FUDANZHANGJIANG<08231> - Results Announcement (Q1, 2004, Summary)
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd. announced on
11/05/2004:
(stock code: 08231)
Year end date :31/12/2004
Currency :RMB
Auditors' report :N/A
1st Quarterly Report Reviewed 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 01/01/2004 from 01/01/2003
to 31/03/2004 to 31/03/2003
RMB'000 RMB'000
Turnover : 2,960 1,352
Profit/(Loss) from Operations : (4,262) (1,705)
Finance cost : 0 0
Share of Profit/(Loss) of Associates : (595) (97)
Share of Profit/(Loss) of Jointly
Controlled Entites : N/A N/A
Profit/(Loss) after Taxation & MI : (4,098) (1,806)
% Change Over the Last Period : N/A
EPS / (LPS)
Basic (in dollar) : (RMB 0.0058) (RMB 0.0025)
Diluted (in dollar) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : 0 0
Profit (Loss) after ETD Items : (4,098) (1,806)
1st Quarter Dividends per Share : NIL NIL
(specify if with other options) : N/A N/A
B/C Dates for 1st Quarter 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 : Wang Rui
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
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 direct interests of
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 medical diagnostic products and the provision of related
ancillary services.
For the period ended 31 March 2004 the Group realized a turnover of
approximately RMB2,960,000 compared to RMB1,352,000 for the
corresponding period in 2003.
Turnover of the Group for the first quarter of 2004 was derived from
product sales and technology transfer, of which, RMB2,760,000 (or 93%
of total turnover) came from the sales of diagnostic products, and
RMB200,000 (or 7% of total turnover)from the income of technology
transfer. In comparison, the total turnover for the same period
last year was derived entirely from the sales of diagnostic products
and the provision of auxiliary services.
Total turnover of the Group for the first quarter 2004 increased by
128% compared to that of the same period last year. This is mainly
due to increased product sales, and the revenue recognition
of technology transfer.
Turnover from the sales of diagnostic products increased by 112%
compared to that of the same period last year, because the Group
has put more efforts on marketing and strengthening the sales team.
The total costs and expenses of the Group for the period ended 31
March 2004 were approximately RMB8,987,000 compared with
RMB4,774,000 for the same period last year. The increase was
mainly due to the Group's increased investment in capital and
resources in R&D and commercialization.
The Group recorded a loss attributable to shareholders of approximately
RMB4,162,000 for the period ended 31 March 2004, compared
with a loss attributable to shareholders of approximately RMB1,806,000
for the same period in 2003.
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%.
4. Loss per share
The calculation of the loss per share for three months ended 31 March
2004 was based on the loss of approximately RMB4,162,000
(for the three months ended 31 March 2003: loss of approximately
RMB1,806,000) and total shares issued 710,000,000 as at 31 March
2004 (2003: 710,000,000 shares)
Diluted loss per share has not been calculated for the
the three months ended 31 March 2004 and 31 March 2003 respectively
as there were no dilutive potential ordinary shares during the
periods then ended.
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