SPREADPROSPECTS<00572> - Results Announcement
Spread Prospects Holdings Limited announced on 21/09/2006:
(stock code: 00572 )
Year end date: 31/12/2006
Currency: RMB
Auditors' Report: N/A
Interim report reviewed by: Both Audit Committee and Auditors
(Unaudited )
(Unaudited ) Last
Current Corresponding
Period Period
from 01/01/2006 from 01/01/2005
to 30/06/2006 to 30/06/2005
Note ('000 ) ('000 )
Turnover : 254,498 223,710
Profit/(Loss) from Operations : 65,312 59,195
Finance cost : (13,929) (2,440)
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 : 42,728 49,392
% Change over Last Period : -13.5 %
EPS/(LPS)-Basic (in dollars) : 0.101 0.117
-Diluted (in dollars) : 0.101 0.107
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 42,728 49,392
Interim Dividend : NIL NIL
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Interim 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. BASIS OF PREPARATION
The Company is incorporated as an exempted company with limited liability
in the Cayman Islands on 21 October 2002 under the Companies Law of the
Cayman Islands. Its shares are listed on the Main Board of The Stock
Exchange of Hong Kong Limited (the "Stock Exchange"). The Company's
ultimate holding company is Fu Teng Global Limited ("Fu Teng"), a company
incorporated in the British Virgin Islands.
The condensed consolidated financial statements have been prepared in
accordance with the applicable disclosure requirements of Appendix 16 to
the Rules Governing the Listing of Securities on the Stock Exchange and
with Hong Kong Accounting Standard 34 "Interim financial reporting" issued
by the Hong Kong Institute of Certified Public Accountants (the "HKICPA").
2. PRINCIPAL ACCOUNTING POLICIES
The condensed consolidated financial statements have been prepared under
the historical cost basis except for certain financial instruments, which
are measured at fair value, as appropriate.
The accounting policies used in the condensed consolidated financial
statements are consistent with those followed in the preparation of the
annual financial statements of the Company and its subsidiaries (
collectively the "Group") for the year ended 31 December 2005, except as
described below.
In the current period, the Group has applied, for the first time, a number
of new Hong Kong Financial Reporting Standards ("HKFRS(s)"), Hong Kong
Accounting Standards ("HKAS(s)") and Interpretations (hereinafter
collectively referred to as "new HKFRSs") issued by the HKICPA that are
either effective for accounting periods beginning on or after 1 December
2005 or 1 January 2006. The adoption of the new HKFRSs had no material
effect on how the results for the current or prior accounting periods have
been prepared and presented. Accordingly, no prior period adjustment has
been required.
The Group has not early applied the following new standard, amendment and
interpretations that have been issued but are not yet effective. The
directors of the Company anticipate that the application of these
standard, amendment or interpretations will have no material impact on the
results and financial position of the Group.
HKAS 1 (Amendment) Capital disclosures 1
HKFRS 7 Financial instruments: Disclosures 1
HK(IFRIC) - INT 7 Applying the restatement approach under HKAS 29
"Financial reporting in hyperinflationary
economies" 2
HK(IFRIC) - INT 8 Scope of HKFRS 2 3
HK(IFRIC) - INT 9 Reassessment of embedded derivatives 4
1 Effective for annual periods beginning on or after 1 January 2007.
2 Effective for annual periods beginning on or after 1 March 2006.
3 Effective for annual periods beginning on or after 1 May 2006.
4 Effective for annual periods beginning on or after 1 June 2006.
3. FINANCE COST
Analysis specifically for the purpose of this summarized results
announcement form:
Six months ended
2006 2005
_______ _______
RMB'000 RMB'000
Finance costs 3,129 2,440
Loss on change in fair values of derivative financial instruments
10,800 -
_______ ________
13,929 2,440
======= ========
4. EARNINGS PER SHARE
The calculation of the basic and diluted earnings per share is based on
the following data:
Six months ended 30 June
2006 2005
_______ _______
RMB'000 RMB'000
Earnings:
Profit for the period for the purposes of basic
earnings per share 42,728 49,392
Effect of dilutive potential ordinary shares:
Interest on convertible notes - 892
_______ ________
Profit for the period for the purposes of diluted
earnings per share 42,728 50,284
======= ========
Six months ended 30 June
2006 2005
_______ _______
Number of shares:
Weighted average number of ordinary shares for
the purposes of basic earnings per share
422,800,000 422,800,000
Effect of dilutive potential ordinary shares:
Share options 28,088 -
Convertible notes - 45,777,427
___________ ___________
Weighted average number of ordinary shares for
the purposes of diluted earnings per share
422,828,088 468,577,427
=========== ===========
For the six months ended 30 June 2006, the computation of diluted earnings
per share does not assume the exercise of the Company's outstanding
convertible notes and warrants since their exercise would result in an
increase in profit per share for the six months ended 30 June 2006.
For the six months ended 30 June 2005, the computation of diluted earnings
per share does not assume the exercise of the Company's outstanding share
options as the exercise price of these options is higher than the average
market price for the Company's shares for the six months ended 30 June
2005.
5. DIVIDENDS
At the annual general meeting of the Company held on 6 June 2006, a final
dividend of HK$0.024 (equivalent to approximately RMB0.025) per share in
respect of the year ended 31 December 2005, amounting to RMB10,553,000 was
approved.
At the annual general meeting of the Company held on 3 June 2005, a final
dividend of HK$0.028 (equivalent to approximately RMB0.030) per share in
respect of the year ended 31 December 2004, amounting to RMB12,549,000,
was approved.
The directors do not recommend the payment of an interim dividend for the
six months ended 30 June 2006. No interim dividend was declared by the
directors for the six months ended 30 June 2005.
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