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NAN HAI CORP - Results Announcement
Nan Hai Corporation Limited announced on 21/09/2006: (stock code: 00680 ) Year end date: 31/12/2006 Currency: HKD Auditors\' Report: N/A Interim report reviewed by: Audit Committee
(Unaudited ) (Unaudited ) Last Current Corresponding Period Period from 01/01/2006 from 01/01/2005 to 30/06/2006 to 30/06/2005 Note (\'000 ) (\'000 ) Turnover : 302,873 480 Profit/(Loss) from Operations : 41,275 (9,880) Finance cost : (21,359) (4,011) Share of Profit/(Loss) of Associates : 1,371 520 Share of Profit/(Loss) of Jointly Controlled Entities : N/A N/A Profit/(Loss) after Tax & MI : (15,421) (13,371) % Change over Last Period : N/A % EPS/(LPS)-Basic (in dollars) 1 : (0.00023) (0.00045) -Diluted (in dollars) 1 : N/A N/A Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : (15,421) (13,371) Interim Dividend : NIL NIL per Share (Specify if with other : N/A N/A options)
B/C Dates for Interim 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
Remarks:
1. Loss per share
The calculation of basic loss per share is based on the net loss attributable to equity holders of the Company for the period of HK$15,421,000 (6 months ended 30 June 2005, restated: a loss of HK$13,371,000) and on the weighted average number of 68,178,424,054 (6 months ended 30 June 2005: 29,931,804,183) ordinary shares in issue during the period.
Diluted loss per share for the period ended 30 June 2005 and 30 June 2006 was not presented because the impact on the conversion of the convertible notes and exercise of share options was anti-dilutive respectively.
2. Comparative figures
Certain comparative figures have been adjusted to conform with changes in presentation in the current period where necessary. The comparative figures have been restated for the effect of initial adoption of HKAS 32 due to the update of the prevailing market interest rate for similar non- convertible debts available in the preparation of the Group\'s financial statements.
3. Adoption of new standards
The accounting policies adopted in the condensed financial statements are consistent with those followed in the preparation of the Group\'s financial statements for the year ended 31 December 2005. As described in the annual financial statements for the year ended 31 December 2005, the following new standards, amendments to standards and interpretations are mandatory for financial year ending 31 December 2006:
HKAS 19 (Amendment) Employee Benefits - Actuarial Gains and Losses, Group Plans and Disclosures HKAS 21 (Amendment) The Effects of Changes in Foreign Exchange Rates - Net Investment in a Foreign Operation HKAS 39 (Amendment) Cash Flow Hedge Accounting of Forecast Intragroup Transactions HKAS 39 (Amendment) The Fair Value Option HKAS 39 and HKFRS 4 (Amendments) Financial Instruments: Recognition and Measurement and Insurance Contracts - Financial Guarantee Contracts HKFRS 1 & HKFRS 6 (Amendments) First-time Adoption of Hong Kong Financial Reporting Standards and Exploration for and Evaluation of Mineral Resources HKFRS 6 Exploration for and Evaluation of Mineral Resources HKFRS - Int 4 Determining whether an Arrangement contains a Lease HKFRS - Int 5 Rights to Interests Arising from Decommissioning, Restoration and Environmental Rehabilitation Funds HK(IFRIC) - Int 6 Liabilities Arising from Participating in a Specific Market - Waste Electrical and Electronic Equipment
The Group has carried out an assessment of these standards, amendments and interpretations and considered that they have no significant impact on these interim financial statements.
The following new standards, amendments to standards and interpretations have been issued but are not yet effective and have not been early adopted. The directors of the Company anticipate that the adoption of the standards and interpretations will not result in substantial changes to the Group\'s accounting policies.
HKAS 1 (Amendment) Capital Disclosures 1 HKFRS 7 Financial Instruments: Disclosures 1 HK(IFRIC) - Int 7 Applying the Restatement Approach under HKAS 29 "Financial Reporting in Hyperinflationary Economies" 2 HK(IFRIC) - Int 8 Scope of HKFRS2 3 HK(IFRIC) - Int 9 Reassessment of Embedded Derivatives 4
1 Effective for annual periods beginning on or after 1 January 2007 2 Effective for annual periods beginning on or after 1 March 2006 3 Effective for annual periods beginning on or after 1 May 2006 4 Effective for annual periods beginning on or after 1 June 2006
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