SINO LAND<0083> - Results Announcement
Sino Land Company Limited announced on 23/3/2000:
(stock code: 83)
Year end date: 30/6/2000
Currency: HK$ (Unaudited)
(Unaudited) Last
Current Corresponding
Period Period
from 1/7/1999 from 1/7/1998
to 31/12/1999 to 31/12/1998
Turnover
- Continuing : 715,008,510 799,161,271
- Discontinued : - -
Operating Profit/(Loss)
- Continuing : 388,758,570 507,830,796
- Discontinued : - -
Total Operating Profit/(Loss) : 388,758,570 507,830,796
Share of Profit/(Loss) of
Associated Companies : 372,342,903 691,830,359
Share of Profit/(Loss) of
Jointly Controlled Entities : - -
Profit/(Loss) after Tax & MI : 708,191,288 1,086,351,324
% Change over Last Period : -34.81%
EPS/(LPS)-Basic : 20.27 cents 34.87 cents
-Diluted : 20.25 cents 33.48 cents
Extraordinary (ETD) Gain/(Loss) : NIL NIL
Profit/(Loss) after ETD Items : 708,191,288 1,086,351,324
Interim Dividend per Share : 5 cents 5 cents
(Specify if with other options) :(with option for scrip dividend)
B/C Dates for Interim Dividend : 17/4/2000 to 25/4/2000 bdi.
Payable Date : 22/5/2000
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) In the current period, the Group has adopted Statement of Standard
Accounting Practice ("SSAP") 24 Accounting for investments in securities.
Under SSAP 24, investments in securities are now classified as
held-to-maturity (carried at amortised cost less provision for
irrecoverable amounts), trading securities (carried at fair value, with
valuation movements dealt with in the income statement) and other
securities (carried at fair value, with valuation movements dealt with in
equity). In prior periods, the Group's investments were classified as
long-term (carried at cost less provision for permanent diminution in
value) or short-term (carried at the lower of cost and market value). The
accounting treatment specified by SSAP 24 has been applied retrospectively
- resulting in a decrease in the investments revaluation reserve and
retained profits at 1st July, 1998 of approximately HK$184 million and
HK$62 million respectively, and a revaluation increase in the current
period of approximately HK$81 million (six months period ended 31st
December, 1998: an increase of approximately HK$1 million) and an increase
in the profit of the Group for the current period by HK$151,971,336 (six
months period ended 31st December, 1998: an increase of HK$38,473,346).
Comparative figures have been restated to conform with the new accounting
policies.
2) Earnings per share
The calculation of the basic and diluted earnings per share is based on
the following data :-
31/12/1999 31/12/1998
HK$ HK$
Earnings for the purposes of basic
earnings per share 708,191,288 1,086,351,324
Effect of dilutive potential ordinary shares:
Interest on convertible bonds 635,681 48,527,536
------------------------------
Earnings for the purposes of diluted
earnings per share 708,826,969 1,134,878,860
==============================
Weighted average number of ordinary shares
for the purposes of basic earnings per
share 3,494,542,677 3,115,811,310
Effect of dilutive potential ordinary shares:
Convertible bonds 5,267,325 273,968,059
------------------------------
Weighted average number of ordinary shares for the
purposes of diluted earnings per share 3,499,810,002 3,389,779,369
==============================
3. Operating Profit
Operating profit was stated after crediting/(charging) the following items
:-
31/12/1999 31/12/1998
HK$ HK$
Unrealised gain on trading securities 151,971,336 38,473,346
Profit on disposal of investment properties80,038,861 306,133,922
Profit arising from the repurchase and
subsequent cancellation of convertible
bonds - 61,139,610
Loss on disposal of other securities - (28,318,768)
|