GREAT CHINA<0141> - Results Announcement
Great China Holdings Limited announced on 14/3/2001:
(stock code: 141)
Year end date: 31/12/2000
Currency: HKD
(Audited) (Audited)
12-month 15-month
Period Period
from 1/1/2000 from 1/10/1998
to 31/12/2000 to 31/12/1999
('000) ('000)
Turnover : 907,567 1,017,646
Profit/(Loss) from Operations : (75,043) (23,828)
Finance cost : (26,696) (28,091)
Share of Profit/(Loss) of Associates : 3,878 3,538
Share of Profit/(Loss) of
Jointly Controlled Entities : Nil Nil
Profit/(Loss) after Tax & MI : (100,147) (51,150)
% Change over Last Period : N/A
(LPS)-Basic : (38.27 cents) (19.55 cents)
-Diluted : N/A N/A
Extraordinary (ETD) Gain/(Loss) : Nil Nil
Profit/(Loss) after ETD Items : (100,147) (51,150)
Final Dividend per Share : Nil Nil
(Specify if with other options) : N/A N/A
B/C Dates for Final 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) Adoption of Statements of Standard Accounting Practice
In current year, the Group has adopted the Statements of Standard
Accounting Practice No.1 (Revised) and No. 2 (Revised) issued by the Hong
Kong Society of Accountants. The presentation in the current year's
accounts have been modified in order to conform with the requirements of
these standards. In particular, comparatives figures have been adjusted
or extended to conform with changes in presentation in the current year.
(2) An analysis of turnover and operating loss from continuing operations
and discontinued operations
TURNOVER OPERATING LOSS
Fifteen months Fifteen months
Year ended ended Year ended ended
31.12.2000 31.12.1999 31.12.2000 31.12.1999
HK$'000 HK$'000 HK$'000 HK$'000
Continuing operations:
General trading
846,203 968,985 14,584 26,654
Property investment
23,260 29,775 16,791 21,751
Real estate agency services
2,155 2,643 (6,025) (6,944)
Other operations (Note a)
- - (43,940) (16,229)
--------------------------------------------------------------------------
871,618 1,001,403 (18,590) 25,232
Discontinuing operations:
Ship chartering (Note b)
35,949 16,243 (40,847) (25,530)
--------------------------------------------------------------------------
907,567 1,017,646 (59,437) (298)
=========================
Less : Unallocated administration expenses
(15,606) (23,530)
--------------------------
(75,043) (23,828)
==========================
Notes :
a. Operating loss from other operations
Fifteen months
Year ended ended
31.12.2000 31.12.1999
HK$'000 HK$'000
Provision for diminution in value of
long term investments (50,000) -
Gain on disposal of investment
securities 3,014 1,681
Other operating income 3,046 4,531
Gain on dissolution of a subsidiary - 2,441
Gain on disposal of 5% equity interest
in a subsidiary - 12,859
Write down of land and buildings to
recoverable amount - (30,000)
Loan receivable written off - (7,741)
-------------------------
(43,940) (16,229)
========================
b) On 15th November, 2000, in view of the substantial losses incurred in
ship chartering business, the directors resolved to discontinue the ship
chartering operation and dispose all the vessels. As at the date of the
announcement, all vessels were disposed to independent third parties. The
contribution to turnover and the loss from ordinary activities after
finance costs and excluding the write down of motor vessels to
recoverable amount and expenses to be incurred in discontinuing the ship
chartering operation amounting HK$16,870,000, accounted for up to the year
ended 31st December 2000, were as follows :
Fifteen months
Year ended ended
31.12.2000 31.12.1999
HK$'000 HK$'000
Turnover 35,949 16,243
========================
Loss from ordinary activities after finance
costs (24,694) (25,640)
========================
3) Loss per share
Loss per share is calculated based on the loss attributable to
shareholders of the Group for the year ended 31.12.2000 of HK$100,147,000
(Fifteen months ended 31.12.1999: HK$51,150,000) and 261,684,910 shares
(31.12.1999: 261,684,910 shares) of the Company in issue during the year.
No diluted loss per share has been presented for current year and prior
period because the exercise of the outstanding potential ordinary shares
would have anti-dilutive effect for the financial year/period.
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