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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
London Asia | LSE:LDC | London | Ordinary Share | GB0008251513 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.85 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
London Asia Capital plc Interim Statement for the six months ended 30th November 2002 London Asia Capital plc Chairman's Statement I am pleased to announce that the Company has returned to profit in the six months to 30th November 2002. We are continuing to reduce running costs and the period has seen the disposal of our holdings in several companies. Despite the very difficult funding environment Idiom Holdings Ltd, an Irish based SMS messaging services business in which your Company has a significant stake and a seat on the Board, has recently obtained second round funding and the valuation at which we hold the investment in our accounts has been adjusted accordingly. The future of the Company lies in the opportunities available in Greater China as a result of the rapid economic changes there arising from the continuing shift to a market economy, and its recent entry to WTO. China is the fastest growing major economy in the world, and there is increasing recognition of the opportunities there, both in terms of its low cost manufacturing capabilities and the size of the potential market there as the population becomes increasingly wealthy and consumer orientated. We have made three investments in China in the period which have substantially improved the asset base of the Company. The profits and cash flow generated from these businesses will assist the development of the Company going forward. We have received unaudited numbers from our Chinese financial software business, Beijing Success Ltd, in which we acquired a 24.8% stake in November 2002, which indicate that it has beaten its budgeted profit for the year ended 31st December 2002 of £750,000. We have an option to increase our stake in Beijing Success to 51%. We announced in November 2002 that we were seeking to appoint a new Chairman. I am delighted to announce that Jack Wigglesworth has agreed to join the Company as Chairman. Jack has had a distinguished career in the City working for a variety of organisations, including ABN Amro, Phillips & Drew and J.P Morgan, and was formerly Chairman of the London International Financial Futures and Options Exchange (LIFFE). Jack is currently Deputy Chairman of UK listed investment bank Durlacher Corporation plc, Chairman of Hackney Council's Education Action Zone and on the Board of several private companies. Jack's many years of experience in the City will be of great value to the Company going forward as we seek to expand our business. Despite the current difficult economic climate and uncertainty, we feel confident that our focus on one of the few growth areas in the world will return value to shareholders. Simon Littlewood Chairman 10 February 2003 London Asia Capital plc Unaudited profit and loss account For the six months ended 30 November 2002 Six months Six months Year ended ended ended 31 May 2002 30 November 30 November 2002 2001 (Unaudited) (Unaudited) (Audited) £'000 £'000 £'000 (Loss) / profit on sale of (12) (16) 18 investments Other operating income - 61 47 Administrative expenses (113) (241) (441) Operating (loss) / profit (125) (196) (376) Interest receivable 1 1 3 Interest payable 12 - (25) Amounts written back to/(off) 212 (1,323) (3,178) investments Profit/(loss) on ordinary 76 (1,518) (3,576) activities before taxation Taxation - - - Retained profit/(loss) for the 76 (1,518) (3,576) financial period Basic and diluted earnings/ 0.47p (18.77)p (32.4)p (loss) per ordinary share All amounts are derived from continuing operations. There were no recognised gains or losses not dealt through profit and loss account. London Asia Capital plc Unaudited balance sheet As at 30 November 2002 30 November 31 May 2002 2002 (Unaudited) (Audited) £'000 £'000 £'000 £'000 Fixed assets Tangible assets - - Fixed asset investments 345 - Investments 449 267 Current assets Debtors 78 48 Investments 295 434 Cash at bank and in hand 18 72 391 554 Creditors: amounts falling (231) (184) due within one year Net current assets / 160 370 (liabilities) 954 637 Creditors: amounts falling (110) (170) due after more than one year Total assets less 844 467 liabilities Capital and reserves Called up share capital 1,002 701 Share premium account 5,758 5,758 Profit and loss account (5,916) (5,992) Equity shareholders' funds 844 467 Comparative figures have not been shown for 30 November 2001, due to the significant write offs subsequent to that date Reconciliation of movements in shareholders' funds 30 November 30 November 31 May 2002 2002 2001 (Unaudited) (Unaudited) (Audited) £'000 £'000 £'000 Profit/(loss) for the period 76 (1,518) (3,576) Issue of ordinary share 301 301 301 capital Net increase/(decrease) in 377 (1,217) (3,275) shareholders' funds Opening shareholders' funds 467 3,742 3,742 Closing shareholders' funds 844 2,525 467 London Asia Capital plc Unaudited cash flow statement For the six months ended 30 November 2002 Six months Six months Year ended ended ended 31 May 2002 30 November 30 November 2002 2001 (Unaudited) (Unaudited) (Audited) £'000 £'000 £'000 £'000 £'000 £'000 Net cash movement from (90) (128) (375) operating activities Returns on investment Interest received 1 1 3 Interest Paid (12) - (25) Net cash movement from (11) 1 (22) returns on investments Taxation Taxation paid - (57) (57) Capital expenditure Purchase of investments (44) - - Sale of investments 201 203 289 Net cash movement from 157 203 289 capital expenditure Acquisitions and disposals Payments to acquire (345) - - investments in associates Net cash movement before (289) 19 (165) management of liquid resources and financing Financing Proceeds from ordinary share 301 301 301 capital Repayment of Bank Loan (60) - (60) Net cash inflow from 241 301 241 financing Movement in cash 48 320 76 London Asia Capital plc Notes to the interim results 1. Basis of preparation The results for the six months ended 30 November 2002 are unaudited and have not been reviewed by the Auditors. They have been prepared on accounting bases and policies that are consistent with those used in the preparation of the financial statements of the company for the year ended 31 May 2002. The financial statements contained in this report do not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985. The results for the year ended 31 May 2002 were reported on by the auditors and received an unqualified audit report. Full accounts for the year ended 31 May 2002 have been delivered to the Registrar of Companies. 2. Significant accounting policies Investments Investments are included in the financial statements at cost, less provisions for permanent diminution in value. Income from investments is recognised on the basis of receipt. Unlisted investments have been disclosed as a separate classification on the company's balance sheet. In the directors' opinion, this presentation is necessary in order to present a true and fair view, since the company's holding of unlisted investments cannot be considered either as current assets specifically held for resale or as fixed assets to be held for the long term. The nature of the company's activities is such that the unlisted investments, whilst held potentially for the long term, are nonetheless available for disposal, depending on market conditions and commercial judgements of the directors. The afore-mentioned presentation of unlisted investments was previously applied to all investments held by the company. However, the company has now re-classified its listed and quoted investments as current asset investments, as the company's intention is to realise these investments within the foreseeable future. 3. Earnings per share The calculation of the basic earnings per share is based on the profit after tax of £76,000 on 16,058,639 ordinary shares being the weighted average number of ordinary shares in issue during the year. There is no dilutive effect of options and warrants due to the fair price of the shares during the period being less than the exercisable price of these options and warrants. 4. Dividend The directors do not recommend the payment of an interim dividend. 5. Matters required under Schedule 2(f) of the AIM Rules in respect of appointment of director Full name of proposed director: Jack Wigglesworth Age: 61 Names of current and past directorships in the past five years: Current Past Capital Value Brokers Limited LIFFE (Holdings) plc Gresham College Trust Securities Institute Cablenet International Limited LIFFE Administration and Management Limited Financial Services National LIFFE Trustees Limited Training Organisation Deacons Heights Residents' The Futures and Options Association Association (1-8) Limited LitComp Plc London Commodity Exchange (1986) Limited Majorband Limited ABN AMRO Futures Limited Durlacher Corporation plc Stace Barr Angerstein plc SBA Underwriting Limited Clivia Limited Mavicom Limited There are no matters to be disclosed under Schedule 2(f) (iii) - (viii) 1 END
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