GRANDY ENVIRO<08143> - Results Announcement (Q2, 2002/2003, Summary)
Grandy Applied Environmental Technology Corporation announced on 08/11/2002
(stock codes: Ord: 08143)
Year end date :31/03/2003
Currency :HKD
Auditors' report :N/A
Review of 2nd Quarterly Report by :Audit Committee
Important Note :
This result announcement form only contains extracted information from
and should be read in conjunction with the detailed results announcement
of the issuer, which can be viewed on the GEM website at
http://www.hkgem.com
(UnAudited) (Audited)
Current Last Corresponding
Period Period
from 01/04/2002 from 01/04/2001
to 30/09/2002 to 30/09/2001
$'000 $'000
Turnover : 21,307 12,230
Profit/(Loss) from Operations : 824 1,371
Finance cost : (502) (454)
Share of Profit/(Loss) of Associates : N/A N/A
Share of Profit/(Loss) of Jointly
Controlled Entites : N/A N/A
Profit/(Loss) after Taxation & MI : 322 917
% Change Over the Last Period : -64.89%
EPS / (LPS)
Basic (in dollar) : HKD 0.00041 HKD 0.00143
Diluted (in dollar) : HKD 0.0004 N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit (Loss) after ETD Items : 322 917
2nd Quarterly Dividends per Share : NIL NIL
(specify if with other options) : N/A N/A
B/C Dates for 2nd Quarterly Dividends : N/A
Payable Date : N/A
B/C Dates for (-) General Meeting : N/A
Other Distribution for Current Period : NIL
B/C Dates for Other Distribution : N/A
(bdi: both days inclusive)
For and on behalf of
Grandy Applied Environmental Technology Corporation
Signature :
Name : Wilfred Wong
Title :Financial Controller
Responsibility statement
The directors of the Company (the "Directors") as at the date hereof
hereby collectively and individually accept full responsibility for the
accuracy of the information contained in this results announcement form
(the "Information") and confirm, having made all reasonable inquiries,
that to the best of their knowledge and belief the Information are
accurate and complete in all material respects and not misleading and
that there are no other matters the omission of which would make the
Information herein inaccurate or misleading. The Directors acknowledge
that the Stock Exchange has no responsibility whatsoever with regard
to the Information and undertake to indemnify the Exchange against all
liability incurred and all losses suffered by the Exchange in connection
with or relating to the Information.
Remarks:
1. Group Reorganisation and basis of presentation
Group reorganisation
The Company was incorporated in the Cayman Islands on 28 May 2001 as
an exempted company with limited liability under the Companies Law,
Cap. 22 (Law 3 of 1961, as consolidated and revised) of the Cayman
Islands. Pursuant to a group reorganisation (the "Reorganisation")
to rationalize the structure of the Group in preparation for the
listing of the Companyˇ¦s shares on the GEM, the Company
became the holding company of the companies now comprising
the Group on 17 July 2001. The Companyˇ¦s shares have been
listed on the GEM since 10 May 2002.
Basis of presentation
The unaudited condensed consolidated profit and loss account
includes the results of the Company and its subsidiaries for the
three months and six months ended 30 September 2002.
The Reorganisation involved companies under common control.
The unaudited consolidated results have been prepared on the
basis of merger accounting in accordance with SSAP 27
"Accounting for Group Reconstructions". On this basis,
the Company has been treated as the holding company of its
subsidiaries for the three months and six months ended
30 September 2001 rather than from the date of its acquisition
of the subsidiary pursuant to the Reorganisation.
Accordingly, the unaudited consolidated results of the Group
for the three months and six months ended 30 September 2001
include the results of the Company and its subsidiaries with
ffect from 1 April 2001 and 1 July 2001, respectively or
since their respective dates of incorporation, where this is
a shorter period.
Although the Reorganisation had not been completed
and the Group did not legally exist until 17 July 2001, in the
opinion of the directors, the unaudited condensed consolidated
interim financial statements prepared on the above basis present
more fairly the results and state of affairs of the Group as a whole.
All significant intercompany transactions and balances within
the Group have been eliminated on consolidation.
2. Earnings per share
The calculation of basic earnings per share for the three months
and six months ended 30 September 2002 is based on the respective
unaudited net profits from ordinary activities attributable to
shareholders of approximately HK$186,000 and HK$322,000
and on the respective weighted average number of 830,000,000
and 792,623,000 ordinary shares in issue during
the periods.
The calculation of basic earnings per share for the three months
and six months ended 30 September 2001 is based on the respective
unaudited net profits from ordinary activities attributable
to shareholders of approximately HK$1,479,000 and HK$917,000,
and on the weighted average number of 640,000,000
ordinary shares in issue during the period.
The calculation of diluted earnings per share for the six months
ended 30 September 2002 is based on the unaudited net
profit from ordinary activities attributable to shareholders of
approximately HK$322,000 and on the weighted average
number of 803,790,000 ordinary shares in issue during the period.
No diluted earnings per share for the three months and six months
ended 30 September 2001, and for the three months ended
30 September 2002 have been presented as the share options
outstanding during the periods had an anti-dilutive effect
on the respective basic earnings per share for the periods.
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