PIONEER GLOBAL<00224> - Results Announcement
Pioneer Global Group Limited announced on 18/07/2005:
(stock code: 00224 )
Year end date: 31/03/2005
Currency: HKD
Auditors' Report: Unqualified
(Audited )
(Audited ) Last
Current Corresponding
Period Period
from 01/04/2004 from 01/04/2003
to 31/03/2005 to 31/03/2004
Note ('000 ) ('000 )
Turnover : 32,048 35,518
Profit/(Loss) from Operations : 36,182 16,986
Finance cost : (1,440) (2,336)
Share of Profit/(Loss) of
Associates : 11,545 12,079
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : 45,602 21,866
% Change over Last Period : +108.55 %
EPS/(LPS)-Basic (in dollars) : 0.0601 0.0292
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 45,602 21,866
Final Dividend : 1.0 cent 1.0 cent
per Share
(Specify if with other : N/A scrip dividend
options) with cash option
B/C Dates for
Final Dividend : 29/08/2005 to 31/08/2005 bdi.
Payable Date : 28/09/2005
B/C Dates for Annual
General Meeting : 29/08/2005 to 31/08/2005 bdi.
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
1) BASIS OF PRESENTATION AND ACCOUNTING POLICIES
The audited consolidated financial statements are prepared in
accordance with Hong Kong Statements of Standard Accounting Practice. The
accounting policies used in the preparation of the financial statements
are consistent with those used in the annual financial statements for the
previous financial year ended 31 March 2004.
The Hong Kong Institute of Certified Public Accountants has issued
a number of new and revised Hong Kong Financial Reporting Standards and
Hong Kong Accounting Standards ("HKAS"), herein collectively referred to
as the new HKFRSs, which are generally effective for accounting periods
beginning on or after 1 January 2005. The Group has not early adopted
these new HKFRSs in the financial statements for the year ended 31 March
2005. The Group has already commenced an assessment of the impact of
these new HKFRSs but is not yet in a position to state whether and to what
extent these new HKFRSs would have an impact on its results of operations
and financial position.
2) SEGMENT INFORMATION
Segement information is presented in respect of the Group primary
business segment.
Business Segment
Property Investments
and Hotels and Others Consolidated
-------------------------------------------------------------
2005 2004 2005 2004 2005 2004
HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000
Segment turnover
Company and subsidiaries
22,472 24,299 9,576 11,219 32,048 35,518
================= ================ ===============
Segment result
7,367 8,896 8,061 6,284 15,428 15,180
Unallocated corporate expenses (657) (1,587)
-----------------
Operating profit 14,771 13,593
Finance costs (1,440) (2,336)
Net profit on disposal of
assets less impairment provisions 21,411 3,393
Share of profits and (losses) of associates
- Listed
- - (275) 7,017 (275) 7,017
- Unlisted
11,820 5,062 - - 11,820 5,062
Taxation (650) (3,645)
Minority interests (35) (1,218)
-----------------
45,602 21,866
3) TAXATION ====== ======
2005 2004
Current Deferred Current Deferred
taxation taxation Total taxation taxation Total
HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000
The Company and its subsidiaries
Hong Kong
761 (45) 716 1,419 (62) 1,357
- (Over)/under provision in prior year
(65) - (65) 292 - 292
Overseas
19 - 19 6 - 6
-----------------------------------------------------------------
715 (45) 670 1,717 (62) 1,655
Associates - overseas
Listed (225) (60) (285) 1,311 277 1,588
Unlisted
120 145 265 326 76 402
----------------------------------------------------------------
610 40 650 3,354 291 3,645
----------------------------------------------------------------
Hong Kong profits tax has been provided at the rate of 17.50% (2004 : 17.
50%) on the estimated Hong Kong source assessable profits for the year.
Overseas tax has been provided at the applicable rates in the countries in
which the tax is levied.
4) DIVIDENDS
2005 2004
--------- --------
HK$'000 HK$'000
Interim dividend of HK0.50 cent (2004: Nil) per ordinary share
3,847 -
Proposed final cash dividend of HK1.00 cent (2004 : scrip dividend with a
cash option of HK1.00 cent) 7,694 7,490
---------- --------
per ordinary share 11,541 7,490
---------- ---------
The 2005 final cash dividend of HK1.00 cent (2004: scrip dividend
with a cash option of HK 1.00 cent) per ordinary share has been proposed
by the Directors and is subject to approval by the shareholders at the
forthcoming annual general meeting.
5) EARNINGS PER SHARE
Earnings per share is calculated on profit attributable to
shareholders amounting to HK$45,602,000 (2004 : Profit of HK$21,866,000)
and on weighted average number of 758,295,989 shares in issue during the
year (2004 : 749,036,972 shares in issue during the year).
No diluted earnings per share have been presented for the year
ended 31 March 2005 and 31 March 2004 as the exercise prices of
the share options granted by the Company were higher than the fair value
per share at the balance sheet date.
6) SUBSEQUENT EVENTS
1) In April 2005, the Group completed the closing of
the following properties in Hong Kong:
a) Units 1 & 87 on the first floor, units 1 &
2 on the ground floor and units 9 & 10 on the basement floor of the podium
of blocks 1, 2 & 3, City Garden, No. 233 Electric Road, Hong Kong for HK$
50.0 million.
b) Units 47 & 59 on the first floor of the
podium of blocks 1, 2, & 3, City Garden, No. 233 Electric Road, Hong Kong
for HK$23.6 million.
c) Units 8 - 11 on the 18th floor of Great
Eagle Centre, No. 23 Harbour Road, Wanchai, Hong Kong for HK$34.0 million.
Details of transaction were provided in a circular
to shareholders dated 6 June 2005.
2) In April 2005, the Group entered into a joint
venture with Morgan Stanley Real Estates Funds and Wachovia Development
Corporation. The joint venture subsequently acquired a 22 storey
commercial building on 251A-301 Avenida commercial de Macau in Macau for
HK$600 million. The Group's investment was HK$80 million. Details of
transaction were provided in a circular to shareholders dated 3 May 2005
and an announcement dated 15 July 2005.
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