GRANDY ENVIRO<08143> - Results Announcement
Grandy Applied Environmental Technology Corporation announced on 13/02/2003:
(stock code: 08143 )
Year end date: 31/03/2003
Currency: HKD
Auditors' Report: N/A
Review of Interim Report by: Audit Committee
Important Note:
This result announcement form only contain extracted information
from and should be read in conjunction with the detailed results
announcement of the issuer, which can be view on the GEM website
at http://www.hkgem.com
(Unaudited )
(Unaudited ) Last
Current Corresponding
Period Period
from 01/04/2002 from 01/04/2001
to 31/12/2002 to 31/12/2001
Note ('000 ) ('000 )
Turnover : 24,483 21,252
Profit/(Loss) from Operations : (3,682) 3,871
Finance cost : (553) (1,332)
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 : (4,235) 2,539
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : (0.0052) 0.004
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (4,235) 2,539
3rd Quarterly Dividend : N/A N/A
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
3rd Quarterly 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
For and on behalf of
Grandy Applied Environmental Technology Corporation
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
whatsever 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 rationalise
the structure of the Group in preparation for the listing of the
Company's shares on the GEM, the Company became the holding company of
the companies now comprising the Group on 17 July 2001. The Company's
shares have been listed on the GEM since 10 May 2002.
Basis of presentation
The unaudited consolidated profit and loss account includes the results
of the Company and its subsidiaries for the nine months ended 31
December 2002 (the "Period") together with the unaudited figures for the
corresponding period in 2001.
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 Period 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 Period include the results of the Company and its
subsidiaries with effect from 1 April 2001 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 consolidated 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. Basis of preparation and accounting policies
The unaudited consolidated results have been prepared in accordance with
the applicable disclosure requirements of Chapter 18 of the GEM Listing
Rules and with SSAP No. 2.125 "Interim Financial Reporting" issued by
the Hong Kong Society of Accountants.
The accounting policies and methods of computation used in the
preparation of the results are consistent with those adopted in the
annual financial statements for the year ended 31 March 2002, except
that the Group has adopted the new and revised SSAPs which became
effective during the Period.
?SSAP 1 (Revised) "Presentation of Financial Statements"
?SSAP 11 (Revised) "Foreign Currency Transaction"
?SSAP 15 (Revised) "Cash Flow Statements"
?SSAP 30 "Business Combinations"
?SSAP 34 "Employee Benefits"
These SSAPs prescribed new accounting measurement and disclosure
practices. The adoption of these SSAPs during the Period does not have
any significant impact on the Group's profit or shareholders' equity,
except that the presentation of certain items and balances in the
consolidated results has been revised to comply with the new
requirements.
3. (Loss)/Earnings per share
The calculation of basic loss per share for the three months and nine
months ended 31 December 2002 is based on the respective unaudited net
loss from ordinary activities attributable to shareholders of
approximately HK$4,557,000 and HK$4,235,000 and on the respective
weighted average number of 835,435,000 and 806,945,000 ordinary shares
in issue during the above-mentioned periods.
The calculation of basic earnings per share for the three months and
nine months ended 31 December 2001 is based on the respective unaudited
net profit from ordinary activities attributable to shareholders of
approximately HK$1,622,000 and HK$2,539,000 and on the respective
weighted average number of 640,000,000 ordinary shares in issue during
the above-mentioned periods.
No diluted earnings/(loss) per share for the three months and nine
months ended 31 December 2001 and for the three months and nine months
ended 31 December 2002 have been presented as the share options
outstanding during the periods had an anti-dilutive effect on the
respective basic earnings/(loss) per share for the above-mentioned
periods.
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