CHINA RESOURCES DEVELOPMENT, INC., AND SUBSIDIARIES
Condensed Consolidated Income Statements (Unaudited)
(In thousands, except per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
1997 1996 1997 1997 1996 1997
RMB RMB US$(a) RMB RMB US$(a)
Sales 419,295 486,788 50,517 893,762 1,282,507 107,682
Cost of Sales 410,396 445,430 49,445 860,071 1,165,224 103,623
Gross Profit 8,899 41,358 1,072 33,691 117,283 4,059
Depreciation of
fixed assets 1,195 484 144 2,039 1,692 246
Selling and
administrative
expenses 6,263 14,132 755 21,979 39,305 2,648
Operating income 1,441 26,742 173 9,673 76,286 1,165
Financial
income/(expenses),
net (859) (10,122) (103) 31 (31,798) 4
Other income
(losses), net 19,981 11,127 2,407 38,726 15,370 4,666
Income before
income taxes 20,563 27,747 2,477 48,430 59,858 5,835
Income taxes 1,806 2,335 217 7,959 7,912 959
Net income
before minority
interests 18,757 25,412 2,260 40,471 51,946 4,876
Minority
interests 9,979 9,807 1,202 21,577 23,208 2,600
Net income 8,778 15,605 1,058 18,894 28,738 2,276
Earnings per
share 1.46 5.31 0.18 3.19 9.78 0.38
Weighted average
number of common and
common equivalent
primary shares
outstanding 6,029,004 2,939,589 6,029,004 5,917,893 2,939,589 5,917,893
(a) Based on an exchange rate of U.S.$1.00=Rmb8.30 on September 30, 1997. |
