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CTI China Travel International Investment Hong Kong Ltd

0.12
0.00 (0.00%)
19:36:06 - Realtime Data
Share Name Share Symbol Market Type
China Travel International Investment Hong Kong Ltd TG:CTI Tradegate Ordinary Share
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.12 0.114 0.126 0.00 19:36:06

Final Results

15/04/2003 1:30pm

UK Regulatory


RNS Number:0619K
Cathay International Holdings Ld
15 April 2003

                                                                15th April, 2003


                     CATHAY INTERNATIONAL HOLDINGS LIMITED

            PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2002


CHAIRMAN'S STATEMENT

During 2002, your Board and the management team concentrated on improving the
performance of the Group and its assets.  We have also been engaged in
positioning the Company to pursue its core strategy: investing in businesses in
the People's Republic of China (the 'PRC') that will earn an attractive return
and provide capital growth for our shareholders.

2002 PERFORMANCE

In 2002, the PRC economy grew by 8% GDP.  This made China one of the fastest
growing economies in the world.  The Group's hotels were, however, operating in
highly competitive markets with particularly strong competition from newly
opened restaurants in Beijing and Shenzhen.  Rental income from the Group's UK
asset, the Stonehill Business Park, remained firm but expenses were greater than
anticipated, due to the continued requirement to invest in the repair and
maintenance of the ageing buildings and infrastructure on the site.

Gross turnover for the year ended 31 December 2002 was USD32,586,000 (2001:
USD34,015,000).  The operating loss for 2002 was USD61,810,000 (2001: operating
loss of USD7,464,000).  This included an exceptional charge of USD163,566,000
(2001: USD30,480,000) arising from the write-down in the carrying value of the
Xiyuan Hotel and Xiyuan development site, which was partly offset by
amortisation of negative goodwill of USD98,140,000 (2001 USD18,288,000).  The
pre-tax loss before minority interests was USD64,048,000 (2001: USD10,316,000).
The loss after tax and minority interests for the year was USD1,011,000 (2001:
USD539,000).  Net assets per share were USD0.470 (2001: USD0.491).  Gearing
increased slightly to 27.3% (2001: 26.5%).

Gross operating profits for the Xiyuan Hotel in 2002 were 23% higher than the
previous year.  The average occupancy rate was 75% in 2002, the same as in 2001.
The average room rates were 2.9% higher than those achieved in 2001.

The Group conducted an annual valuation of its properties.  The annual valuation
of the Group's Chinese properties was carried out by international real estate
advisors, Insignia Brooke (Hong Kong) Limited.  In view of the decision to
discontinue the Xiyuan joint venture referred to below, the valuation of the
Xiyuan development site was carried out on an existing use basis rather than by
reference to its development potential, which was the basis used in previous
years.  The significant decrease in asset values resulted in the exceptional
charge mentioned above, which was partly offset by amortisation of the negative
goodwill associated with those assets and partly offset by minority interests.
The write down in the valuation of the Landmark Hotel of USD9,600,000 has been
taken to the revaluation reserve.

The average occupancy level of the Landmark Hotel dropped to 65% in 2002 from
68% in 2001.  The average room rate dropped by 8% in 2002 compared to 2001.
Many restaurants which were targeted toward the high end of the market were
opened in Shenzhen during the year.  In this extremely competitive environment,
the food and beverage turnover decreased by 17% during 2002.  Gross operating
profits of the Landmark Hotel in 2002 were 13% lower than the previous year at
USD1,542,000 (2001: USD1,744,000).

Rental income from the Stonehill Business Park, situated on the Lea Valley
Trading Estate in North London, was 2% greater in 2002 than in the previous
year.  However, the gross operating profits of the Park decreased by 10%.  The
net loss for 2002 was USD231,000 compared to a loss of USD309,000 in 2001.

POST BALANCE SHEET EVENTS

Although extensive negotiations were conducted in 2002, the sale of the
Stonehill Business Park and the distribution of assets by the joint venture
company owning the Xiyuan Hotel and development site were not completed until
the first quarter of 2003.  Following these transactions and notwithstanding the
return of surplus cash to shareholders through a tender offer, the Company is in
a strong financial position and able to respond rapidly to attractive
opportunities for increasing shareholder value.

Sale of Stonehill Business Park

On 13 January 2003, shareholders approved the proposed disposal of the Stonehill
Business Park for a cash consideration of #19,550,000.  As reported in the
circular to shareholders, the business park represented the only non-China asset
of the Group.  The Group's management had improved the Stonehill results over
recent years, but the property and site required significant additional capital
investment to improve the ageing buildings and infrastructure.  Your Board
believed that the Group's resources would be much better invested in projects in
China in line with the Company's core strategy.  Your Board also believed that
the high values in the UK property market at that time represented an optimum
time to dispose of this non-core asset.

After adjusting for transaction expenses and taxation the disposal will result
in a small exceptional gain which will be reflected in the accounts for the year
ending 31 December 2003.

Distribution of assets in relation to Xiyuan Hotel and Development Site

As a result of the oversupply of commercial buildings in Beijing which has
continued to increase, your Board did not pursue the development of the site as
it had not, in its view, been in shareholders' best interests to do so.

The Beijing Municipal Government clearly expressed its desire to complete the
redevelopment of the site in connection with the 2008 Beijing Olympic Games
notwithstanding the current oversupply of commercial property.  Your Board,
however, did not believe that the immediate or longer term prospects for the
Beijing property market justified the substantial investment that would be
necessary to finance such redevelopment.  Furthermore, any such investment would
require a significant level of debt funding which your Board did not believe
would be prudent.

Following discussion of the differing objectives and commercial priorities of
the joint venture partners and the Beijing Municipal Government, negotiations
took place resulting in an agreement to bring the joint venture to an end.

On 24 February 2003, shareholders approved the termination of the joint venture
relating to the Xiyuan Hotel and development site in Beijing and a distribution
of assets by the joint venture company, Beijing Xiyuan Landmark Limited ("
Beijing Xiyuan").  The distribution resulted in a cash entitlement for the Group
of USD50,900,000, net of taxes, which included USD18,747,000 of undistributed
profits of Beijing Xiyuan.

After netting off the remaining negative goodwill of USD4,404,000, the disposal
of the 60% equity interest in Beijing Xiyuan will give rise to a small profit
which will be reflected in the accounts for the year ending 31 December 2003.

Tender Offer

Following the sale of the Stonehill Business Park and the distribution of assets
by Beijing Xiyuan, your Board concluded that approximately USD23,716,000 would
be surplus to the Group's short term requirements and that a tender offer was
the most appropriate means of returning such surplus to shareholders.  On 24
February 2003, shareholders approved a proposed tender offer by the Company to
purchase up to 100,000,000 common shares at a fixed price of 15 pence per common
share, representing a 93.5% premium to the closing share price on the day prior
to the announcement of the tender offer.

The tender offer closed on 26 February 2003 and was fully subscribed.


CONCLUSION

The management of the Group is actively pursuing appropriate investment
opportunities in the PRC.  The Group has a sound balance sheet and is well
positioned to pursue these opportunities and your Board hopes to be able to
announce details of new investments during the current year.

The Group is committed to strengthening the management team to support new
investments.  Changing "best practice" requirements will also be considered and
addressed to ensure good corporate governance. The Group is also planning to
improve the flow of information to its shareholders .  Finally, I would like to
thank the management team for its continuing hard work and commitment.


James Buchanan
Chairman



Enquiries:

Stephen Hunt (Deputy Chairman)            (via Brunswick)         020 7404 5959
Patrick Sung (Director - Finance)

Jon Coles, Brunswick                                              020 7404 5959





OPERATIONAL REVIEW

LANDMARK HOTEL (SHENZHEN)

Opened in June 1994, the Landmark Hotel is a 5-star hotel located in Shenzhen,
the PRC.  The property currently comprises 351 guest rooms (or 392 room
modules), a business centre, a coffee shop, restaurants, function rooms, disco
and karaoke facilities, a golf driving range, a health club and a swimming pool.
Since the opening of the Hotel, management has recognized customers' evolving
needs through continually upgrading and improving hotel facilities by, for
example, the establishment of a new shuttle service to the railway station, the
installation of a new business centre on the executive floors, the provision of
internet access, the addition of new parking facilities and the addition of a
golf driving range and a billiard room in the health club.



In 2002, the Landmark Hotel was adversely affected by the extremely competitive
conditions in Shenzhen.  The Hotel experienced a 3% lower average occupancy rate
than in 2001 and the food and beverage turnover decreased by 17%.  This decrease
was mainly due to the opening of many new Chinese restaurants in Shenzhen.



During the year the management focused on upgrading and improving hotel
facilities for corporate customers.  For example, a new enlarged meeting room of
52 sq.m., ideal for seminars and training sessions, was added on the 4th floor
and broadband internet connections were installed in every room for laptop
users.  The Hotel continues to take stringent steps to reduce costs.  Staff
numbers were reduced from 561 at the beginning of the year to 506 at the end of
2002.  With tight expense control and continued investment in this major asset,
improved results are expected from the Landmark Hotel.






XIYUAN HOTEL AND SITE (BEIJING)



In 1993, the Group acquired a 60% equity interest in Beijing Xiyuan to operate
the Xiyuan Hotel and to develop the site of some 68,000 sq.m. in the Haidian
District of Beijing.



During 2002, the Group continued to invest in the facilities of the Hotel.  The
western bar and restaurant on the 25th floor were completely renovated.
Conference and meeting rooms were refurbished.  Lifts were reconditioned and in
some cases replaced.



In a very competitive market, Beijing Xiyuan managed in 2002 to maintain its
average occupancy rate at 75%, the same level as in 2001.  Average room rates
were 2.9% higher than those achieved in 2001.  The food and beverage result
decreased by 3.4% from 2001 to 2002.



Because of the growing oversupply of commercial buildings in Beijing, which has
continued to increase in recent years, the Board chose not to pursue the
development of the site.



As reported in the Chairman's Statement, the joint venture relating to Beijing
Xiyuan was terminated and its assets distributed in February 2003.





UK PROPERTY (STONEHILL BUSINESS PARK)



Stonehill Business Park, a 27-acre industrial estate, is situated on the Lea
Valley Trading Estate in North London.  During 2002, the Group continued to
engage GVA Grimley to provide professional management of the park.



Stonehill maintained a steady performance in 2002 against the background of
increasingly uncertain market conditions.  The occupancy level remained high
throughout the year, rising from 88% of lettable space at the end of 2001 to 89%
at year end 2002.  Rental income showed a modest 2% increase in 2002.



Although Stonehill Estates Limited's results have improved over recent years,
the property has required a growing amount of capital investment to maintain the
ageing buildings and infrastructure.



As reported in the Chairman's Statement, this property was sold in January 2003.





GROUP PROFIT AND LOSS ACCOUNT
For the year ended 31 December 2002

                                                                           Year Ended             Year ended
                                                                          31 December            31 December
                                                                                 2002                   2001
                                                           Notes              USD'000                USD'000

TURNOVER                                                       2
Continuing operations                                                           9,793                 11,795
Discontinued operations                                                        22,793                 22,220
                                                                            _________              _________
                                                                               32,586                 34,015

COST OF SALES                                                                (25,491)               (27,620)
                                                                            _________              _________
GROSS PROFIT                                                                    7,095                  6,395

ADMINISTRATIVE EXPENSES

    Administrative expenses                                                 (3,479)                 (1,667)
    Deficit on revaluation of fixed assets                                (163,566)                (30,480)
    Amortisation of negative goodwill                                        98,140                  18,288
                                                                         __________               _________
                                                                           (68,905)                (13,859)
                                                                         __________               _________
OPERATING PROFIT
Continuing operations                                                           783                     656
Discontinued operations                                                    (62,593)                 (8,120)
                                                                         __________               _________
                                                                           (61,810)                 (7,464)
EXCEPTIONAL ITEMS
Reorganisation costs of continuing operations                                     -                   (782)
Profit on sale of fixed assets                                                  274                       -
                                                                         __________               _________
LOSS ON ORDINARY ACTIVITIES BEFORE
INTEREST AND TAXATION                                                      (61,536)                 (8,246)
INTEREST                                                                    (2,512)                 (2,070)
                                                                         __________               _________
LOSS ON ORDINARY ACTIVITIES BEFORE
TAXATION                                                    2              (64,048)                (10,316)
TAXATION                                                    4                 (993)                 (1,028)
                                                                         __________               _________
LOSS ON ORDINARY ACTIVITIES AFTER
TAXATION                                                                   (65,041)                (11,344)
MINORITY INTERESTS                                                           64,030                  10,805
                                                                         __________               _________
ACCUMULATED LOSS ATTRIBUTABLE
TO SHAREHOLDERS                                                             (1,011)                   (539)
                                                                         __________               _________
LOSS PER SHARE                                              5
BASIC                                                                  (0.36) cents            (0.19 cents)
                                                                         __________               _________
                                                                         __________               _________





GROUP BALANCE SHEET
As at 31 December 2002
                                                                                    As at                As at
                                                                              31 December          31 December
                                                                                     2002                 2001
                                                                                  USD'000              USD'000
FIXED ASSETS
Tangible assets                                                                   197,464              369,121
Negative goodwill                                                                 (4,404)            (102,544)
                                                                              ___________          ___________
                                                                                  193,060              266,577
                                                                              ___________          ___________
CURRENT ASSETS
Stocks                                                                              1,116                1,140
Debtors                                                                             1,882                1,788
Cash at bank and in hand                                                           43,320               39,865
                                                                              ___________          ___________
                                                                                   46,318               42,793
CREDITORS: amounts falling due within one year                                   (39,334)             (28,682)
                                                                              ___________          ___________
NET CURRENT ASSETS                                                                  6,984               14,111
                                                                              ___________          ___________
TOTAL ASSETS LESS CURRENT LIABILITIES                                             200,044              280,688
CREDITORS: amounts falling due after one year                                    (23,286)             (33,870)
                                                                              ___________          ___________
                                                                                  176,758              246,818
MINORITY INTEREST                                                                (44,738)            (108,882)
                                                                              ___________          ___________
NET ASSETS                                                                        132,020              137,936
                                                                                =========            =========
CAPITAL AND RESERVES
Called up share capital                                                            14,042               14,042
Revaluation reserve                                                                67,683               76,213
Capital and special reserve                                                         3,206                3,206
Statutory reserve                                                                   2,550                2,463
Merger reserve                                                                     58,433               58,433
Exchange equalisation reserve                                                       4,687                1,029
Profit and loss account                                                          (18,581)             (17,450)
                                                                             ____________          ___________
SHAREHOLDER'S FUNDS                                                               132,020              137,936
                                                                               ==========            =========








GROUP STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES

For the year ended 31 December 2002


                                                                               Year ended         Year ended
                                                                              31 December        31 December
                                                                                     2002               2001
                                                                                  USD'000            USD'000

LOSS FOR THE YEAR                                                                 (1,011)              (539)
Unrealised (loss)/gain on revaluation of hotel properties                         (8,378)              2,546
                                                                              ___________        ___________
Total (loss)/gain for the year before currency adjustments                        (9,389)              2,007
Exchange adjustments                                                                3,473                 22
                                                                              ___________        ___________
TOTAL (LOSS)/GAIN RECOGNISED FOR THE YEAR                                         (5,916)              2,029
                                                                              ___________        ___________
RECONCILIATION OF SHAREHOLDERS' FUNDS

Total recognised (loss)/gain                                                      (5,916)              2,029
Shareholders' funds at beginning of year                                          137,936            135,907
                                                                              ___________        ___________
Shareholders' funds at end of year                                                132,020            137,936
                                                                                =========          =========







GROUP CASH FLOW STATEMENT

For the year ended 31 December 2002


                                                                                    Year ended      Year ended
                                                                                   31 December     31 December
                                                                                          2002            2001
                                                                          Note         USD'000         USD'000

OPERATING ACTIVITES
Net cash inflow from operating activities                                    6           4,598           5,892
SERVICING OF FINANCE
Interest paid                                                                          (2,409)         (2,656)
Interest received                                                                          525           1,301
                                                                                   ___________     ___________
Net cash outflow from servicing of finance                                             (1,884)         (1,355)
                                                                                   ___________     ___________
TAXATION - paid                                                                          (940)         (1,117)
                                                                                   ___________     ___________
CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT
Payments to acquire tangible fixed assets                                              (2,154)         (6,371)
                                                                                   ___________     ___________
Cash outflow from capital expenditure and financial investment                         (2,154)         (6,371)
                                                                                   ___________     ___________
ACQUISITIONS AND DISPOSALS
Cash disposed of with subsidiary undertaking                                                 -           (104)
Proceeds from disposal of tangible fixed assets                                          1,576               -
                                                                                   ___________     ___________
                                                                                         1,576           (104)
                                                                                   ___________     ___________
MANAGEMENT OF LIQUID RESOURSES
Decrease/(increase) in short tem deposits                                    7           4,982         (6,579)
                                                                                   ___________     ___________
NET CASH INFLOW/(OUTFLOW) BEFORE FINANCING                                               6,178         (9,634)
                                                                                   ___________     ___________
FINANCING
(Repayment of)/receipts from borrowing                                       7         (3,122)           2,517
New loans                                                                    7           2,359           4,230
Costs associated with group reorganisation                                                   -           (782)
                                                                                   ___________     ___________
Net cash (outflow)/inflow from financing                                                 (763)           5,965
                                                                                   ___________     ___________
Increase/(decrease) in cash                                                              5,415         (3,669)
                                                                                     =========       =========






GROUP CASH FLOW STATEMENT

For the year ended 31 December 2002


                                                                                    Year ended      Year ended
                                                                                   31 December     31 December
                                                                                          2002            2001
                                                                          Note         USD'000         USD'000

RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN
NET DEBT
Increase/ (decrease) in cash                                                             5,415         (3,669)
Cash inflow from increase in loans                                                           -         (2,517)
Repayment of loans                                                                       3,122               -
Cash (inflow from)/outflow to short term deposits                                      (4,982)           6,579
New loans                                                                              (2,359)         (4,230)
                                                                                   ___________     ___________
Change in net debt resulting from cash flows                                 7           1,196         (3,837)
Exchange differences                                                         7             907             449
Other non-cash items                                                         7           (628)             937
                                                                                   ___________     ___________
MOVEMENT IN NET DEBT                                                                     1,475         (2,451)
NET DEBT AT 1 JANUARY                                                        7        (11,420)         (8,969)
                                                                                   ___________     ___________
NET DEBT AT 31 DECEMBER                                                      7         (9,945)        (11,420)
                                                                                     =========       =========






Notes:



1.  BASIS OF PREPARATION AND ACCOUNTING



The financial statements have been prepared under the historical cost
convention, modified where appropriate to incorporate the professional valuation
of certain fixed assets, and in accordance with applicable UK accounting
standards.



2.  Segmental Information



2.1  Turnover



An analysis of turnover is as follows:


                                                                      Hotel       Property
                                                                 Operations     Investment          Total
                                                                    USD'000        USD'000        USD'000
For the year ended 31 December 2002
United Kingdom                                                            -          2,404          2,404
PRC                                                                  29,806            376         30,182
                                                                 __________      _________       ________
Turnover                                                             29,806          2,780         32,586
                                                                  =========       ========        =======
For the year ended 31 December 2001
United Kingdom                                                            -          2,364          2,364
PRC                                                                  31,596             55         31,651
                                                                  _________      _________       ________
Turnover                                                             31,596          2,419         34,015
                                                                  =========       ========        =======





2.2  Business and regional analysis


                                                  Property                                   Corporate
                             Hotel    Property  Investment        Property        Property      Office
                        Operations  Investment      United     Development     Development        Hong
                               PRC         PRC     Kingdom             PRC              UK        Kong       Total
                           USD'000     USD'000     USD'000         USD'000         USD'000     USD'000     USD'000
For the year ended
31 December 2002
Profit (loss) before       (2,912)         589         311        (60,274)               -     (1,762)    (64,048)
taxation
Net operating assets       144,254       1,297      22,334          17,220           3,459           -     188,564
                         _________    ________   _________      __________      __________    ________    ________
For the year ended
31 December 2001
Profit (loss) before         1,093          55         268         (8,955)               -     (2,777)    (10,316)
taxation
Net operation assets       156,155       2,618      20,347          77,799           3,127           -     260,046
                          ========     =======    ========        ========        ========      ======      ======



Included in losses for the period is a deficit on revaluation of properties of
USD163,566,000 (2001: USD30,480,000) which principally relates to hotel
properties and properties held for development situated in Beijing. Negative
goodwill of USD98,140,000 (2001: USD18,288,000) has been amortised in respect of
this, the balance of the write down was borne by the minority shareholder in
that subsidiary.



Reconciliation of net assets


                                                                                  At                     At
                                                                         31 December            31 December
                                                                                2002                   2001
                                                                             USD'000                USD'000

Net operating assets (note 2.2)                                              188,564                260,046
Cash at bank and in hand                                                      43,320                 39,865
Tax liabilities                                                              (1,861)                (1,808)
Bank overdraft and loans                                                    (36,025)               (36,604)
Loan from a related company                                                  (9,001)                (9,053)
Loan from immediate parent undertaking                                       (8,239)                (5,628)
                                                                    ________________        _______________
                                                                             176,758                246,818
Minority interests                                                          (44,738)              (108,882)
                                                                    ________________        _______________
Net assets                                                                   132,020                137,936
                                                                      ==============          =============



The minority interest relates to Beijing Xiyuan Landmark Limited the significant
underlying assets of which are the property held for development and the Xiyuan
Hotel in Beijing.





3.  DIRECTORS' EMOLUMENTS



The Directors at 31 December 2002 were as follows:



J.R.H. Buchanan
Wu Zhen Tao
S. B. Hunt
J.H. Cosson
P. Sung
R. Chow


Their aggregate emoluments for the year ended 31 December 2002 were USD564, 000
(2001: USD554,000).



4.  TAXATION


                                                                             Year ended        Year ended
                                                                            31 December       31 December
                                                                                   2002              2001
                                                                                USD'000           USD'000

Profits tax payable in the PRC at 33%                                               993             1,028
                                                                             __________        __________




The Group has tax losses of approximately USD6.1m available to carry forward
against taxable profits make in the UK in future years.  These losses are not
available to group relieve against profits earned in the PRC.





5.  EARNINGS PER SHARE



Basic earnings per share is based upon the loss attributable to shareholders of
USD1,011,000 (2001: USD539,000) and the weighted average number of A shares and
Common shares in issue during the year of 13,522,036 and 267,320,069
respectively (2001: A shares: 14,042,105, Common shares: 266,800,000).



Since there were no shares options for both years, no adjustment to basic
earnings per share is necessary in calculating the diluted earnings per share.





6.  RECONCILIATION OF OPERATING LOSS TO NET CASH INFLOW FROM OPERATING ACTIVITES


                                                                            31 December       31 December
                                                                                   2002              2001
                                                                                USD'000           USD'000

Operating loss                                                                 (61,810)           (7,464)
Loss on disposal of fixed assets                                                     67                42
Impairment of fixed assets                                                      163,566            30,480
Amortisation of negative goodwill                                              (98,140)          (18,288)
Depreciation of fixed assets                                                      1,531             1,395
Provision for doubtful debts                                                          -                36
Decrease in stocks                                                                   24               157
Increase in debtors                                                                (94)             (229)
Decrease in creditors                                                             (546)             (237)
                                                                           ____________       ___________
Net cash inflow from operating activities                                         4,598             5,892
                                                                             ==========        ==========





7.  ANALYSIS OF NET DEBT


                                        At                                           Other                At
                                 1 January             Cash      Exchange         Non-cash       31 December
                                      2002             flow    difference        movements              2002
                                   USD'000          USD'000       USD'000          USD'000           USD'000

Cash at bank and in hand             4,218            6,989         1,975                -            13,182
Bank overdrafts                      (651)          (1,574)          (69)                -           (2,294)
                              ____________     ____________   ___________     ____________      ____________
Cash                                 3,567            5,415         1,906                -            10,888
Short term deposits                 35,647          (4,982)         (527)                -            30,138
Bank loans                        (35,953)            2,722         (500)                -          (33,731)
Loan from a related                (9,053)              400            21            (369)           (9,001)
Company
Loan from an immediate
parent undertaking                 (5,628)          (2,359)             7            (259)           (8,239)
                               ___________     ____________   ___________     ____________      ____________
                                  (11,420)            1,196           907            (628)           (9,945)
                                 =========       ==========     =========       ==========        ==========





8.  FINANCIAL INFORMATION



The above figures have been extracted from the full financial statements of
Cathay International Holdings Limited and on which the auditors have made an
unqualified audit report.






                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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