KAM HING INT'L<02307> - Results Announcement
Kam Hing International Holdings Limited announced on 24/9/2004:
(stock code: 02307 )
Year end date: 31/12/2004
Currency: HKD
Auditors' Report: N/A
Interim report reviewed by: Audit Committee
(Unaudited )
(Unaudited ) Last
Current Corresponding
Period Period
from 1/1/2004 from 1/1/2003
to 30/6/2004 to 30/6/2003
Note ('000 ) ('000 )
Turnover : 702,640 624,540
Profit/(Loss) from Operations : 85,361 80,829
Finance cost : (7,045) (4,510)
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 : 66,636 64,302
% Change over Last Period : +3.6 %
EPS/(LPS)-Basic (in dollars) : 0.139 0.134
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 66,636 64,302
Interim Dividend : Nil N/A
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. The listing date and the basis of presentation
The Company's shares were listed on the Main Board of The Stock Exchange
of Hong Kong Limited on 23 September 2004.
The basis of presentation of results for companies now comprising the
Group issuing the first interim results after listed on the Exchange is
that the unaudited consolidated interim financial statements are prepared
as if the current Group structure had been in existence throughout the
period commencing from 1 January 2003 to 30 June 2004, or from the
respective dates of incorporation/registration of the companies now
comprising the Group where this is a shorter period. All material intra-
group transactions and balances have been eliminated on combination.
2. Turnover and revenue
Turnover represents the net invoiced value of goods sold, after allowances
for returns and trade discounts, and knitting and dyeing services
rendered. All significant intra-group transactions have been eliminated
on combination.
An analysis of the Group's turnover and other revenue is as follows:
Six months Six months
ended 30 June 2004 ended 30 June 2003
HK$'000 HK$'000
(Unaudited) (Unaudited)
Turnover
Sale of goods 698,950 621,194
Fee income from
knitting and
dyeing services 3,690 3,346
----------- -----------
702,640 624,540
Other revenue
Fee income from
freight handling
services 1,642 708
Interest income 93 185
Others 891 283
---------- -----------
2,626 1,176
---------- -----------
705,266 625,716
======== ========
3. Profit from operating activities
The Group's profit from operating activities is arrived at after charging
/ (crediting):
Six months Six months
ended 30 June 2004 ended 30 June 2003
HK$'000 HK$'000
(Unaudited) (Unaudited)
Cost of inventories sold 533,985 465,843
Cost of services provided 4,220 2,932
Auditors' remuneration 782 298
Research and development costs 1,060 836
Depreciation 15,339 10,268
Staff costs (including
directors' remuneration):
Wages and salaries 31,452 29,418
Pension scheme contributions 1,817 1,526
----------- ----------
Total staff costs 33,269 30,944
Minimum lease payments
under operating leases
in respect of land
and buildings 249 471
Loss/(gain) on disposal
of fixed assets 8 (560)
Bad debts written off - 385
Provision for doubtful debts - 1,233
Write back of provision for
doubtful debts (107) -
Write back of provision
against other receivables (200) -
Exchange gains, net (2,118) (1,584)
======== =========
4. Finance costs
Six months Six months
ended 30 June 2004 ended 30 June 2003
HK$'000 HK$'000
(Unaudited) (Unaudited)
Interest on bank
loans and other
loans wholly
repayable within
five years 5,937 3,546
Interest on finance
leases 1,108 964
--------- ---------
7,045 4,510
========== =========
5. Tax
Six months Six months
ended 30 June 2004 ended 30 June 2003
HK$'000 HK$'000
(Unaudited) (Unaudited)
Current tax - Hong Kong
Charge for the period 9,141 9,251
Current tax - Elsewhere
Charge for the period 3,015 2,766
Over-provision in respect
of prior periods (476) -
-------- ----------
Total tax charge for the
period 11,680 12,017
======= ========
6. Interim dividend
The board has resolved not to declare any interim dividend for the Period
(which falls entirely before the listing of the Company). Nevertheless,
as set out in the Prospectus, upon listing of the Company on the Stock
Exchange, the dividend policy is that the Company will declare not less
than 25% of the audited consolidated profit after tax of the Group.
7. Earnings per share
The calculation of basic earnings per share is based on the net profit
from ordinary activities attributable to shareholders for the period of
HK$66,636,000 (2003: HK$64,302,000) and on the assumption that 480,000,000
shares had been in issue throughout the period.
There were no dilutive potential ordinary shares in existence during the
period and, therefore, no diluted earnings per share have been presented.
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