G. A. HOLDINGS<08126> - Results Announcement
G.A. Holdings Limited announced on 29/03/2006:
(stock code: 08126 )
Year end date: 31/12/2005
Currency: SGD
Auditors' Report: Unqualified
Important Note:
This result announcement form only contain extracted information
from and should be read in conjunction with the detailed results
announcement of the issuer, which can be view on the GEM website
at http://www.hkgem.com
(Audited )
(Audited ) Last
Current Corresponding
Period Period
from 01/01/2005 from 01/01/2004
to 31/12/2005 to 31/12/2004
Note ('000 ) ('000 )
Turnover : 158,704 100,246
Profit/(Loss) from Operations : 7,838 4,110
Finance cost : (2,649) (1,493)
Share of Profit/(Loss) of
Associates : N/A N/A
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : 3,652 1,721
% Change over Last Period : +112.2 %
EPS/(LPS)-Basic (in dollars) : 0.0092 0.0044
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 3,652 1,721
Final Dividend : N/A N/A
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Final 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
For and on behalf of
G.A. Holdings Limited
Name : Chan Hing Ka Anthony
Title : Chairman and Managing Director
Responsibility statement
The directors of the Company (the "Directors") as at the date hereof
hereby collectively and individually accept full responsibility for
the accuracy of the information contained in this results announcement
form (the "Information") and confirm, having made all reasonable
inquiries, that to the best of their knowledge and belief the
Information are accurate and complete in all material respects and
not misleading and that there are no other matters the omission of
which would make the Information herein inaccurate or misleading. The
Directors acknowledge that the Stock Exchange has no responsibility
whatsoever with regard to the Information and undertake to indemnify
the Exchange against all liability incurred and all losses suffered
by the Exchange in connection with or relating to the Information.
Remarks:
1. Basis of preparation
The consolidated financial statements have been prepared in accordance with Hong Kong
Financial Reporting Standards ("HKFRS") as published by the Hong Kong Institute of
Certified Public Accountants ("HKICPA"), the disclosure requirements of the Hong Kong
Companies Ordinance and the Rules Governing the Listing of Securities on the Growth
Enterprise Market of The Stock Exchange of Hong Kong Limited (the "GEM Listing Rules").
The financial statements have been prepared on the historical cost basis except for the
revaluation of certain financial assets.
2. Adoption of new / revised HKFRS
From 1 January 2005, the Group has adopted the new / revised standards and interpretations
of HKFRS, which are relevant to its operations. This includes the following new, revised
and renamed standards :
HKAS 1 Presentation of Financial Statements
HKAS 2 Inventories
HKAS 7 Cash Flow Statements
HKAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
HKAS 10 Events after the Balance Sheet Date
HKAS 12 Income Taxes
HKAS 14 Segment Reporting
HKAS 16 Property, Plant and Equipment
HKAS 17 Leases
HKAS 18 Revenue
HKAS 19 Employee Benefits
HKAS 21 The Effects of Changes in Foreign Exchange Rates
HKAS 23 Borrowing Costs
HKAS 24 Related Party Disclosures
HKAS 27 Consolidated and Separated Financial Statements
HKAS 32 Financial Instruments : Disclosure and Presentation
HKAS 33 Earnings per Share
HKAS 36 Impairment of Assets
HKAS 37 Provisions, Contingent Liabilities and Contingent Assets
HKAS 39 Financial Instruments : Recognition and Measurement
HKFRS 3 Business Combinations
All the standards have been applied retrospectively except where specific transitional
provisions require a different treatment and accordingly the 2004 financial statements
and their presentation have been amended in accordance with HKAS 8. Due to the change in
accounting policies, the 2004 comparatives contained in these financial statements
differ from those published in the financial statements for the year ended 31 December
2004.
Significant effects on current, prior or future periods arising from the first-time
application of the standards listed above in respect to presentation, recognition and
measurement of accounts are described in the following notes :
2.1 Adoption of HKAS 1
The application of HKAS 1 led to an update of the presentation of financial statements.
Minority interests are now included as a separate line item within equity. Profit and loss
attributable to minority interests and that attributable to owners of the parent company
is now presented as an allocation of the net result of the year.
2.2 Adoption of HKAS 17
The adoption of HKAS 17 has resulted in a change in the accounting policy relating to the
reclassification of leasehold land from property, plant and equipment to operating
leases. The up-front prepayments made for the leasehold land are charged to the income
statement on a straight-line basis over the period of the lease. In prior years, leasehold
land and buildings are not separated and are classified under property, plant and
equipment and carried at cost or valuation less accumulated depreciation and
accumulated impairment losses.
2.3 Other standards adopted
The adoption of HKAS 2, 7, 8, 10, 12, 14, 16, 18, 19, 21, 23, 24, 27, 32, 33, 36, 37, 39 and HKFRS 3
did not result in significant alternations to the Group's accounting policies. The
specific transitional provisions contained in some of these standards were considered.
The adoption of these other standards did not result in any changes to the amounts or
disclosures in these financial statements.
2.4 New Standards or interpretations that have been issued but are not yet effective
The Group has not early adopted the following Standards or interpretations that have been
issued but are not yet effective. The adoption of such Standards and Interpretations will
not result in substantial changes to the Group's accounting policies.
HKAS 1 (Amendment) Capital Disclosures
HKAS 39 (Amendment) The Fair Value Option
HK(IFRIC) - Int 4 Determining whether an Arrangement contains A Lease
HKFRS 7 Financial Instruments - Disclosures
3. Turnover
Turnover represents the net invoiced value of goods sold after allowances for returns,
trade discounts, other taxes related to sales where applicable, and services
rendered.
The Group has recorded a total turnover of approximately S$158,704,000 for the year ended
31 December 2005 representing a increase of approximately 58.3% over the corresponding
period of 2004.
4. Earnings per share
The calculation of basic earnings per share is based on net profit from ordinary
activities attributable to shareholders for the year of approximately S$3,671,000
(2004: S$1,741,000) and 400,000,000 (2004: 400,000,000) ordinary shares in issue
during the year.
Diluted earnings per share is not presented as there were no dilutive potential ordinary
shares in existence during two years ended 31 December 2005 and 2004.
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