EASYKNIT ENT<00616> - Results Announcement
Easyknit Enterprises Holdings Limited announced on 29/11/2006:
(stock code: 00616 )
Year end date: 31/03/2007
Currency: HKD
Auditors' Report: N/A
Interim report reviewed by: Both Audit Committee and Auditors
(Unaudited )
(Unaudited ) Last
Current Corresponding
Period Period
from 01/04/2006 from 01/04/2005
to 30/09/2006 to 30/09/2005
Note ('000 ) ('000 )
Turnover 3 : 29,543 26,858
Profit/(Loss) from Operations 3 : (4,531) (17,623)
Finance cost : (32) (1,253)
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 : (4,563) (18,876)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) 4 : (0.001) (0.037)
-Diluted (in dollars) 4 : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (4,563) (18,876)
Interim Dividend : NIL NIL
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Interim 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
The condensed consolidated financial statements have been prepared in
accordance with the applicable disclosure requirements of Appendix 16 to
the Rules Governing the Listing of Securities on The Stock Exchange of
Hong Kong Limited (the "Stock Exchange") and with Hong Kong Accounting
Standard 34 "Interim Financial Reporting" issued by the Hong Kong
Institute of Certified Public Accountants (the "HKICPA").
2. PRINCIPAL ACCOUNTING POLICIES
The condensed consolidated financial statements have been prepared on the
historical cost basis.
The accounting policies used in the condensed consolidated financial
statements are consistent with those followed in the preparation of the
annual financial statements of the Company and its subsidiaries
(collectively referred to as the "Group") for the year ended 31 March 2006
except as described below.
In the current period, the Group has applied, for the first time, a number
of new standards, amendments and interpretations ("INT"s) ("new HKFRSs")
issued by the HKICPA that are either effective for accounting periods
beginning on or after 1 December 2005 or 1 January 2006. The adoption of
these new HKFRSs has had no material effect on how the results for the
current or prior accounting periods have been prepared and presented.
Accordingly, no prior period adjustment has been required.
The Group has not early applied the following new standard, amendments or
interpretations that have been issued but are not yet effective. The
directors of the Company anticipate that the application of these
standards, amendments or interpretations will have no material impact on
the results and financial positions of the Group.
HKAS 1 (Amendment) Capital disclosures 1
HKFRS 7 Financial instruments: Disclosures 1
HK(IFRIC) - INT 8 Scope of HKFRS 2 2
HK(IFRIC) - INT 9 Reassessment of embedded derivatives 3
HK(IFRIC) - INT 10 Interim financial reporting and impairment 4
1 Effective for annual periods beginning on or after 1 January 2007.
2 Effective for annual periods beginning on or after 1 May 2006.
3 Effective for annual periods beginning on or after 1 June 2006.
4 Effective for annual periods beginning on or after 1 November
2006.
3. SEGMENT INFORMATION
The Group's primary format for reporting segment information is business
segments. For management purposes, the Group is currently organised into
two main operating divisions - bleaching and dyeing and knitting. These
divisions are the basis on which the Group reports its primary segment
information.
For the six months ended 30 September 2006
__________________________________________
Bleaching
and
dyeing Knitting Eliminations Consolidated
________ ________ _____________ ______________
HK$'000 HK$'000 HK$'000 HK$'000
Turnover
External 29,543 - - 29,543
Inter-segment
(note) - 4,088 (4,088) -
________ ________ _____________ ______________
Total 29,543 4,088 (4,088) 29,543
======== ======== ============= ==============
Segment result (2,129) (570) - (2,699)
======== ======== =============
Interest income 1,301
Unallocated corporate expenses (3,133)
Finance costs (32)
______________
Loss for the period (4,563)
==============
Note: Inter-segment sales are charged at prevailing market prices.
For the six months ended 30 September 2005
__________________________________________
Bleaching
and
dyeing Knitting Eliminations Consolidated
________ ________ _____________ ______________
HK$'000 HK$'000 HK$'000 HK$'000
Turnover
External 26,707 151 - 26,858
Inter-segment - 2,157 (2,157) -
________ ________ _____________ ______________
Total 26,707 2,308 (2,157) 26,858
======== ======== ============= ==============
Segment result (12,932) (1,091) - (14,023)
======== ======== =============
Interest income 90
Unallocated corporate expenses (3,690)
Finance costs (1,253)
______________
Loss for the period (18,876)
______________
4. BASIC LOSS PER SHARE
The calculation of the basic loss per share is based on the following
data:
1.4.2006 1.4.2005
to to
30.9.2006 30.9.2005
_________ _________
HK$'000 HK$'000
Loss for the purposes of basic loss per share
(4,563) (18,876)
========= =========
No. of shares
_____________
Weighted average number of shares for the
purposes of basic loss per share 3,927,075,240 505,291,484
============= ===========
The denominator for the purposes of calculating basic loss per share for
the six months ended 30 September 2005 has been adjusted to reflect the
bonus issue of share on the basis of nine bonus shares for every share
held in June 2006.
No diluted loss per share has been presented for the six months ended 30
September 2005 as the exercise of the Company's outstanding share options
would reduce the loss per share for the period.
No diluted loss per share has been presented for the six months ended 30
September 2006 as there is no outstanding share option during the period.
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