CHINA RESOURCES<0291> - Results Announcement
China Resources Enterprise, Limited announced on 23/4/1999:
(stock code: 291)
Year end date: 31/12/1998
Currency: HK$
Last
Current Corresponding
Period Period
from 1/1/1998 from 1/1/1997
to 31/12/1998 to 31/12/1997
('000) ('000)
Turnover/Interest Income : 5,475,100 5,966,361
Profit-Continuing Operations
- Operating Profit/(Loss) : 1,553,721 2,313,964
- Exceptional Items : 123,045 -
- Discontinued Operations : - -
Total Operating Profit/(Loss) : 1,676,766 2,313,964
Share of Profit/(Loss) of
Associated Companies : 441,402 646,761
Profit/(Loss) after Tax & MI : 1,268,428 1,560,122
% Change over Last Period : -18.7%
EPS/(LPS)-Basic : $0.81 $1.03
-Diluted : $0.80 $1.01
Extraordinary (ETD) Gain/(Loss) : - -
Profit/(Loss) after ETD Items : 1,268,428 1,560,122
Final Dividend per Share : 9 cents 14 cents
(Specify if with other options) : - -
B/C Dates for Final Dividend : 11/6/1999 to 17/6/1999 bdi.
Payable Date : on or about 2/7/1999
B/C Dates for Annual General Meeting : 11/6/1999 to 17/6/1999 bdi.
Other Distribution for Current Period : -
B/C Dates for Other Distribution : -
Remarks:
(1) Exceptional items
1998 1997
HK$'000 HK$'000
Provision for doubtful debt (146,970) -
Profit on deemed disposal of
long term investment 270,015 -
--------- ---------
123,045 -
========= =========
In March 1998, China Resources Beijing Land Limited ("Beijing Land"), the
former subsidiary company of the Company, placed 249 million ordinary
shares to professional and institutional investors. As a result, the
Company's interest in Beijing Land was reduced from 53.1% to 44.2% and an
exceptional profit of HK$270,015,000 was recognised.
(2) Earnings per share
The calculation of the basic and diluted earnings per share is based on
the following data:
1998 1997
HK$'000 HK$'000
Earnings
Net profit attributable to shareholders
for the purpose of basic earnings
per share 1,268,428 1,560,122
Interest saving on exercise of
convertible bonds - 12
Effect due to dilutive potential
ordinary shares of a subsidiary/
associated company (2,375) (2,860)
--------- ----------
1,266,053 1,557,274
========= =========
1998 1997
Number of shares
Weighted average number of
ordinary shares for the
purposes of basic earnings per share 1,575,192,665 1,518,444,401
Effect of dilutive potential
ordinary shares:
- Share options 7,951,529 13,777,616
- Convertible bonds 11,929 3,816,620
------------- -------------
1,583,156,123 1,536,038,637
============= ==============
The adoption of the revised Statement of Standard Accounting Practice No.5
"Earnings per share" issued by the Hong Kong Society of Accountants has
resulted in some modifications to the basis of calculation of diluted
earnings per share and to the disclosures presented for diluted earnings
per share. Amounts presented for the prior year have been restated to
reflect the requirements of the revised standard.
For more details, please refer to the press announcement today.
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