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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Pokphand(HK)Reg | LSE:PKPH | London | Ordinary Share | BMG715071004 | US$0.05(HONG KONG REGD) |
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 |
RNS Number:9449L Pokphand (C.P.) Co Ltd 05 June 2003 The Stock Exchange of Hong Kong Limited takes no responsibility for the contents of this announcement, makes no representation as to its accuracy or completeness and expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. C.P. Pokphand Co. Ltd. (Incorporated in Bermuda with limited liability) Announcement The Directors of the Company report on the adverse impact of SARS-related and other factors affecting the Group's business activities and operating environment in Mainland China. Shareholders and potential investors in the Company are advised to exercise caution when dealing in the shares of the Company. This announcement is made pursuant to paragraph 2 of the Listing Agreement. Following the review of the recent business activities of and operating environment affecting C.P. Pokphand Co. Ltd. ("Company") and its subsidiaries and joint ventures in Mainland China (together the "Group"), the directors of the Company ("Directors") would like to draw the attention of the shareholders of the Company and the public to the following developments which may be material in their appraisal of the position of the Group: 1. The Group is principally engaged in the trading of agricultural products, feedmill and poultry operations, the manufacturing and sale of motorcycles and accessories for automotives and property and investment holding. The outbreak of severe acute respiratory syndrome ("SARS") in part of Mainland China has had an adverse effect on the Group's agri-businesses operating across the country. The turnover of the Group's agri-business operations in the PRC accounted for approximately 91.8% of the total turnover of the Group for the year ended 31st December, 2002. The business-related travelling of our purchasing and sales staff, the movement of raw materials required for production and the delivery of the finished feeds, poultry and meat products of these businesses have been suffering interruption at some locations and sales have also been retarded due to lowered consumption. These adverse factors have complicated an already challenging operating environment due to the increased costs of the raw materials required for feed production since December 2002. As a result, these businesses are experiencing declining gross margins and the dividend stream emanating from these businesses to their holding companies and, ultimately, the Company has been curtailed. The severity of the overall impact of the SARS outbreak on the Group's business operation and its financial position cannot presently be accurately assessed as external factors such as how soon the SARS outbreak can be entirely brought under control in Mainland China will be decisive. 2. The Group's wholly-owned operation in Qingdao in Shandong province engaged in the production and sale of animal feeds, chickens and processed meat suffered a severe fire in April 2003 which resulted in the closure of its meat further processing plant. The net profit of such wholly-owned operation for the year ended 31st December, 2002 amounted to approximately RMB1.9 million. Based on presently available information, the Directors have assessed the total loss, after allowance for the proceeds estimated to be recoverable from insurance claims, to amount to some RMB26 million. The actual amount of such total loss will be reflected in the financial statements of the Group for the year ending 31st December, 2003. The Directors expect the production of the further processed meat to be resumed in full scale by the end of the first quarter in 2004. 3. Japan has since 12th May, 2003 re-introduced an import ban on poultry products from Mainland China. The ban was first introduced in June 2001 and was later lifted in August 2001. On 13th May, 2003, the Japanese authorities further announced that a short list of Mainland Chinese enterprises from which imports of processed poultry meat were allowed on a limited basis. Although one of the subsidiaries in the Group is on the list, the latest move by the Japanese authorities will adversely affect the Group's chicken meat export business, for which Japan has represented the primary market. For the year ended 31st December, 2002, approximately 3.6% of the Group's total sales was attributable to the sales of poultry products to the Japanese market. The Company will keep its shareholders and the market informed on any material developments as and when required in accordance with the disclosure obligations under the Listing Rules. Shareholders and potential investors in the Company are advised to exercise caution when dealing in the shares of the Company. By Order of the Board Dhanin Chearavanont Chairman and Chief Executive Officer Hong Kong, 3rd June, 2003 This information is provided by RNS The company news service from the London Stock Exchange END MSCFAMITMMTMMAJ
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