/2001 to 31/03/2003 to 31/03/2002 Note ('000 ) ('000 ) Turnover : 261,304 80,028 Profit/(Loss) from Operations : (205,043) (79,185) Finance cost : (16,014) (7,774) Share of Profit/(Loss) of Associates : 51 (9,124) Share of Profit/(Loss) of Jointly Controlled Entities : N/A N/A Profit/(Loss) after Tax & MI : (220,464) (151,169) % Change over Last Period : N/A % EPS/(LPS)-Basic (in dollars) : (0.0688) (0.0839) -Diluted (in dollars) : N/A N/A Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : (220,464) (151,169) 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. The financial statements have been prepared in accordance with all Statements of Standard Accounting Practice ("SSAP") and Interpretations issued by the Hong Kong Society of Accountants, accounting principles generally accepted in Hong Kong and the disclosure requirements of the Hong Kong Companies Ordinance. The financial statements also comply with the disclosure provisions of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. In the current year, the Group adopted the following SSAPs which are effective for accounting periods commencing on or after 1 January 2002. SSAP 11 (revised) : Foreign currency translation SSAP 15 (revised) : Cash flow statements SSAP 33 : Discontinuing operations SSAP 34 : Employee benefits The new and revised SSAPs have introduced additional and revised disclosure requirements which have been adopted in these financial statements. The adoption of these new and revised SSAPs has not resulted in any major changes to the Group's accounting policies that affect the amounts reported for the current or prior periods. 2. The calculation of the basic loss per share is based on the loss for the year of HK$220,464,000 (2002: HK$151,169,000) and on the weighted average number of 3,202,436,654 shares (2002: 1,801,598,435 shares) in issue after adjustment for the share subdivision pursuant to the resolutions passed by the shareholders of the Company at a special general meeting held on 24th April 2002. No diluted loss per share has been presented because the exercise of the Company's outstanding share options and warrants would reduce the loss per share for both years. 3. The Board does not recommend the payment of dividend for the year ended 31st March 2003 (2002 : NIL)