China Information Technology Development Limited — Earnings Release 2005

Mar 27, 2006

GEM

XTEAM SOFTWARE<08178> - Results Announcement

Xteam Software International Limited announced on 24/03/2006:
(stock code: 08178 )
Year end date: 31/12/2005
Currency: HKD
Auditors' Report: Unqualified

Important Note:

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

                                                    (Audited   )
                                 (Audited   )       Last
                                 Current            Corresponding
                                 Period             Period
                                 from 01/01/2005    from 01/04/2004
                                 to 31/12/2005      to 31/12/2004
                           Note  ('000      )       ('000      )

Turnover 2 : 66,891 51,739
Profit/(Loss) from Operations : 42,351 29,094
Finance cost 3 : (313) (198)
Share of Profit/(Loss) of
Associates : N/A N/A
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : 10,065 11,297
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : 0.0027 0.0051
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 10,065 11,297
Final Dividend : N/A N/A
per Share
(Specify if with other : N/A N/A
options)

B/C Dates for
Final Dividend : N/A
Payable Date : N/A
B/C Dates for (-)
General Meeting : N/A
Other Distribution for : N/A
Current Period

B/C Dates for Other
Distribution : N/A

For and on behalf of 
Xteam Software International Limited

Name : Lee May Lun
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.

Remarks:

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTES:

1.1 BASIS OF PREPARATION

These financial statements have been prepared
in accordance with Hong Kong Financial Reporting
Standards ("HKFRSs")(which also include Hong Kong
Accounting Standards ("HKASs")and Interpretations)
issued by the Hong Kong Institute of Certified
Public Accountants.They have been prepared under
the historical cost convention.

1.2 ADOPTION OF NEW AND REVISED HONG KONG FINANCIAL
REPORTING STANDARDS

The following new and revised HKFRSs affect the
Group and are adopted for the first time for the
current year's financial statements:

HKAS 1 Presentation of Financial Statements
HKAS 2 Inventories
HKAS 7 Cash Flow Statements
HKAS 8 Accounting Policies, Changes in Accounting
Estimates and Errors
HKAS 10 Events after the Balance Sheet Date
HKAS 12 Income Taxes
HKAS 14 Segment Reporting
HKAS 16 Property, Plant and Equipment
HKAS 17 Leases
HKAS 18 Revenue
HKAS 19 Employee Benefits
HKAS 21 The Effects of Changes in Foreign Exchange
Rates
HKAS 24 Related Party Disclosures
HKAS 27 Consolidated and Separate Financial
Statements
HKAS 32 Financial Instruments: Disclosure and
Presentation
HKAS 33 Earnings per Share
HKAS 37 Provisions, Contingent Liabilities and
Contingent Assets
HKAS 39 Financial Instruments: Recognition
and Measurement
HKAS 39 Transition and Initial Recognition of
Amendment Financial Assets and Financial Liabilities
HKFRS 2 Share-based Payment

1. TURNOVER

                                  Period from  
           Year ended   1 April 2004 to 
       31 December 31 December
          2005           2004
        HK$'000    HK$'000
   

Revenue
Sale of 6,403 5,969
computer software
Provision of software
development and system
integration services 44,956 40,789
Provision of technical
support and maintenance
services 15,532 4,981
_________ ________
66,891 51,739
======== ========

1. FINANCE COST

                      Period from
                   Year ended   1 April 2004 to
          31 December     31 December
         2005             2004
        HK$'000     HK$'000
   

Interest on bank
loans and other loans
wholly repayable
within five years 313 198
======= =======

1. TAX

                        Period from    
                Year ended   1 April 2004 to
           31 December      31 December
         2005           2004
       HK$'000       HK$'000
   

Group:
Current-Hong Kong - -
Current-Elsewhere
Charge for the year (252) -
Over provision/(under (192) 97
provision) in prior years ______ ______

Total tax credit/ (444) 97
(charge) for the ====== ======
year/period

5.EARNINGS PER SHARE

The calculation of basic earnings per share
amounts is based on the net profit for the
year attributable to ordinary equity holders
of the parent of HK$10,065,000(period ended 31
December 2004: HK$11,297,000) and the weighted
average number of 3,764,234,397 (period ended 31
December 2004: 2,231,313,416) ordinary
shares in issue during the year.

Diluted earnings per share amounts for the year
ended 31 December 2005 and period ended 31
December 2004 have not been disclosed as the
share options outstanding during these years
had an anti-dilutive effect on the basic
earnings per share for the year/period.

1. DIVIDEND

The Directors do not recommend the payment
of any dividend in respect of the year ended 31
December 2005 (2004:Nil).

1. COMPARATIVE AMOUNTS

Certain comparative amounts have been
reclassified to conform with the current
year's presentation.