YU MING INV<00666> - Results Announcement (Summary)
Yu Ming Investments Limited announced on 12/4/2002:
(stock code: 666)
Year end date: 31/12/2001
Currency: HK$
Auditors' Report: Neither
Review of Interim Report by: N/A
(Audited)
(Audited) Last
Current Corresponding
Period Period
from 1/1/2001 from 1/1/2000
to 31/12/2001 to 31/12/2000
Turnover : 18,482,238 33,781,503
Profit/(Loss) from Operations : (64,447,621) (363,501,000)
Finance cost : (663,142) (102,248)
Share of Profit/(Loss) of Associates : (12,971,689) 8,859,850
Share of Profit/(Loss) of
Jointly Controlled Entities : Nil Nil
Profit/(Loss) after Tax & MI : (86,642,737) (351,516,174)
% Change over Last Period : N/A
EPS/(LPS)-Basic : (5.12 cents) (20.79 cents)
-Diluted : N/A (20.64 cents)
Extraordinary (ETD) Gain/(Loss) : Nil Nil
Profit/(Loss) after ETD Items : (86,642,737) (351,516,174)
Final Dividend per Share : 2 cents 2 cents
(Specify if with other options) : Nil Nil
B/C Dates for Final Dividend : 21/5/2002 to 24/5/2002 bdi.
Payable Date : 31/5/2002
B/C Dates for Annual General Meeting : 21/5/2002 to 24/5/2002 bdi.
Other Distribution for Current Period : Nil
B/C Dates for Other Distribution : Nil
Remarks:
1. Revenue recognition
Dividend income is recognized when the right to receive payment is
established. Interest income is recognized on a time proportion basis,
taking into account the principal amounts outstanding and the interest
rates applicable. Interest from debt securities is recognized on a time
proportion basis. Refer also to Remark 2 below for details of change in
accounting policy.
2. Change in accounting policy
During the year 2001, the Group changed its accounting policy with respect
to the recognition of income from debt securities. Amortisation of
discount on purchase of debt securities is no longer recognized as income.
The change is more appropriate to reflect the nature of our existing debt
securities portfolio.
The change in accounting policy has been accounted for retrospectively.
The comparative statements for 2000 have been restated to conform to the
changed policy. The effect of the change in respect of the year 2000 is
summarized below:
2000
Reported 2000
previously Adjustment Restated
HK$ HK$ HK$
Income from debt securities
40,725,554 (36,009,853) 4,715,701
Turnover 69,791,356 (36,009,853) 33,781,503
Profit on disposal of debt securities
12,758,985 18,107,849 30,866,834
Unrealized losses on debt securities
(22,433,929) 17,902,004 (4,531,925)
Loss attributable to shareholders
(351,516,174) - (351,516,174)
============= =========== =============
3. Loss per share
The calculation of basic and diluted loss per share are based on the
Group's loss attributable to shareholders of HK$86,642,737 (2000: loss of
HK$351,516,174).
The basic loss per share is based on the number of ordinary shares in
issue during the year amounting to 1,691,171,989 (2000: 1,691,171,989).
The diluted loss per share during the year is not disclosed as the
exercise of the share options outstanding at 31st December, 2001 would
have no dilutive effect. The diluted loss per share for the year ended
31st December, 2000 is based on 1,702,733,778 ordinary shares which was
the number of ordinary shares in issue during the year plus the weighted
average of 11,561,789 ordinary shares deemed to be issued at no
consideration if all outstanding share options had been exercised.
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