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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Asia Capital | LSE:ASI | London | Ordinary Share | GB00B0742X18 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.00 | - |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:8967R
Asia Capital PLC
29 September 2005
Asia Capital plc
("Asia Capital" or "the Company")
Interim results for the six month period ended 30 June 2005
Asia Capital plc (AIM: ASI), an investment company, announces its financial
results for the six month period ended 30 June 2005.
CHAIRMAN'S STATEMENT
Introduction
Asia Capital continued its progress during the period under review in
positioning itself as an attractive shell company with the objective of
identifying a suitable acquisition. We have evaluated a number of potential
acquisitions to date and are moving closer to selecting an acquisition
candidate. We are determined that such a candidate should meet our acquisition
criteria, the most important of which is that any acquisition should have the
potential of providing significant capital growth thereby creating value for our
shareholders.
Group Results
Asia Capital has exercised careful cost control during the period under review
resulting in an operating loss of just #42,000, compared with an operating loss
of #130,000 in the corresponding period last year. Pre and post tax losses were
reduced to #69,000 (H1 2004: loss of #118,000) and the loss per share was
reduced to 0.08p (H1 2004: 0.14p).
Outlook
We have reached an advanced stage in discussions with one potential acquisition
and look forward to providing an update to shareholders in the near term.
Nigel Robertson
Chairman
29 September 2005
Consolidated Profit and Loss Account
For the six months ended 30 June 2005 (unaudited)
Note 6 months ended 6 months ended 12 months to
30 June 2005 30 June 2004 31 December 2004
(unaudited) (unaudited) (audited)
#000 #000 #000
Turnover - - -
Cost of Sales - - -
------------------- -------- ---------- ---------- ---------
Gross Profit - - -
Administrative
expenses (42) (130) (209)
Depreciation - (4) (8)
------------------- -------- ---------- ---------- ---------
Operating loss (42) (134) (217)
------------------- -------- ---------- ---------- ---------
Gain on
liquidation of
a subsidiary 36 36
Net interest
(receivable)/p
ayable 27 (20) 43
Taxation 3 - - -
------------------- -------- ---------- ---------- ---------
Loss after
taxation (69) (118) (224)
------------------- -------- ---------- ---------- ---------
Loss per share 4 (0.08)p (0.14)p (0.28)p
------------------- -------- ---------- ---------- ---------
All recognised gains and losses are included in the profit and loss account.
Consolidated Balance Sheet
At 30 June 2005(unaudited)
6 months ended 6 months ended 12 months to
30 June 2005 30 June 2004 31 December 2004
(unaudited) (unaudited) (audited)
#000 #000 #000
Fixed Assets
Intangible
Assets - 0 -
Tangible
Assets - 4 -
------------------------- ---------- ---------- ---------
4 -
Total Fixed Assets -
------------------------- ---------- ---------- ---------
Current Assets/
(Liabilities) ---------- ---------- ---------
-------------------------
Cash 28 115 7
Debtors 31 35 30
Creditors:
amounts
falling due
within one
year (1,366) (1,286) (403)
------------------------- ---------- ---------- ---------
Total Assets
less Current
Liabilities (1,307) (1,132) (366)
Creditors:
amounts
falling due
after more
than one year - - (872)
------------------------- ---------- ---------- ---------
Net
Liabiliites (1,307) (1,132) (1,238)
------------------------- ---------- ---------- ---------
Capital and reserves
Share Capital 823 8,230 8,230
- Issued and fully paid
- Deferred 44,064 36,657 36,657
Share premium
account 9,804 9,804 9,804
Profit and
loss account (55,998) (55,823) (55,929)
------------------------- ---------- ---------- ---------
Shareholders'
deficit (1,307) (1,132) (1,238)
------------------------- ---------- ---------- ---------
Consolidated cash flow statement
For the 6 months ended 30 June 2005(unaudited)
6 months ended 6 months ended 12 months to
30 June 2005 30 June 2004 31 December 2004
(unaudited) (unaudited) (audited)
#000 #000 #000
Net cash
outflow from
operating
activities (79) (312) (448)
Returns on investments
and servicing of
finance
Interest
received - 3 4
Interest
payable - (23) (47)
Net cash flow
from returns
on investments
and servicing
of finance - (20) (43)
------------------------- ---------- ---------- ---------
Acquisitions
and disposal (2)
Cash disposed of with
business operation
Net cash
outflow from
acqusisitions
and disposals (2)
Financing
Issue of loans 100 400 450
Repayment of
loans - (30) (27)
Issue of shares - - -
------------------------- ---------- ---------- ---------
Net cash
inflow from
financing 100 370 423
Increase/(Decr
ease) in cash 21 (38) (70)
------------------------- ---------- ---------- ---------
Notes to the Interim Report
1 BASIS OF PREPARATION
The interim accounts for the six months ended 30 June 2005 are unaudited and do
not constitute statutory accounts in accordance with section 240 of the
Companies Act 1985.
The financial information has been prepared in accordance with applicable
accounting standards and under the historical cost accounting convention.
Accounting policies consistent with those applied in the financial statements
for the year ended 31 December 2004 have been used in preparing the unaudited
interim financial statements for the 6 months ended 30 June 2005.
2 DIVIDENDS
The Directors are not declaring a dividend for the six months ended 30 June
2005.
3 TAXATION
There is no tax charge for the period due to the loss arising.
4 LOSS PER SHARE
The calculation of the loss per share is based on the loss for the period of
#69,000 (30 June 2004 - #118,000; 31 December 2004 - #224,000) and the weighted
average number of shares in issue during the period of 82,302,984. The loss per
share has been calculated based on the reorganised share capital and the 2004
comparative has been restated. A diluted earnings per share is not presented
because the options in issue are non-dilutive.
5 COPIES OF INTERIM RESULTS
Copies of the interim results will be sent to shareholders and will be available
from the company's registered office, 22 Soho Square, London W1D 4NS.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR UWOVRVARKUAR
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