WH Group Limited — Earnings Release 2005

Jul 27, 2005

Listed Company Information

Listed Company Information
PREMIUM LAND<00164> - Results Announcement Premium Land Limited announced on 27/07/2005: (stock code: 00164 ) Year end date: 31/03/2005 Currency: HKD Auditors' Report: Qualified (Audited ) (Audited ) Last Current Corresponding Period Period from 01/04/2004 from 01/04/2003 to 31/03/2005 to 31/03/2004 Note ('000 ) ('000 ) Turnover : 95,364 183,650 Profit/(Loss) from Operations : (246,380) (171,302) Finance cost : (9,285) (20,272) Share of Profit/(Loss) of Associates : N/A (40) Share of Profit/(Loss) of Jointly Controlled Entities : N/A N/A Profit/(Loss) after Tax & MI : (120,841) (67,205) % Change over Last Period : N/A % EPS/(LPS)-Basic (in dollars) : (0.501) (0.355) -Diluted (in dollars) : N/A N/A Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : (120,841) (67,205) 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. POTENTIAL IMPACT ARISING FROM THE RECENTLY ISSUED ACCOUNTING STANDARDS In 2004, the Hong Kong Institute of Certified Public Accountants ("HKICPA") issued a number of new or revised Hong Kong Accounting Standards and Hong Kong Financial Reporting Standards ("HKFRS") (herein together collectively referred to as "new HKFRSs") which are effective for accounting periods beginning on or after 1st January, 2005, except for HKFRS 3 "Business Combination". The Group has not early adopted these new HKFRSs in the financial statements for the year ended 31st March, 2005. HKFRS 3 "Business Combination" is applicable to business combination for which the agreement date is on or after 1st January, 2005. The Group has entered into agreements for business combination for which the agreement dates were after 1st January, 2005 and has adopted HKFRS 3 for these business combination. The Group has considered the other new HKFRSs and identified certain new HKFRS may have a material effect on how the results of operations and financial positions are prepared and presented. 2. AN EXTRACT OF QUALIFIED AUDIT OPINION Qualified opinion arising from limitation of scope Except for the limitation of scope in relation to Hangzhou Hengyun Traffic Development Co. Ltd (the "HZHY") in the opinion of the auditors' the financial statements give a true and fair view of the state of affairs of the Company and of the Group as at 31st March, 2005 and of the loss and cash flows of the Group for the year then ended and have been properly prepared in accordance with the disclosure requirements of the Hong Kong Companies Ordinance. In respect alone of the limitation on the auditors' work relating to HZHY: (i) the auditors have not obtained all the information and explanations that the auditors considered necessary for the purpose of their audit; and (ii) the auditors are unable to determine whether proper books of account have been kept. 3. LOSS PER SHARE The calculation of the basic loss per share is based on the net loss for the year of HK$120,841,000 (2004: HK$67,205,000) and on the weighted average number of 241,436,167 (2004: 189,381,042) ordinary shares in issue during the year. The computation of diluted loss per share for each of the two years ended 31st March, 2004 and 2005 does not assume the exercise of the share options and convertible notes of the Company since their exercise would result in a decrease in loss per share. The weighted average number of ordinary shares for the purpose of calculating basic loss per share for the year ended 31st March, 2004 and 2005 have been retrospectively adjusted for the effect of the capital reorganisation approved by the shareholders of the Company on 6th April, 2005 4. The Board does not recommend the payment of dividend for the year ended 31st March 2005 (2004 : NIL)