CIG PORTS<08233> - Results Announcement (Q1, 2006, Summary)
CIG Yangtze Ports PLC announced on 15/05/2006:
(stock code: 08233 )
Year end date :31/12/2006
Currency :HKD
Auditors' report :N/A
1st 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) (Audited)
Current Last Corresponding
Period Period
from 1/1/2006 from 1/1/2005
to 31/3/2006 to 31/3/2005
$'000 $'000
Turnover : 3,603 1,931
Profit/(Loss) from Operations : (2,499) (1,111)
Finance cost : (1,222) (820)
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 : (3,467) (1,284)
% Change Over the Last Period : N/A
EPS / (LPS)
Basic (in dollar) : (HKD 0.01) (HKD 0.0058)
Diluted (in dollar) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit (Loss) after ETD Items : (3,467) (1,284)
1st Quarter Dividends per Share : NIL NIL
(specify if with other options) : N/A N/A
B/C Dates for 1st 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. Basis of Preparation
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
consolidated financial statements for the year ended 31 December
2005
The Quarterly results are unaudited but have been reviewed by the
Audit and Remuneration Committee of the Company.
2. Turnover
Turnover represents cargo handling service fees income earned.
3. 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, WIT is also exempted from PRC local income tax
of 3% for 5 years.
No provision for Hong Kong Profits Tax or for PRC Enterprise Income
Tax was made as the Group did not have any profit subject to
taxation.
The Group did not have any significant unprovided deferred
taxation in respect of each of the reporting periods.
4. Loss Per Share
The calculation of basic loss per share for the three months ended
31 March 2006 is based on the net loss for the period and on
345,379,747 shares (2005:221,062,500 shares) in issue for the
period.
No diluted loss per share has been presented because no dilutive
events existed during or at the end of the periods.
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