CIG PORTS<08233> - Results Announcement (Q3, 2005, Summary)
CIG Yangtze Ports PLC announced on 11/11/2005:
(stock code: 08233 )
Year end date :31/12/2005
Currency :HKD
Auditors' report :N/A
3rd 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 1/1/2005 from 1/1/2004
to 30/9/2005 to 30/9/2004
$'000 $'000
Turnover : 6,634 802
Profit/(Loss) from Operations : (2,710) (8,016)
Finance cost : (4,494) (1,856)
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 : (6,090) (6,256)
% Change Over the Last Period : N/A
EPS / (LPS)
Basic (in dollar) : (HKD 0.0266) (HKD 0.0283)
Diluted (in dollar) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit (Loss) after ETD Items : (6,090) (6,256)
3rd Quarter Dividends per Share : NIL NIL
(specify if with other options) : N/A N/A
B/C Dates for 3rd 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
CIG Yangtze Ports PLC
Signature :
Name : Wong Wai Keung, Frederick
Title : Company Secretary
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. The Company's shares have been listed on the Growth Enterprise
Market of The Stock Exchange of Hong Kong Limited on 16 September
2005.
2. Basis of Preparation
Current Period (1/1/2005 to 30/9/2005):
The unaudited consolidated results of the Group have been prepared
under the historical cost convention and in accordance with
International Financial Reporting Standards("IFRS")issued by the
International Accounting Standards Board. The accounting policies
adopted are consistent with those set out in the Group's
financial statements for the year ended 31 December 2004.
Corresponding Period (1/1/2004 to 30/9/2004):
The comparatives for 2004 have been prepared on a combined basis
as if the Group had existed throughout that period, the basis
adopted in the Accountants Report contained in Appendix I of
the prospectus of the Company dated 6 September 2005.
For the purpose of providing shareholders with a more meaningful
comparison of the operating performance of the Group for the
3rd quarter up to 30 September 2005 with the corresponding
period in 2004, the Directors considered it appropriate to use
this basis of presentation.
3. Turnover
Turnover represents cargo handling service fees income earned.
4. Taxation
No provision for Hong Kong Profits Tax or for PRC Enterprise Income
Tax was made as the Group did not have any profit which was subject
to taxation.
In accordance with the relevant income tax laws applicable to
Sino-foreign joint ventures in the PRC engaging in port and dock
construction with operating period which exceeds 15 years, upon
approval by the tax bureau, Wuhan International Container
Transshipment Co., Ltd. ("WIT") would be subject to a reduced PRC
enterprise income tax of 15% and exempted from PRC enterprise
income tax for five years starting from its first profit-marking
year, after offsetting losses brought forward from the previous
five years, if any, followed by a 50% reduction (7.5%) for the
next five years. In accordance with the same tax laws and
regulations, the joint venture is also exempted from PRC local
income tax of 3% for 5 years.
The Group did not have any significant unprovided deferred
taxation in respect of each of the reporting periods.
5. Loss Per Share
The calculation of basic losses/loss per share for the nine months
ended 30 September 2005 is based on the net loss attributable to
shareholders of HK$6,090,000 and on the weighted average number
of 229,259,242 shares(2004: 221,062,500 shares) in issue during
the nine months ended 30 September 2005.
No diluted earnings per share have been presented because the
only dilutive potential shares are those of the share options
granted under the pre-IPO share option scheme but the conditions
for the exercise of these options have not yet been met during
the period.
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