FUDANZHANGJIANG<08231> - Results Announcement (Q3, 2003, Summary)
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd. announced on
12/11/2003:
(stock code: 08231)
Year end date :31/12/2003
Currency :RMB
Auditors' report :N/A
Review of 3rd Quarterly Report by :Audit Committee
Important Note :
This result announcement form only contains extracted information from
and should be read in conjunction with the detailed results announcement
of the issuer, which can be viewed on the GEM website at
http://www.hkgem.com
(Unaudited) (Unaudited)
Current Last
Corresponding
Period Period
from 01/01/2003 from 01/01/2002
to 30/09/2003 to 30/09/2002
RMB'000 RMB'000
Turnover : 6,546 15,423
Profit/(Loss) from Operations : (13,447) 1,328
Finance cost : 0 0
Share of Profit/(Loss) of Associates : (956) N/A
Share of Profit/(Loss) of Jointly
Controlled Entites : N/A N/A
Profit/(Loss) after Taxation & MI : (14,135) 1,426
% Change Over the Last Period : N/A
EPS / (LPS)
Basic (in dollar) : (RMB 0.0199) RMB 0.0025
Diluted (in dollar) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : 0 0
Profit (Loss) after ETD Items : (14,135) 1,426
3rd Quarterly Dividends per Share : NIL NIL
(specify if with other options) : N/A N/A
B/C Dates for 3rd Quarterly Dividends : N/A
Payable Date : N/A
B/C Dates for (-) General Meeting : N/A
Other Distribution for Current Period : NIL
B/C Dates for Other Distribution : N/A
For and on behalf of
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co.,Ltd
Signature :
Name : Zhao Da Jun
Title : Executive 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. General
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd. was
established in the PRC on 11 November 1996 as a limited liability
company with an initial registered capital of RMB5,295,000.
Pursuant to a series of capital injections on 10 November 1997,
11 May 2000, and 12 September 2000 from the existing or the then
existing shareholders of the Company and the capitalisation of
reserves of the Company on 11 December 1997 and 20 October 2000,
the registered capital of the Company was increased from
RMB5,295,000 to RMB53,000,000.
On 8 November 2000, the Company was transformed into a joint stock
company with limited liability.
On 20 January 2002, all of the shares of the Company, being
53,000,000 ordinary shares with a par value of RMB1.00 each, were
subdivded into 530,000,000 ordinary shares with a par value of
RMB0.10 each.
On 13 August 2002, the Company commenced the trading of the newly
issued 198,000,000 ordinary shares of Rmb0.1 each on the GEM of the
Stock Exchange, including 18,000,000 H Shares converted from
Domestic Shares. Therefore, the registered capital of the Company
was increased to Rmb 71,000,000.
As at the date of this report, the Company has a direct interest
68.75% and 65% in two subsidiaries, namely Shanghai Morgan-Tan
International Center for Life Sciences, Co., Ltd. and Shanghai Ba
Dian Medicine Co., Ltd., respectively.
2. Financial review
The Group is principally engaged in research, development and selling
of in-house generated bio-pharmaceutical know-how,manufacturing and
selling of diagnostic reagent and the provision of related ancillary
services.
For the nine months ended 30 September 2003 turnover of the Group
dropped approximately RMB6,500,000, compared to RMB15,400,000
for the corresponding period in 2002.
The Group¡¦s turnover of the first nine months of 2003 was derived
from the sales of diagnostic reagent, compared with the
total turnover of the corresponding period within which
RMB10,000,000 (or 65% of total turnover) was derived from technology
transfer and the rest RMB5,400,000 (or 35% of total turnover) was
derived from the sales of diagnostic reagent and the
provision of relevant service.
As compared with the same period in 2002, the Group's turnover dropped
during the first nine months of 2003, as there was no technology
transfer throughout three quarters.
The sales of diagnostic reagents ascended by 20% in contrast
with the corresponding period in 2002, due to the enhanced marketing
efforts of the Group's sales agents.
The total costs and expenses of the Group for the nine months ended 30
September 2003 were approximately RMB24,800,000, compared with
RMB19,800,000 for the corresponding period in 2002. The rise was mainly
attributed to the allocation of more resources to research and
development activities than the previous corresponding period.
The Group recorded a loss attributable to shareholders of approximately
RMB14,100,000 for the nine months ended 30 September 2003, compared
with a profit attributable to shareholders of approximately RMB1,400,000
for the corresponding period in 2002.
3. Taxation
The Company is subject to the Income Tax of the PRC and the normal
income tax rate applicable is 33%. As the Company is recognised
as a New and High Technology Enterprise, it is entitled to a reduced
Income Tax rate of 15%. Accordingly, the Company is subject to Income
Tax at a rate of 15%.
The subsidiaries are subject to the Income Tax Law of the PRC and
the income tax rate applicable is 33%. No provision for income tax
has been made for the subsidiaries for the the months and nine months
ended 30 September 2003 (2002:Nil), as they have no taxable income
during the period.
4. (Loss)/earnings per share
The calculation of the (loss)/earnings per share for the three months
and nine months ended 30 September 2003 and 30 September 2002 were
based on the unaudited loss of approximately RMB7,304,000 and
RMB14,135,000(three months and nine months ended 30 September 2002:
profit attributable to shareholders of approximately RMB344,000 and
RMB1,426,000) and the weighted average of 710,000,000 shares and
710,000,000 shares in issue during the three months and nine months
ended 30 September 2003 (2002:625,869,565 shares and 562,307,692
shares respectively).
Diluted (loss)/earnings per share have not been calculated for the
three months and nine months ended 30 September 2002 and 2003
respectively and the corresponding periods as there were no dilutive
potential ordinary shares during those periods.
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