Business
Interim Results 2003
Interim Results 2003.
About this update from Worldsec Limited
[{"type":"text","content":"\n Worldsec Ld\n29 September 2003\n\n Worldsec Limited\n\n Interim Report for the six months ended 30 June 2003\n\nThe Directors submit the interim report on Worldsec Limited (the 'Company') and\nits subsidiaries (collectively known as the 'Group') for the six months ended 30\nJune 2003 (the 'Period').\n\nReflecting the Group withdrawal from business, turnover for the Period decreased\n98% to US$62,000 as compared to the corresponding six months in 2002 while loss\nfor the Period was US$646,000, as compared to US$3,894,000 in the corresponding\nsix months in 2002.\n\nIn May the Group disposed of another subsidiary, Worldsec Corporate Finance\nLimited. A further two subsidiaries, which had been the main operating\nsubsidiaries of the Group, commenced procedures for voluntary liquidation in\nJune.\n\nAs at 30 June 2003, Shareholders' Funds amounted to US$15,429,000, equivalent to\nUS$1.15 per share. On 23 July 2003, the Company effected a capital reduction,\ndetails of which are given in note 15 to this interim report. The capital\nreduction enables the Company to distribute cash to shareholders in an efficient\nand cost-effective manner on realisation of the Group's assets. An interim\ndistribution of US$0.45 per share totalling USD$6,015,281 to shareholders was\nmade on 12 August 2003.\n\nThe Directors aim to liquidate the Group's remaining assets as expeditiously as\npracticable and to return the cash to shareholders. Although there are on-going\noperating costs while assets are being liquidated, these costs are being kept to\na minimum and certain investments may be realised at a premium to book value.\nThe recent improvement in regional financial markets is assisting in the\nrecovery and realisation of some of the remaining assets. However, there is no\ncertainty that the more illiquid assets will be sold at book value. Therefore\nthe Directors maintain that USD$1.15 is a reasonable estimate of the eventual\npayout to shareholders.\n\nIn the absence of unforeseen circumstances, the Directors hope to make a second\ndistribution to shareholders of US$0.35 per share by the end of this year.\n\n\n By order of the Board\n\n\n\n Paul Kwok Kin Cheng\n\n Chief Operating Officer\n\n and Finance Director\n\n 29 September 2003\n\nCONSOLIDATED PROFIT AND LOSS ACCOUNT\n Unaudited Audited\n Six months ended Year ended\n Notes 30.6.2003 30....