FUDANZHANGJIANG<08231> - Results Announcement (Q1, 2003, Summary)
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd. announced on 09/05/2003
(stock codes: Ord: 08231)
Year end date :31/12/2003
Currency :RMB
Auditors' report :N/A
Review of 1st 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 31/03/2003 to 31/03/2002
RMB'000 RMB'000
Turnover : 1,352 3,831
Profit/(Loss) from Operations : (1,802) 443
Finance cost : 0 0
Share of Profit/(Loss) of Associates : 0 N/A
Share of Profit/(Loss) of Jointly
Controlled Entites : N/A N/A
Profit/(Loss) after Taxation & MI : (1,806) 328
% Change Over the Last Period : N/A
EPS / (LPS)
Basic (in dollar) : RMB (0.0025) RMB 0.0006
Diluted (in dollar) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : 0 0
Profit (Loss) after ETD Items : (1,806) 328
1st Quarterly Dividends per Share : NIL NIL
(specify if with other options) : N/A N/A
B/C Dates for 1st 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 : Xu Yunlan
Title :Company Secretary
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 RMB 5,295,000
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 subdivided
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
of 62.5% in a subsidiary, Shanghai Morgan-Tan International Center
for Life Sciences, Co., Ltd.
2. Financial review
The Group is principally engaged in research, development and selling
of in-house generated bio-pharmaceutical know-how, carrying out
contracted research for customers, manufacturing and selling of
diagnostic reagent and the provision of related ancillary services.
The Groupˇ¦s consolidated turnover for the three months ended 31 March
2003 amounted to Rmb1.3 million, compared to Rmb3.8 million for the
corresponding period previous year.
The shrink in turnover is mainly due to no technology transfer
throughout the first quarter of 2003 whereas RMB2 millionˇ¦s
technology transfer revenue was recognised the same period last year.
The total expenses of the Group for the three months ended 31 March
2003 was approximately RMB4.8 million, compared with RMB5.9 million
for the corresponding period in 2002. The curtailment was mainly
attributed to the decrease of cost of sales.
The Group recorded a loss attributable to shareholders of
approximately RMB1.8 million for the three months ended 31 March
2003, compared with a profit attributable to shareholders of
approximately RMB0.3 million for the corresponding period in 2002.
The decline was mainly due to the decrease of technology transfer
revenue as mentioned above. However, the Directors are of the opinion
that with the commercialization of the Groupˇ¦s self-developed
bio-pharmaceutical drugs and other R&D projects in
progress, the revenue and the operating result will grow substantially
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 subsidiary is 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 subsidiary as it has no taxable income for the
three months ended 31 March 2003(2002: Nil).
4. Loss/(earnings) per share
The calculation of the loss/(earnings) per share for the three months
ended 31 March 2003 and 31 March 2002 were based on the unaudited
loss of approximately RMB1.8million (three months ended 31 March
2002: profit attributable to shareholders of approximately RMB0.33
million) and the weighted average of 710,000,000 shares (three months
ended 31 March 2002: 530,000,000 shares) in issue during the three
months ended 31 March 2003.
Diluted loss/(earnings) per share have not been calculated for the
three months ended 31 March 2002 and 2003 respectively as there were
no dilutive potential ordinary shares during those periods.
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