YU MING INV<00666> - Results Announcement
Yu Ming Investments Limited announced on 28/08/2006:
(stock code: 00666 )
Year end date: 31/12/2006
Currency: HKD
Auditors' Report: N/A
Interim report reviewed by: Both Audit Committee and Auditors
(Unaudited )
(Unaudited ) Last
Current Corresponding
Period Period
from 01/01/2006 from 01/01/2005
to 30/06/2006 to 30/06/2005
Note ($ ) ($ )
Turnover : 53,978,550 9,248,818
Profit/(Loss) from Operations : 50,186,360 11,945,226
Finance cost : (17,326,051) (501,485)
Share of Profit/(Loss) of
Associates : (1,688,011) 176,904,411
Share of Profit/(Loss) of
Jointly Controlled Entities : 945,542 N/A
Profit/(Loss) after Tax & MI : 21,518,252 188,283,152
% Change over Last Period : -88.57 %
EPS/(LPS)-Basic (in dollars) : 0.0127 0.1113
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 21,518,252 188,283,152
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:
(1) Comparative figures of turnover and share of results of associates
have been reclassified to conform with the new HKFRS 's presentation.
(2) The calculation of basic earnings per share is based on the profit
attributable to equity holders of the Company of HK$21,518,252 (2005 :
HK$188,283,152) and on 1,691,171,989 (2005 : 1,691,171,989) ordinary
shares in issue.
No diluted earnings per share is presented as the Group had no dilutive
potential ordinary shares.
(3) Summary of auditors' independent review report
The auditors' independent review report on the Group's financial
statements for the six months period ended 30th June, 2006 contained a
modified opinion because of the limitation of the scope of their review.
The following is an extract of the auditors' review report:
"The scope of our review was limited in respect of the acquisition cost of
the equity interests in Grand China Air Company Limited ("Grand China Air
") recorded as available-for-sale financial asset at a carrying value of
HK$190,190,000 as at 30 June 2006, which was considered by the directors
as its fair value at date of initial recognition and its carrying value as
at 30 June 2006. As detailed in the interim financial report, the
official registration procedures of the issuance of the shares of Grand
China Air to the Group are still in progress as of the date of this
report. However, we are unable to obtain sufficient financial information
nor any sufficient evidence relating to the acquisition cost of equity
interests in Grand China Air to satisfy ourselves that this amount is
properly classified as available-for-sale financial assets and properly
recognised under the measurement and recognition principles in accordance
with Hong Kong Accounting Standard No. 39 "Financial Instruments:
Recognition and Measurement". In addition, we are unable to obtain
sufficient evidence in order to determine whether its carrying value is
fairly stated as at 30 June 2006.
The scope of our review was also limited in respect of a preference share
dividend income of HK$22,587,377 for the six months ended 30 June 2006 and
a corresponding dividend receivable of HK$22,587,377 as at 30 June 2006
recorded by the Group. No sufficient evidence has been made available to
us for the assessment of the timing and amount of distribution of the
dividend. As a result, we are unable to determine whether the dividend
income for the six months ended 30 June 2006 and the dividend receivable
as at 30 June 2006 are fairly stated.
Inability to reach a review conclusion
Because of the significance of the possible effect of the limitation in
evidence available to us, we are unable to reach a review conclusion as to
whether material modifications should be made to the interim financial
report for the six months ended 30 June 2006."
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