abc Multiactive Limited — Interim / Quarterly Report 2004

Apr 14, 2004

GEM

ABC MULTIACTIVE<08131> - Results Announcement (Q1, 2003/2004, Summary)

abc Multiactive Limited announced on 14/04/2004:
(stock code: 08131)

Year end date :30/11/2004
Currency :HKD
Auditors' report :N/A
1st Quarterly Report Reviewed by Audit Committee

Important Note :

This result announcement form only contains extracted information from
and should be read in conjunction with the detailed results announcement
of the issuer, which can be viewed on the GEM website at
http://www.hkgem.com

                                     (\* Unaudited)     (\* Unaudited)
                                           Current              Last 
                                                       Corresponding
                                            Period            Period
                                   from 01/12/2003   from 01/12/2002
                                     to 29/02/2004     to 28/02/2003
                                             $'000             $'000

Turnover : 4,899 5,360
Profit/(Loss) from Operations : 2,088 1,673
Finance cost : (284) (146)
Share of Profit/(Loss) of Associates : 0 0
Share of Profit/(Loss) of Jointly
Controlled Entites : 0 0
Profit/(Loss) after Taxation & MI : 1,804 1,527
% Change Over the Last Period : +18.14%
EPS / (LPS)
Basic (in dollar) : HKD 0.0112 HKD 0.0095
Diluted (in dollar) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : 0 0
Profit (Loss) after ETD Items : 1,804 1,527
1st Quarter Dividends per Share : NIL NIL
(specify if with other options) : N/A N/A
B/C Dates for 1st Quarter Dividends : N/A
Payable Date : N/A
B/C Dates for (-) General Meeting : N/A
Other Distribution for Current Period : NIL
B/C Dates for Other Distribution : N/A

                                       For and on behalf of
                                     abc Multiactive Limited

                        Signature :
                        Name      : Cheung, Siu Leong
                        Title     : Company Secretary

Responsibility statement

The directors of the Company (the "Directors") as at the date hereof
hereby collectively and individually accept full responsibility for the
accuracy of the information contained in this results announcement form
(the "Information") and confirm, having made all reasonable inquiries,
that to the best of their knowledge and belief the Information are accurate
and complete in all material respects and not misleading and that there are no
other matters the omission of which would make the Information herein
inaccurate or misleading.The Directors acknowledge that the Stock Exchange
has no responsibility whatsoever with regard to the Information and
undertake to indemnify the Exchange against all liability incurred and all losses
suffered by the Exchange in connection with or relating to the Information.

1. Basis of presentation

The accounts have been prepared in accordance with accounting
principles generally accepted in Hong Kong and comply with
accounting standards issued by the Hong Kong Society of
Accountants ("HKSA"). They are prepared under the historical cost
convention.

The unaudited consolidated quarterly financial statements should be
read in conjunction with the Company's annual financial statements
for the year ended 30th November 2003.

The unaudited consolidated quarterly financial statements have not
been audited by the Company's auditors, but have been reviewed by
the Company's audit committee.

The accounting policies and basis of preparation used in the
preparation of the unaudited consolidated quarterly financial
statement are consistent with those used in the Company's annual
financial statements for the year ended 30th November 2003, except
for the Groups adoption of the following new and revised SSAP
issued by HKSA which are effective for accounting periods
commencing on or after 1st January 2003:

SSAP 12 (revised): Income taxes

The change to the Group's accounting policies and the effect of
adopting this revised standard is set out below:

Deferred taxation is provided in full, using the liability method,
on temporary differences arising between the tax bases of assets
and liabilities and their carrying amounts in the accounts.
Taxation rates enacted or substantively enacted by the balance
sheet date are used to determine deferred taxation.

Deferred tax assets are recognised to the extent that it is
probable that future taxable profit will be available against
which the temporary differences can be utilised.

Deferred taxation is provided on temporary difference arising on
investments in subsidiaries and associated companies except where
the timing of reversal of the temporary difference can be
controlled and it is probable that the temporary difference will
not reverse in the foreseeable future.

In the prior year, deferred taxation was accounted for at the
current taxation rate in respect of timing differences between
profit as computed for taxation purpose and profit as stated in the
accounts to the extent that a liability or an asset was expected to
be payable or recoverable in the foreseeable future. The adoption
of the revised SSAP 12 represents a change in accounting policy,
which was been applied retrospectively. Since the adoption of this
revised SSAP had no material impact on the Group's accounts in
prior or current accounting periods, comparative figures have
not been restated.

1. Basic earnings per share

The calculation of basic earnings per share for the three
months ended 29th February 2004 was based on the net profit for
the period of approximately HK$1,804,000 and the weighted average
of 160,590,967 ordinary shares of HK$0.10 each in issue during
the period.

Pursuant to a resolution in writing of the shareholders of the
Company on 6th January 2004, every ten of the authorised, issued
and unissued ordinary shares of HK$0.01 each in the share capital
of the Company were consolidated into one share such that the
authorised share capital of the Company became HK$1,000,000,000
consisting of 10,000,000,000 ordinary shares of HK$0.10 each and
the issued share capital of the Company was HK$16,059,097
consisting of 160,590,967 of HK$0.10 each. As such, the comparative
figure of basic earnings per share for three months ended 28th
February 2003 was re-calculated based on the profit for the period
of HK$1,527,000 and the adjusted weight average of 160,590,967
ordinary shares of HK$0.10 each deemed in issue during the period.

Diluted earnings/(loss) per share has not been presented as there
was no dilutive potential ordinary share in existence during the
periods.