UPBEST GROUP<0335> - Results Announcement (Summary)
Upbest Group Limited announced on 18/7/2001:
(stock code: 335)
Year end date: 31/3/2001
Currency: HK$ (Audited)
(Audited) Last
Current Corresponding
Period Period
from 1/4/2000 from 1/4/1999
to 31/3/2001 to 31/3/2000
('000) ('000)
Turnover : 64,338 60,527
Profit/(Loss) from Operations : 71,640 51,203
Finance cost : (8,069) (5,682)
Share of Profit/(Loss) of Associates : 0 0
Share of Profit/(Loss) of
Jointly Controlled Entities : 0 0
Profit/(Loss) after Tax & MI : 56,692 39,182
% Change over Last Period : +44.69%
EPS/(LPS)-Basic : 23.1 cents 18.7 cents
-Diluted : N/A N/A
Extraordinary (ETD) Gain/(Loss) : 0 0
Profit/(Loss) after ETD Items : 56,692 39,182
Final Dividend per Share : 10 cents N/A
(Specify if with other options) : - -
B/C Dates for Final Dividend : 27/8/2001 to 31/8/2001 bdi.
Payable Date : 5/9/2001
B/C Dates for Annual General Meeting : 27/8/2001 to 31/8/2001 bdi.
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$1.00 per share.
Although the current group structure resulting from the Reorganisation did
not legally exist until 21 September 2000, the Directors consider that it
is more appropriate and meaningful to treat the Group as a continuing
entity. Accordingly the consolidated results of the Group have been
prepared on the basis as if the current group structure had been in
existence throughout the periods presented. All significant intra-group
transactions and balances have been eliminated.
2. An analysis of the Group's turnover and contribution to profit from
operating activities by principal activity for the years ended March 31,
2001 and 2000 is as follows:
2001 2000
HK$'000 HK$'000
Turnover Contribution Turnover Contribution
Commission and brokerage income
From securities broking
19,340 10,730 31,123 21,950
Commission and brokerage income
From future contracts broking
691 (169) 13 0
Margin financing interest income
18,875 14,439 20,629 14,075
Loan financing interest income
14,600 10,280 0 0
Interest income earned from
financial institutions and
other sources 4,281 3,910 1,732 1,005
Management and handling fee
from stock broking
2,523 1,385 3,752 446
Commission for subscribing new
shares 500 245 0 0
Corporate finance advisory fee
710 364 1,379 939
Placement and underwriting
commission 2,333 1,354 1,899 1,295
Investment management fee
485 460 0 0
----------------------------------------------
64,338 42,998 60,527 39,710
Other income ------- 146 ------ 31
Investment income 20,427 5,780
------- -------
63,571 45,521
======= =======
3. Dividends
2001 2000
HK$'000 HK$'000
Special dividends 46,000 20,000
Final dividend proposed at
HK10 cent per
ordinary share (2000: Nil) 28,000 0
------- -------
74,000 20,000
======= =======
The special dividends of HK$46,000,000 (2000: HK$20,000,000) were paid by
certain subsidiaries of the Group to their then shareholders prior to the
Reorganisation.
4. Basic earnings per share
The calculation basic earnings per share is based on the Group's net
profit attributable to shareholders for the year ended March 31, 2001 of
HK$56,692,000 (2000: HK$39,182,000) and the weighted average number of
245,000,000 shares in issue during the year (2000: 210,000,000 shares,
being the number of shares issued immediately after the Reorganisation.).
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