ASIA ALLIANCE<00616> - Results Announcement
Asia Alliance Holdings Limited announced on 23/06/2005:
(stock code: 00616 )
Year end date: 31/03/2005
Currency: HKD
Auditors' Report: Unqualified
(Audited )
(Audited ) Last
Current Corresponding
Period Period
from 01/04/2004 from 01/01/2003
to 31/03/2005 to 31/03/2004
Note ('000 ) ('000 )
Turnover 3 : 53,662 5,083
Profit/(Loss) from Operations 3,4 : (2,514) (55,162)
Finance cost : (424) (1,960)
Share of Profit/(Loss) of
Associates : N/A (4)
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A (72)
Profit/(Loss) after Tax & MI : 6,104 (57,737)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) 5 : 0.02 (0.97)
-Diluted (in dollars) 5 : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 6,104 (57,737)
Final Dividend : Nil Nil
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Final 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. BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The consolidated financial statements for the current period cover the
twelve month period ended 31 March 2005. The corresponding amounts shown
for the consolidated income statement, consolidated statement of changes
in equity, consolidated cash flow statement and related notes cover a
fifteen month period from 1 January 2003 to 31 March 2004 and therefore
may not be comparable with amounts shown for the current period. The
period covered by the preceding consolidated financial statements was
greater than twelve months because the directors of the Company determined
to bring the balance sheet date in line with that of the controlling
shareholder, Easyknit International Holdings Limited ("Easyknit"). No
further changes to reporting dates are anticipated.
2. POTENTIAL IMPACT ARISING FROM THE RECENTLY ISSUED ACCOUNTING
STANDARDS
In 2004, the Hong Kong Institute of Certified Public Accountants issued a
number of new or revised Hong Kong Accounting Standards and Hong Kong
Financial Reporting Standards ("HKFRSs") (herein collectively referred to
as "new HKFRSs") which are effective for accounting periods beginning on
or after 1 January 2005 except for HKFRS 3 Business Combinations. The
Group has not early adopted these new HKFRSs in the financial statements
for the year ended 31 March 2005.
HKFRS 3 is applicable to business combinations for which the agreement
date is on or after 1 January 2005. The Group has not entered into any
business combination for which the agreement date is on or after 1 January
2005. Therefore, HKFRS 3 did not have any impact on the Group for the
year ended 31 March 2005.
The Group has commenced considering the potential impact of the other new
HKFRSs but is not yet in a position to determine whether these new HKFRSs
would have a significant impact on how its results of operations and
financial position are prepared and presented. These new HKFRSs may
result in changes in the future as to how the results and financial
position are prepared and presented.
3. BUSINESS AND GEOGRAPHICAL SEGMENTS
For management purposes, the Group is currently organised into
four main operating divisions -bleaching and dyeing, knitting, wireless
communication business and communication solutions consultancy services.
These divisions are the bases on which the Group reports its primary
segment information.
Segment information about these businesses is presented below:
For the year ended 31 March 2005
Income statement
Communication
Bleaching Wireless solutions
and communication consultancy
dyeing Knitting business services Eliminations Consolidated
HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000
Turnover
External
53,218 444 - - - 53,662
Inter-segment
- 2,945 - - (2,945) -
_______ ______ ______ ______ ______ _______
Total
53,218 3,389 - - (2,945) 53,662
_______ ______ ______ ______ ______ _______
_______ ______ ______ ______ ______ _______
Segment result
4,095 (2,370) 56 (11) - 1,770
_______ ______ ______ ______ ______
_______ ______ ______ ______ ______
Interest income 45
Unallocated corporate expenses (4,329)
_______
Loss from operations (2,514)
Gain on disposal of subsidiaries 9,042
Finance costs (424)
_______
Net profit for the year 6,104
_______
For the fifteen months ended 31 March 2004
Income statement
Communication
Wireless solutions
communication consultancy Internet
business services operations Eliminations Consolidated
------------ ---------- ---------- ------------ ------------
HK$'000 HK$'000 HK$'000 HK$'000 HK$'000
Turnover
3,982 1,101 - - 5,083
______ ______ ______ ______ ______
______ ______ ______ ______ ______
Segment result
(31,873) (2,856) (304) - (35,033)
______ ______ ______ ______
______ ______ ______ ______
Interest income 70
Allowance for amounts due from
associates
(317) (317)
Unallocated corporate expenses (19,882)
________
Loss from operations (55,162)
Loss on disposal of subsidiaries (539)
Finance costs (1,960)
Share of results of an associate
(4) (4)
Share of results of jointly
controlled
entities
(72) (72)
_________
Net loss for the period (57,737)
________
________
4. LOSS FROM OPERATIONS include the following items:
1.4.2004 1.1.2003
to to
31.3.2005 31.3.2004
HK$'000 HK$'000
Write-back of allowance (allowance) for
doubtful debts 17 (1,155)
Allowance for a loan to Acme Landis
Operations Holdings Limited, a former
subsidiary (403) (3,297)
Impairment loss recognised in respect of
property, plant and equipment - (9,971)
Impairment loss recognised in respect of
long term investments - (3,900)
Allowance for amounts due from associates - (317)
5. EARNINGS (LOSS) PER SHARE
The calculation of the basic earnings (loss) per share is based on the
following data:
1.4.2004 1.1.2003
to to
31.3.2005 31.3.2004
HK$'000 HK$'000
Profit (loss) for the purposes of basic earnings
(loss) per share 6,104 (57,737)
______ ________
______ ________
1.4.2004 1.1.2003
to to
31.3.2005 31.3.2004
Number of shares
Number/weighted average number of
shares for the purposes
of basic earnings (loss) per share 357,006,840 59,376,993
___________ __________
___________ __________
The denominator for the purposes of calculating basic loss per share for
the fifteen months ended 31 March 2004 has been adjusted to reflect the
consolidation of shares in September 2003 on the basis that forty shares
were consolidated into one share and the rights issue of shares in
September 2003 and March 2004.
No diluted earnings per share has been presented for the year ended 31
March 2005 as the exercise prices of the Company's outstanding share
options were higher than the average market price for the year.
No diluted loss per share was presented for the fifteen months ended 31
March 2004 as the exercise of the Company's outstanding share options
would reduce the loss per share for that period.
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