GRANDY ENVIRO<08143> - Results Announcement (Q3, 2003/2004, Summary)
Grandy Applied Environmental Technology Corporation announced on 12/02/2004:
(stock code: 08143 )
Year end date: 31/03/2004
Currency: HKD
Auditors' Report: N/A
Interim report reviewed 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 01/04/2003 from 01/04/2002
to 31/12/2003 to 31/12/2002
Note ('000 ) ('000 )
Turnover : 16,173 24,483
Profit/(Loss) from Operations : (17,651) (3,682)
Finance cost : (125) (553)
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 : (17,263) (4,235)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) 4 : (0.0186) (0.0052)
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (17,263) (4,235)
3rd Quarter Dividend : N/A N/A
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
3rd Quarter 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
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. Basis of Preparation
The condensed consolidated financial information has been prepared in
accordance with the applicable disclosure requirements of Chapter 18 of
the Rules Governing the Listing of Securities on the Growth Enterprise
Market of The Stock Exchange of Hong Kong Limited.
2. Principal Accounting Policies
The condensed consolidated financial information has been prepared under
the historical cost convention.
The accounting policies adopted are consistent with those followed in
the preparation of the Group's annual financial statements for the year
ended 31 March 2003, except for the adoption of revised Statement of
Standard Accounting Practice No. 12 "Income Taxes" ("SSAP 12") issued by
the Hong Kong Society of Accountants which became effective in the
current period. The adoption of SSAP 12 has had no significant impact on
the results for the current or prior periods. Accordingly, no prior
period adjustment was required.
3. Taxation
No provision for taxation has been made in the quarterly financial
report as the Group had no assessable profit for the period.
Pursuant to the relevant laws and regulations in the PRC, the subsidiary
in Beijing is entitled to exemption from PRC income tax for three years
commencing from its first profit-making year of operation and
thereafter, the subsidiary will be entitled to a 50% relief from PRC
income tax for the following three years. No provision for PRC income
tax has been made in the quarterly financial report as the PRC
subsidiaries had no assessable profit for the period.
4. Loss per share
The calculation of basic loss per share for the three months ended 31
December 2003 is based on the net loss for the period of approximately
HK$480,000 (2002: HK$4,557,000) and the weighted average number of
1,033,885,634 (2002: 835,435,000) ordinary shares in issue during the
period.
The calculation of basic loss per share for the nine months ended 31
December 2003 is based on the net loss for the period of approximately
HK$17,263,000 (2002: HK$4,235,000) and the weighted average number of
925,936,285 (2002: 806,945,000) shares in issue during the period.
No diluted loss per share has been presented for the three months and
nine months ended 31 December 2003 and 31 December 2002 as the exercise
price of the Company's share options was higher than the average market
price of the Company's shares during the periods.
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