ASIA ALLIANCE<00616> - Results Announcement
Asia Alliance Holdings Limited announced on 26/07/2004:
(stock code: 00616 )
Year end date: 31/03/2004
Currency: HKD
Auditors' Report: Unqualified
(Audited )
(Audited ) Last
Current Corresponding
Period Period
from 01/01/2003 from 01/01/2002
to 31/03/2004 to 31/12/2002
Note ('000 ) ('000 )
Turnover 3 : 5,083 70,354
Profit/(Loss) from Operations 3,4: (55,162) (109,562)
Finance cost : (1,960) (37)
Share of Profit/(Loss) of
Associates : (4) (13,991)
Share of Profit/(Loss) of
Jointly Controlled Entities : (72) (65)
Profit/(Loss) after Tax & MI : (57,737) (191,424)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) 5 : (0.97) (4.98)
-Diluted (in dollars) 5 : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (57,737) (191,424)
Final Dividend : NIL NIL
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Final Dividend : N/A
Payable Date : N/A
B/C Dates for (-)
General Meeting : N/A
Other Distribution for : NIL
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
1. CHANGE OF FINANCIAL YEAR-END DATE
On 1 September 2003, the board of directors of the Company resolved to
change the financial year-end date of the Company from 31 December to 31
March to align the financial year-end date with that of Easyknit. The
financial statements therefore cover a fifteen month period from 1 January
2003 to 31 March 2004. The corresponding amounts shown for the
consolidated income statement, consolidated statement of changes in
equity, consolidated cash flow statement and related notes cover a twelve
month period from 1 January 2002 to 31 December 2002 and therefore may not
be comparable with amounts shown for the current period.
2. ADOPTION OF HONG KONG FINANCIAL REPORTING STANDARDS AND CHANGE IN
ACCOUNTING POLICY
In the current period, the Group has adopted, for the first time, the Hong
Kong Financial Reporting Standards ("HKFRS") - Statement of Standard
Accounting Practice ("SSAP") 12 (Revised) issued by the Hong Kong Society
of Accountants ("HKSA"). The term of HKFRS is inclusive of SSAPs and
Interpretations approved by the HKSA.
The principal effect of the implementation of SSAP 12 (Revised) is in
relation to deferred tax. SSAP 12 (Revised) requires the adoption of a
balance sheet liability method, whereby deferred tax is recognised in
respect of all temporary differences between the carrying amounts of
assets and liabilities in the financial statements and the corresponding
tax bases used in the computation of taxable profit, with limited
exceptions. The adoption of SSAP 12 (Revised) has no material effect on
the results for the current or prior accounting periods. Accordingly, no
prior period adjustment has been required.
3. SEGMENTS INFORMATION
For management purposes, the Group is currently organised into three main
operating divisions -wireless communication business, communication
solutions consultancy services and Internet operations. These divisions
are the bases on which the Group reports its primary segment information.
Segment information about these businesses is presented below:
For the fifteen months ended 31 March 2004
Segment
Turnover result Consolidated
HK$'000 HK$'000 HK$'000
Continuing operations:
Wireless communication
business 3,982 (31,873)
Communication solutions
consultancy services1,101 (2,856)
Internet operations - (304)
------- ----------
5,083 (35,033)
======= ==========
Segment result (35,033)
Interest income 70
Allowance for amounts due from associates (note) (317)
Unallocated corporate expenses (19,882)
----------
Loss from operations (55,162)
==========
Note: The amount is related to the segment of wireless communication
business.
For the year ended 31 December 2002
Turnover
-----------------------------
External Inter- Segment
segment Total result Consolidated
HK$'000 HK$'000 HK$'000 HK$'000 HK$'000
Continuing
operations:
Wireless
communication
business 953 - 953 (29,704)
Communication
solutions
consultancy
services 1,131 480 1,611 (4,122)
Internet
operations - - - (598)
Discontinued
operations:
Sanitary
fixtures
and
fittings 38,860 26 38,886 443
Hardware,
industrial
and
consumer
products 20,258 - 20,258 (926)
Drainage,
plumbing
and
engineering
contracting
services 9,152 - 9,152 (1,907)
-------- ------ ------- ---------
70,354 506 70,860 (36,814)
Eliminations - (506) (506) (180)
-------- ------ ------- ---------
70,354 - 70,354 (36,994)
========= ====== ======= =========
Segment result (36,994)
Interest income 1,624
Allowance for
a loan to Acme
Landis
Operations
Holdings
Limited, a
former
subsidiary (note) (42,115)
Unallocated
corporate expenses (32,077)
-----------
Loss from operations (109,562)
===========
Note: The amount is related to the segments of sanitary fixtures and
fittings, hardware, industrial and consumer products and drainage,
plumbing and engineering contracting services.
4. LOSS FROM OPERATIONS include the following items:
1.1.2003 1.1.2002
to to
31.3.2004 31.12.2002
HK$'000 HK$'000
Impairment loss recognised in respect
of property, plant and equipment (9,971) (785)
Impairment loss recognised in respect
of long term investments (3,900) -
Allowance for a loan to Acme Landis
Operations Holdings Limited, a former
subsidiary (3,297) (42,115)
Allowance for doubtful debts (1,155) (6,082)
Allowance for amounts due from
associates (317) -
5. LOSS PER SHARE
The calculation of the basic loss per share is based on the following
data:
1.1.2003 1.1.2002
to to
31.3.2004 31.12.2002
HK$'000 HK$'000
Loss for the purposes of basic loss
per share (57,737) (191,424)
========== ============
1.1.2003 1.1.2002
to to
31.3.2004 31.12.2002
Number of shares
Weighted average number of shares for
the purposes of basic loss per share 59,376,993 38,433,085
=========== ===========
The denominator for the purposes of calculating basic loss per share of
year 2002 has been adjusted to reflect the consolidation of shares in
September 2003 on the basis that forty shares were consolidated into one
share and the rights issue of shares in September 2003 and March 2004.
The calculation of diluted loss per share has not been disclosed as the
exercise of the Company's outstanding share options would reduce the loss
per share for both accounting periods.
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