Business
Preliminary Results
Preliminary Results.
About this update from Worldsec Limited
[{"type":"text","content":"\n Worldsec Ld\n26 April 2007\n\n\n Worldsec Limited\n Preliminary Statement of Annual Results\n\n\nWorldsec Limited is pleased to release today its preliminary statement of annual\nresults for the year ended 31 December 2006.\n\nThe Chairman's Statement and extracts from the audited financial statements are\nreproduced below.\n\nInvestor Relations\n\n\nFor further information please contact:\nIn Hong Kong\nMr. Henry Ying Chew CHEONG\nExecutive Director and Deputy Chairman\n+852 2971 4280\n\n\nCHAIRMAN'S STATEMENT\n\nRESULTS\n\nThe audited consolidated loss for the year was US$1,010,000 compared with a loss\nof US$467,000 in previous year. Loss per share was US 8 cents (2005: Loss per\nshare of US 3 cents).\n\nTHE YEAR IN REVIEW\n\nThe loss of US$1,010,000 for the year was due to the realization of the currency\ntranslation reserve of US$1,033,000 to the income statements under the\nrequirement of International Accounting Standard 21. Excluding this one-off\nrelease of reserve, the Group recorded an operating income of US$23,000; this\ncompares with an operating loss of US$467,000 in 2005. This operating income was\nthe result of the combination of net cost savings of US$280,000 and the write\nback of over-provision of expenses carried forward from prior years.\n\nIn March 2006, the Group completed the sale of its nominee subsidiary which had\nbeen assigned the right to collect the remaining debts for a consideration of\nUS$271,000 to a third party.\n\nPROSPECTS\n\nIn line with the direction of the new key shareholder to maintain the Group in\nthe securities investment business, the Board is examining suitable business\nopportunities. Shareholders will be informed and/or approval sought (as\nnecessary) as soon as the Group decides on the future direction of its business.\n\nAlastair GUNN-FORBES\nNon-Executive Chairman\n26 April 2007\n\n\nCONSOLIDATED INCOME STATEMENT\nFOR THE YEAR ENDED 31 DECEMBER 2006\n\n\n\n\n Year ended 31 December\n Notes 2006 2005\n US$'000 US$'000\nGain on disposal of investments - 20\nRecovery of doubtful receivables 16 148\nInterest income 42 19\nOther income 275 21\n 333 208\nStaff costs (89) (289)\nOther expenses (221) (300)\n 23 (381)\nLoss on disposal of subsidiaries - (85)\nFinance costs - (1)\nCurrency translation reserve released upon disposal of (1,033) -\nsubsidiaries\nLoss before tax (1,010) (...