PEARLRIVER TYRE<01187> - Results Announcement
Pearl River Tyre (Holdings) Limited announced on 25/09/2006:
(stock code: 01187 )
Year end date: 31/12/2006
Currency: HKD
Auditors' Report: N/A
Interim report reviewed by: Audit Committee
(Restated)
(Unaudited )
(Unaudited ) Last
Current Corresponding
Period Period
from 01/01/2006 from 01/01/2005
to 30/06/2006 to 30/06/2005
Note ('000 ) ('000 )
Turnover : 302,725 249,124
Profit/(Loss) from Operations : 4,809 5,452
Finance cost : (2,918) (3,367)
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 : 1,891 2,085
% Change over Last Period : -9.3 %
EPS/(LPS)-Basic (in dollars) : 0.018 0.020
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 1,891 2,085
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:
(a) The above results are the unaudited consolidated results of Pearl
River Tyre (Holdings) Limited (the "Company") and its subsidiaries (the "
Group") for the six month period ended 30 June 2006 (the "current period")
together with the comparative figures for the corresponding period ended
30 June 2005 (the "corresponding period").
(b) Previously, the result of Guangzhou Pearl River Rubber Tyre
Limited (the "Joint Venture") had been accounted for in the consolidated
financial statements using the equity method. In the financial year ended
31 December 2005, the Group changed the accounting policy from the equity
method to the proportionate consolidation method, in accordance with the
HKFRS. The proportionate consolidation method is used as the Directors are
of the opinion that it provides a better reflection of the economic
substance the Group. Accordingly, the corresponding period income
statements have been restated. The Joint Venture, a Sino-foreign joint
venture established in The People's Republic of China (the "PRC") is 70%
owned by a wholly-owned subsidiary of the Company and 30% owned by a
state-owned enterprise established in Guangzhou, the PRC. The investment
in the Joint Venture is accounted for in the financial statements of the
Group using the proportionate consolidation method. The Group's interest
in the Joint Venture is 70% (30.6.2005 - 70%).
(c) The Group's share of the Joint Venture's revenue and expenses are
as follows : -
Six Month Period Ended
30.6.2006 30.6.2005
HK$'000 HK$'000
Revenues and other income 301,856 249,693
Cost and expenses (296,651) (242,477)
_________ __________
Profit from continuing operations 5,205 7,216
Finance costs (2,917) (2,646)
__________ _________
Profit from continuing operations
before tax 2,288 4,570
Taxation - -
_________ _________
Net profit from continuing operations 2,288 4,570
========= ==========
(d) The calculation of the basic earnings per share is based on the
consolidated profit after taxation of HK$1,891,000 (30.6.2005 - net profit
of HK$2,085,000) for the current period and on 105,116,280 (30.6.2005 -
105,116,280) ordinary shares of A$0.20 each in issue during the current
period.
There is no dilutive effect on the basic earnings per share for the
current period and the corresponding period.
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