(Unaudited ) Last
Current Corresponding
Period Period
from 01/04/2003 from 01/04/2002
to 31/12/2003 to 31/12/2002
Note (`000 ) (`000 )
Turnover : 1,123,308 517,476
Profit/(Loss) from Operations : (533) 13,904
Finance cost : (6,122) (4,516)
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 : (6,442) 7,785
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) 2 : (0.0041) 0.005
-Diluted (in dollars) 2 : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (6,442) 7,785
3rd Quarter Dividend 3 : 0 0
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
3rd Quarter Dividend : N/A
Payable Date : N/A
B/C Dates for (-)
General Meeting : N/A
Other Distribution for : 0
Current Period
B/C Dates for Other
Distribution : N/A
For and on behalf of
iSteelAsia Holdings Limited
Name : Drina C. Yue
Title : Director and Chief Executive Officer
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 and accounting policies
The unaudited condensed consolidated accounts have been
prepared in accordance with accounting principles generally
accepted in Hong Kong and comply with accounting standards
issued by the Hong Kong Society of Accountants (" HKSA" ).
The unaudited condensed consolidated accounts should be
read in conjunction with the 2003 annual accounts.
The accounting policies and methods of computation used
in the preparation of these accounts are consistent with
those used in the annual accounts for the year ended
31st March 2003 except that the Group has changed its
accounting policy with respect to deferred taxation
following the adoption of Statement of Standard Accounting
Practice Number 12: Income Taxes (" SSAP12" ), issued by HKSA,
which is effective for accounting periods commencing on
or after 1st January 2003.
In prior year, deferred taxation was provided for at the
current taxation rate in respect of significant timing
differences between profit as computed for taxation
purposes and profit as stated in the accounts to the
extent that a liability or an asset was expected to be
payable or recoverable in the foreseeable future.
Under the SSAP12 (revised), deferred taxation is provided
in full, using the liability method, on temporary
differences arising between the tax bases of assets and
liabilities and their carrying amounts in the accounts.
Taxation rates enacted or substantively enacted by the
balance sheet date are used to determine deferred taxation.
Deferred tax assets are recognised to the extent that
it is probable that future taxable profit will be available
against which the temporary differences can be utilised.
The adoption of the SSAP12 (revised) has no significant
effect on the Group`s results for the current or
prior accounting periods.
2. (Loss)/Earnings per share
The calculations of basic (loss)/earnings per share for the
nine months and three months ended 31st December 2003 were
based on the unaudited consolidated loss attributable to
shareholders of approximately HK$6,442,000
(2002 : profit of HK$7,785,000) and HK$2,916,000
(2002 : profit of HK$1,002,000) respectively and
on the weighted average number of 1,568,932,932
(2002 : 1,564,500,035) shares and 1,577,392,593
(2002 : 1,564,500,104) shares in issue during the nine months
and three months ended 31st December 2003 respectively.
No diluted (loss)/earnings per share is presented as
the outstanding warrants and employee share options
were anti-dilutive.
3. Dividends
The Directors do not recommend the payment of an interim
dividend for the nine months ended 31st December 2003.
4. Comparative figures
Certain comparative figures have been reclassified to conform
with current period`s presentation