GRANDY CORP<08143> - Results Announcement (Q2, 2005/2006, Summary)
Grandy Corporation announced on 11 November 2005:
(stock code: 08143 )
Year end date :31 March 2006
Currency :HKD
Auditors' report :N/A
2nd Quarterly Report Reviewed 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) (Unaudited)
Current Last Corresponding
Period Period
from 1 April 2005 from 1 April 2004
to 30 September2005 to 30 September 2004
$'000 $'000
Turnover : 15,578 17,666
Profit/(Loss) from Operations : 612 (497)
Finance cost : (39) (212)
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 : 500 (1,140)
% Change Over the Last Period : N/A
EPS / (LPS)
Basic (in dollar) : HKD 0.0018 (HKD 0.0049)
Diluted (in dollar) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit (Loss) after ETD Items : 500 (1,140)
2nd Quarter Dividends per Share : NIL NIL
(specify if with other options) : N/A N/A
B/C Dates for 2nd Quarter 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 Corporation
Signature :
Name : Yung Kwok Leong
Title : Director
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 unaudited consolidated results have been prepared under the
historical cost convention and in accordance with accounting
standards issued by the Hong Kong Institute of Certified Public
Accountants ("HKICPA"), accounting principles generally accepted in
Hong Kong and the disclosure requirements of Hong Kong Companies
Ordinance and the GEM Listing Rules.
In 2004, the HKICPA has issued a number of new and revised Hong
Kong Financial Reporting Standards and Hong Kong Accounting
Standards ("new HKFRS") which are effective for accounting periods
beginning on or after 1 January 2005. The Group has adopted the new
HKFRS in the preparation of financial statements for the period
from 1 April 2005 onwards. The adoption of these new HKFRS has no
material impact on the Group's results of operations and financial
position for the six months ended 30 September 2005 except the
following:
- Adoption of HKFRS 3 "Business Combination"
In prior years, positive goodwill was recognised as an asset which
was amortised on a straight line basis over its useful life of
not more than 20 years.
Following the adoption of HKFRS 3, the Group ceased annual
amortisation of postive goodwill which arose from the acquisition
of the subsidiary in the Republic of Korea, with its estimated
uesful life of 5 years. According to HKFRS 3, the positive goodwill
should be tested for impairment annually. No retrospective
adjustment has been made in respect of previously amortised
goodwill.
The adoption of HKFRS 3 has increased the Group's earnings for
the six months ended 30 September 2005 by approximately
HK$232,000 as positive goodwill is no longer amortised.
The accounting policies adopted in preparing the unaudited
consolidated results for the period ended 30 September 2005
are consistent with those followed in the preparation of the
annual financial statements for the year ended 31 March 2005.
2. Turnover
Turnover represents the aggreagte of net amounts received and
receivable from third parties in connection with the sales
of environmental protection porducts and provision of
related services.
3. Taxation
No provision for Hong Kong profits tax has been made in the
financial statements as the Group had no assessable profits
deriving from Hong Kong's operations during the period.
Provision for corporate income tax had been made at 17% for
the net profit derived from operations in the Republic of Korea.
4. Earnings/(Loss) Per Share
The calculation of basic earnings (2004: loss) per share for the
three months ended 30 September 2005 was based on the net profit
for the period of approximately HK$1,312,000
(2004: loss HK$1,559,000) and on the weighted average number
of 278,080,333 shares (2004: 231,734,333 shares) in issue
during the period.
The calculation of basic earnings (2004: loss) per share for the
six months ended 30 September 2005 was based on the net profit of
approximately HK$500,000 (2004: loss HK$1,140,000) and on the
weighted average number of 278,080,333 shares
(2004: 231,734,333 shares) in issue during the period
after the effects of share consolidation approved on 11 May 2005.
The basic loss per share for 2004 had been adjusted accordingly.
No diluted earnings per share has been presented as there was no
dilutive potential ordinary shares outstanding for both periods.
5. Interim Dividend
The Directors do not recommend the payment of an interim
dividend for the six months ended 30 September 2005 (2004: Nil).
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