WINFOONG INT'L<0063> - Announcement
The Stock Exchange of Hong Kong Limited takes no
responsibility for the contents of this announcement, makes
no representation as to its accuracy or completeness and
expressly disclaims any liability whatsoever for any loss
howsoever arising from or in reliance upon the whole or any
part of the contents of this announcement.
Winfoong INTERNATIONAL Limited
(Incorporated in Bermuda with limited liability)
Announcement of 1998 UNAUDITED Results
SUMMARY
The board of directors of Winfoong International Limited (the
"Company") announces the unaudited results of the
Company and its subsidiaries (the "Group") for the year
ended 31st December, 1998, together with the comparative
audited figures for the year ended 31st December, 1997 to
keep the public informed of the position of the Group.
Further announcement regarding the audited results of the
Group for the year ended 31st December, 1998 will be made
on or before 31st May, 1999.
Hong Fok Corporation Limited ("Hong Fok") whose shares
are listed on the Singapore Stock Exchange is an associated
company of the Company and the Company is an associated
company of Hong Fok. As at the date of this announcement,
Hong Fok beneficially owns 40.3% of the existing issued
share capital of the Company and the Company beneficially
owns 20.2% of the existing issued share capital of Hong Fok.
Hong Fok will release its unaudited results for the year ended
31st December, 1998 on 31st March, 1999 (the "Date of
Announcement") pursuant to the listing rules of the
Singapore Stock Exchange. Since the audit of the results of
Hong Fok for the year ended 31st December, 1998 will not be
completed by the Date of Announcement, the audit of the
results of the Group for the year ended 31st December, 1998
will not be able to be completed by the Date of
Announcement. Consequently, the board meeting of the
Company to approve, inter alia, the audited results of the
Group for the year ended 31st December, 1998 which was
scheduled to be held on 30th March 1999 has been
postponed (but is expected to be held on or before 31st May,
1999) and the Company will not be able to release its audited
results at the same time as Hong Fok releases the unaudited
results of the Group. Nevertheless, the Company hereby
release the unaudited results of the Group for the year ended
31st December, 1998 to keep the public informed of the
position of the Group pursuant to paragraph 2 of the Listing
Agreement made by the Company with the Stock Exchange
of Hong Kong Limited.
The board of directors of the Company announces the
unaudited results of the Group for the year ended 31st
December, 1998, together with the comparative audited
figures for the year ended 31st December, 1997, as follows:
1998 1997
Notes (unaudited) (audited)
HK$'000 HK$'000
Turnover 1 126,848 394,789
Operating profit/(loss) before
exceptional items (45,678) 859
Exceptional items 2 (188,361) (108,063)
Operating loss for the year (234,039) (107,204)
Share of losses of associated companies
(11,751) (3,838)
Loss before taxation (245,790) (111,042)
Taxation 3 943 (4,380)
Loss before minority interests (244,847) (115,422)
Minority interests 2,927 14,396
Net loss attributable to shareholders
(241,920) (101,026)
Basic loss per share 4 (35.01 cents) (14.71 cents)
Notes:
1. Turnover
Turnover represents the aggregate of income from property
investment and management, property construction and
development, horticultural services and interest income.
2. Exceptional items
1998 1997
HK$'000 HK$'000
Loss on disposal and deemed disposal of Sui
Chong Holdings Limited (51,616) -
Deficit on revaluation of investment properties
- (7,910)
Gain/(loss) on disposal of
an investment property (52,651) 97,300
Provision for diminution in value
- property held for future development
(28,094) (97,094)
- properties held for
resale (56,000) (100,359)
(188,361) (108,063)
3. Taxation
Hong Kong profits tax has been provided at the rate of 16%
(1997: 16.5%) on the estimated assessable profits arising
in Hong Kong during the year. Taxes on profits assessable
elsewhere have been calculated at the rates of taxation
prevailing in the places in which the Group operates based
on existing law, practices and interpretations thereof.
1998 1997
HK$'000 HK$'000
Company and subsidiaries
Hong Kong, the PRC
- provision for the year - 17,087
- overprovision in prior years
(1,570) (13,208)
Elsewhere - 180
(1,570) 4,059
Associated companies
Hong Kong, the PRC 21 -
Elsewhere 606 321
Taxation charge/(credit) for the year
(943) 4,380
4. Basic loss per share
The calculation of basic loss per share is based on the
net loss attributable to shareholders for the year of
HK$241,919,684 (1997: HK$101,026,025) and the weighted
average of 690,942,582 (1997: 686,855,420) shares in
issue during the year.
The fully diluted earnings per share is not shown for the
current year because the effect of any dilution is
antidilutive.
Hong Fok's interest in the Company are fully reflected in
of the item headed "Interests in Associated Companies" in
the unaudited balance sheet of Hong Fok as at 31st December,
1998.
Further announcement regarding the audited results of the
Group for the year ended 31st December, 1998 will be made
on or before 31st May, 1999.
By Order of the Board
Winfoong International Limited
Cheong Pin Chuan, Patrick
Chairman
Hong Kong, 31st March, 1999
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