UPBEST GROUP<0335> - Results Announcement
Upbest Group Limited announced on 18/12/2000:
(stock code: 335)
Year end date: 31/3/2001
Currency: HKD (Unaudited)
(Unaudited) Last
Current Corresponding
Period Period
from 1/4/2000 from 1/4/1999
to 30/9/2000 to 30/9/1999
('000) ('000)
Turnover : 32,256 24,246
Profit/(Loss) from Operations : 51,139 17,581
Finance cost : (2,128) (2,837)
Share of Profit/(Loss) of Associates : 0 0
Share of Profit/(Loss) of
Jointly Controlled Entities : 0 0
Profit/(Loss) after Tax & MI : 45,595 12,528
% Change over Last Period : +264%
EPS/(LPS)-Basic : 22 cents 6 cents
-Diluted : N/A N/A
Extraordinary (ETD) Gain/(Loss) : 0 0
Profit/(Loss) after ETD Items : 45,595 12,528
Interim Dividend per Share : NIL N/A
(Specify if with other options) : - -
B/C Dates for Interim Dividend : N/A
Payable Date : N/A
B/C Dates for (-) General Meeting : N/A
Other Distribution for Current Period : N/A
B/C Dates for Other Distribution : N/A
Remarks:
1. Group reorganisation and basis of presentation
The Company was incorporated on 28 July 2000. Pursuant to a group
reorganisation (the "Reorganisation") to rationalise the group structure
in preparation for the listing of the Company's shares on The Stock
Exchange of Hong Kong Limited (the "Stock Exchange"), the Company became
the holding company of the Group effective on 21 September 2000. Upon
completion of the Reorganisation, 210,000,000 ordinary shares of HK$0.01
each had been issued. On 10 October 2000, 70,000,000 ordinary shares of
HK$0.01 each were issued and allotted to the public at HK$1.00 per share.
Although the current group structure resulting from the Reorganisation did
not legally exist until 21 September 2000, the Directors consider that it
is more appropriate and meaningful to treat the Group as a continuing
entity. Accordingly the consolidated results of the Group have been
prepared on the basis as if the current group structure had been in
existence throughout the periods presented. All significant intra-group
transactions and balances have been eliminated.
2. Accounting policies
The unaudited condensed consolidated interim financial statements have
been prepared in accordance with the same accounting policies and on a
basis consistent with those adopted in the section headed "Accountant
Report" in the Appendix I of the Prospectus of the Company dated 29
September 2000. The unaudited condensed consolidated interim financial
statements comply with Hong Kong Statement of Standard Accounting Practice
25 "Interim Financial Reporting".
3. Basic earnings per share
The calculation basic earnings per share is based on the Group's profit
attributable to shareholders for the six months ended 30 September 2000 of
HK$45,595,000 (1999: HK$12,528,000) and the weighted average number of
210,000,000 shares (1999: 210,000,000 shares) deemed to be in issue during
the period.
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