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Summary
Financial Highlights
•Recorded a net profit attributable to shareholders of HK$10.7 million for 2003 whole year,
with a respectable running fourth quarter net profit of HK$13.1 million.
•Operating on a lean cost base with total operating costs reduced by 21.8% to HK$156.9
million.
•Positive results mainly due to our re-engineering and rationalisation efforts paid over the
past years, and the recovery of the local securities market in the 3 rd and 4 th quarters of the
year.
Business Highlights
•We were among the first, both within the industry and the local economy at large, to turn
around when the impact of SARS was only beginning to abate.
•We remain firmly on course on the development strategy of product diversification, with a
view to better serve our clients and to minimise the impact of market cycles.
•We acquired an independent financial advisory firm, with a view to enter the fast-growing
and yet lowly-penetrated financial planning market, and to complement ourselves with a
wide range of mid- to long-term investment products and services.
•As investment banking remains our pillar business, we acquired a prominent investment
banking house during the year, in anticipation of a reviving equities market.
•We remain steadfast on growing our core brokerage businesses, while continuing on
enhancing our service quality to meet with clients’ needs.
FINAL RESULTS
The audited consolidated results of the Company and its subsidiaries (“Group” for the year ended 31
December 2003 together with the comparative figures for the last corresponding year are as follows:
2003 2002
Notes HK$’000 HK$’000
Turnover 2 186,431 196,334
Other operating income 10,313 886
Salaries, allowances and commission (93,557) (119,499)
Other operating and administrative expenses (63,352) (81,203)
Finance costs (6,056) (9,418)
Depreciation and amortisation (20,284) (29,305)
Loss on disposals of property and equipment (1,364) (5,737)
Allowance for bad and doubtful debts (1,073) (63,726)
Impairment loss recognised in respect of goodwill - (95,534)
Profit (Loss) before taxation 11,058 (207,202)
Taxation 4 (134) (3)
Profit (Loss) after taxation and before minority interests 10,924 (207,205)
Minority interests (237) -Net
profit (loss) attributable to shareholders 10,687 (207,205)
Earnings (Loss) per share 5
- Basic 4.8 cents (119.0) cents
- Diluted N/A N/A
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