Fountain Set declares unaudited consolidated interim results

30 May '06

3 min read

The related net proceeds of approximately HK$488,929,000 has been used to reduce bank borrowings and for general working capital purposes. Since all production facilities have been moved away from Hong Kongby late 1990's, there was no impact on the Group's operation due to the disposal of such property interests.

HK$204,676,000. Profit margin for the period under review was 6.32 percent, a drastical increase of 4.57 percentage point over the same period last year. Earnings per share were HK25.78 cents, compared to HK6.88 cents in 2005. The Board resolved the payment of an interim dividend of HK4.50 cents per share.

The Group has completed the disposal of certain non-core property interests in Hong Kong during the period under review. The disposal of these property interests resulted in a net gain (after tax) of approximately HK$128,796,000 which has been adjusted to take into account the effect of the adoption of new accounting standards and the change of accounting policies during the period under review.

If the net gain on disposal of property interests is excluded, the profit attributable to shareholders increased by 38.84 percent to approximately HK$75,880,000 and profit margin was 2.34 percent, an increase of 0.59 percentage point over the same period last year.

The related net proceeds of approximately HK$488,929,000 has been used to reduce bank borrowings and for general working capital purposes. Since all production facilities have been moved away from Hong Kong by late 1990's, there was no impact on the Group's operation due to the disposal of such property interests.

Fountain Set (Holdings) Limited

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