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Chairman’s Statement Management Discussion and Analysis Directors’ Profile Report on Review of Interim Financial Information Condensed Consolidated Profit and Loss Account Condensed Consolidated Statement of Comprehensive Income Condensed Consolidated Balance Sheet Condensed Consolidated Cash Flow Statement Condensed Consolidated Statement of Changes in Equity Notes to the Condensed Interim Financial Statements Other Information
SmarTone Telecommunications Holdings Limited Interim Report 2009/2010
(Financial figures are expressed in Hong Kong dollars)
I am pleased to report the results of the Group for the six months ended 31 December 2009.
Total revenue decreased by 7% to $1,810 million, compared with the same period last year, reflecting lower handset and accessory sales, and a 2% decline in service revenue. Earnings before interest, tax, depreciation, amortisation, impairment loss and loss on disposal (“EBITDA”) improved by 7% to $517 million as a result of the reduction in interconnection charges and cost control measures. Profit attributable to equity holders increased by 112% to $111 million. Earnings per share increased by 125% to 20.7 cents. The Group’s results included two non-recurring items comprising of accelerated depreciation and impairment loss in respect of fixed assets at its Macau operations; and deferred income tax credit. Excluding the impact of these two items, operating profit grew by 49% to $139 million and profit attributable to equity holders of the Company grew by 69% to $88 million.
In line with the Company’s dividend policy of full distribution of profit attributable to equity holders excluding extraordinary items, your Board proposes an interim dividend of 17 cents per share.
Service revenue recovered from the low levels in the second half of 2008/09, but remained 2% below the same