Interim Results
September 29 2006 - 3:02AM
UK Regulatory
RNS Number:6264J
Asia Capital PLC
29 September 2006
Asia Capital plc
('Asia Capital' or 'the Company')
Interim results for the six month period ended 30 June 2006
Asia Capital plc (AIM: ASI), an investment company, announces its financial
results for the six month period ended 30 June 2006.
CHAIRMAN'S STATEMENT
I am pleased to report the interim results for Asia Capital for the six month
period ended 30 June 2006.
Pre- and post- tax losses for the period were #65,000, a reduction on the loss
of #69,000 in the corresponding period last year. The loss per share for the
period remained unchanged at (0.08p).
During the period Asia Capital has continued to seek a suitable acquisition for
a reverse takeover of the Company. However, to date we have been unable to
identify a suitable transaction. As a result, and in accordance with the AIM
rules, the Company's shares were suspended from trading on AIM on 22 September
2006. If a transaction has not been announced before 23 March 2007, the
admission to trading on AIM will be cancelled.
We continue to believe that Asia Capital is an attractive shell company for a
business seeking an existing stock market quote and tax losses. We intend to
continue our search for a suitable acquisition candidate with the objective of
completing a transaction and allowing trading in the Company's shares to resume.
Nigel Robertson
Chairman
29 September 2006
Consolidated Profit and Loss Account
For the six months ended 30 June 2006 (unaudited)
6 months ended 30 6 months ended 30 12 months to
June 2006 June 2005 31 December 2005
Note (unaudited) (unaudited) (audited)
#000 #000 #000
Administrative expenses (65) (42) (247)
Operating profit (loss) (65) (42) (247)
Interest receivable and - - 1
similar income
Interest payable and - (27) (55)
similar charges
Loss on ordinary (65) (69) (301)
activities before taxation
Taxation on loss on 3 - - -
ordinary activities
Loss after taxation (65) (69) (301)
Loss per share-basic and 4 (0.08)p (0.08)p (0.37)p
diluted
All recognised gains and losses have been included in the profit and loss
account.
All amounts relate to continuing activities.
Consolidated Balance Sheet
At 30 June 2006 (unaudited)
30 June 30 June 31 December
2006 2005 2005
(unaudited) (unaudited) (audited)
#000 #000 #000
Fixed Assets
Tangible Assets - 4 -
Total Fixed Assets - 4 -
Current Assets/(Liabilities)
Cash 16 115 13
Debtors 15 35 14
Creditors: amounts falling due (1,635) (1,286) (1,566)
within one year
Total Assets less Current (1,604) (1,132) (1,539)
Liabilities
Creditors: amounts falling due - - -
after more than one year
Net Liabilities (1,604) (1,132) (1,539)
Capital and reserves
Share capital - Issued and fully 823 8,230 8,23
paid
- Deferred 44,064 36,657 44,064
Share premium account 9,804 9,804 9,804
Profit and loss account (56,295) (55,823) (56,230)
Shareholders' deficit (1,604) (1,132) (1,539)
Consolidated cash flow statement
For the 6 months ended 30 June 2006 (unaudited)
6 months ended 30 6 months ended 30 12 months ended 31
June 2006 June 2005 December 2005
(unaudited) (unaudited) (audited)
#000 #000 #000
Net cash outflow from operating (67) (54) (69)
activities
Returns on investments
and servicing of finance
Interest received - - 1
Interest payable (30) (25) (55)
Net cash flow from returns on (30) (25) (54)
investments and servicing of
finance
Financing
Issue of loans 100 100 129
Net cash inflow from financing 100 100 129
Increase in cash 3 21 6
Notes to the Interim Report
1 BASIS OF PREPARATION
The interim accounts for the six months ended 30 June 2006 are unaudited and do
not constitute statutory accounts in accordance with section 240 of the
Companies Act 1985.
The financial information has been prepared in accordance with applicable
accounting standards and under the historical cost accounting convention.
Accounting policies consistent with those applied in the financial statements
for the year ended 31 December 2005 have been used in preparing the unaudited
interim financial statements for the 6 months ended 30 June 2006.
2 DIVIDENDS
The Directors are not declaring a dividend for the six months ended 30 June
2006.
3 TAXATION
There is no tax charge for the period due to the loss arising.
4 LOSS PER SHARE
The calculation of the loss per share is based on the loss for the period of
#65,000 (30 June 2005 - #69,000; 31 December 2005 - #301,000) and the weighted
average number of shares in issue during the period of 82,302,984. The loss per
share has been calculated based on the reorganised share capital and the 2005
comparative has been restated. A diluted earnings per share is not presented
because the options in issue are non-dilutive.
5 COPIES OF INTERIM RESULTS
Copies of the interim results will be sent to shareholders and will be available
from the company's registered office, 22 Soho Square, London W1D 4NS.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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