YU MING INV<00666> - Results Announcement (Summary)
Yu Ming Investments Limited announced on 4/9/2002:
(stock code: 666)
Year end date: 31/12/2002
Currency: HK$
Auditors' Report: N/A
Review of Interim Report by: Both Audit Committee and Auditors
(Unaudited)
(Unaudited) Last
Current Corresponding
Period Period
from 1/1/2002 from 1/1/2001
to 30/6/2002 to 30/6/2001
Turnover : 9,155,631 9,933,723
Profit/(Loss) from Operations : (3,726,337) 16,190,646
Finance cost : (351,566) (395,024)
Share of Profit/(Loss) of Associates : 7,887,130 (8,074,865)
Share of Profit/(Loss) of
Jointly Controlled Entities : Nil Nil
Profit/(Loss) after Tax & MI : 3,837,321 8,906,676
% Change over Last Period : -56.9%
EPS/(LPS)-Basic : 0.23 cent 0.53 cent
-Diluted : N/A N/A
Extraordinary (ETD) Gain/(Loss) : Nil Nil
Profit/(Loss) after ETD Items : 3,837,321 8,906,676
Interim Dividend per Share : 2 cents 2 cents
(Specify if with other options) : N/A N/A
B/C Dates for Interim Dividend : 23/9/2002 to 27/9/2002 bdi.
Payable Date : 30/9/2002
B/C Dates for (-) General Meeting : N/A
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
In 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 comparative statements for 2001 have been restated to conform to the
changed policy. The effect of the change in respect of the period 2001 is
summarized below:
2001
Reported 2001
previously Adjustment Restated
HK$ HK$ HK$
Income from debt securities 14,844,004 (11,284,893) 3,559,111
Turnover 21,218,616 (11,284,893) 9,933,723
Profit on disposal of debt securities
11,687,901 429,054 12,116,955
Unrealized (losses)/profit on debt securities
(7,913,300) 10,855,839 2,942,539
Profit attributable to shareholders
8,906,676 - 8,906,676
========= ========== ==========
3. Earnings per share
The calculation of basic and diluted earnings per share are based on the
Group's profit attributable to shareholder of HK$3,837,321 (2001:
HK$8,906,676).
The basic earnings per share is based on the number of ordinary shares in
issue during the period amounting to 1,691,171,989 (2001: 1,691,171,989).
The diluted earnings per share during the periods ended 30th June, 2002
and 30th June, 2001 are not disclosed as the exercise of the share options
outstanding at 30th June, 2002 and 30th June, 2001 would have no dilutive
effect.
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