PIONEER GLOBAL<00224> - Results Announcement (Summary)
Pioneer Global Group Limited announced on 16/12/2002:
(stock code: 00224 )
Year end date: 31/3/2003
Currency: HKD
Auditors' Report: N/A
Review of Interim Report by: Audit Committee
(Unaudited )
(Unaudited ) Last
Current Corresponding
Period Period
from 01/04/2002 from 01/04/2001
to 30/09/2002 to 30/09/2001
Note ('000 ) ('000 )
Turnover : 21,815 26,936
Profit/(Loss) from Operations : 6,715 2,867
Finance cost : (1,233) (127)
Share of Profit/(Loss) of
Associates : (3,176) (5,604)
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : 2,277 (2,125)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : 0.003 (0.0028)
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 2,277 (2,125)
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 PRESENTATION AND ACCOUNTING POLICIES
The unaudited condensed consolidated interim financial statements are
prepared in accordance with Hong Kong Statements of Standard Accounting
Practice (SSAP25) "Interim Financial Reporting". The accounting policies
used in the preparation of the interim financial statements are
consistent with those used in the annual financial statements for the year
ended 31 March 2002 , except that the Group has adopted the following new
and and revised SSAPs which became effective on 1 January 2002.
SSAP 1 (Revised) : Presentation of financial
statements
SSAP15 (Revised) : Cash flow statements
SSAP25 (Revised) : Interim financial reporting
SSAP34 : Employee benefits
The adoption of these new and revised SSAPs has no material effect on the
Group's results.
To be consistent with the presentation of financial statements for the
year ended 31 March 2002, a prior period adjustment was made to
reflect the re-classification of an investment security, Siam Food
Products Public Company, as an associated company. This adjustment
is treated as a change in accounting policy and accordingly, the loss
attributable to shareholders for the six months ended 30 September 2001
has been decreased by HK$2.2 million.
Certain comparative figures have been reclassified to conform to the
current period presentation.
2) SEGMENT INFORMATION
Segment information is presented in respect of the Group's primary
business segment.
the six months ended 30 September
Information
Property Investments Technology Consolidated
2002 2001 2002 2001 2002 2001 2002 2001
HK$'000 HK$'000 HK$'000 HK$'000
Segment
turnover 13,769 12,463 3,034 4,176 5,012 10,297 21,815 26,936
==============
Segment
result 8,695 7,597 1,913 2,117 -2,516(3,316) 8,092 6,398
Unallocated corporate
expenses (2,748) (3,084)
---------------
Operating profit 5,344 3,314
Share of profits and (losses) of associates
- Listed - - 3,365 2,751 - - 3,365 2,751
- Unlisted (6,541) (7,960) - - - (395) (6,541)(8,355)
Finance costs (1,233) (127)
Net profit/(loss) on disposal of
assets less impairment provisions 1,371 (447)
Taxation (955) (519)
Minority interests 926 1,258
-------------
Net profit/(loss) 2,277 (2,125)
=============
3) TAXATION
For the six months ended 30 September
2002 2001
HK$'000 HK$'000
Current provision
Hong Kong 265 -
Overseas 25 -
---------------------
290 -
Listed associate, overseas taxation 665 519
---------------------
955 519
=====================
Hong Kong profits tax has been provided at the rate of 16% (2001 :
16%) on the estimated Hong Kong source assessable profits for the period.
Overseas tax in respect of the Group and the listed associate has been
provided at the applicable rates in the countries in which the tax is
levied.
4) EARNINGS / (LOSS) PER SHARE
Earnings per share is calculated on profit attributable to shareholders
amounting to HK$2,277,000 (2001: Loss of HK$2,125,000) and on the weighted
average number of 749,088,742 shares in issue during the period (2001:
752,672,917 shares in issue during the period). No diluted earnings per
share have been presented for the six months ended 30 September 2002 and
30 September 2001 as the exercise price of the share options granted by
the Company were higher than the fair value per share.
|
