China Information Technology Development Limited — Interim / Quarterly Report 2004

Nov 10, 2003

GEM

XTEAM SOFTWARE<08178> - Results Announcement

Xteam Software International Limited announced on 10/11/2003:
(stock code: 08178 )
Year end date: 31/03/2004
Currency: HKD
Auditors' Report: N/A
Review of Interim Report by: Audit Committee

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

                                                    (Unaudited )
                                 (Unaudited )       Last
                                 Current            Corresponding
                                 Period             Period
                                 from 01/04/2003    from 01/04/2002
                                 to 30/09/2003      to 30/09/2002 
                           Note  ('000      )       ('000      )

Turnover : 9,219 15,504
Profit/(Loss) from Operations : (7,478) 3,174
Finance cost : 40 (125)
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 : (7,916) 3,049
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : (0.0131) 0.0054
-Diluted (in dollars) : (0.0131) 0.005
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (7,916) 3,049
2nd Quarterly Dividend : N/A N/A
per Share
(Specify if with other : N/A N/A
options)

B/C Dates for
2nd Quarterly 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 : Mak To Wai
Title : Director

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
whatsever 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:

1. Basis of presentation
   The unaudited interim financial statements have been prepared in
   accordance with Hong Kong Statement of Standard Accounting
   Practice (��SSAP��) No. 25 ��Interim Financial Reporting��, issued
   by the Hong Kong Society of Accountants and Chapter 18 of Rules
   Governing the Listing of Securities on the Growth Enterprise Market
   of The Stock Exchange of Hong Kong Limited (the ��GEM Listing Rules��).

The principal accounting policies and methods of computation
used in the preparation of the unaudited interim financial statements
are consistent with those adopted in the latest annual
financial statements of the Group.

1. Turnover and revenue
   Turnover represents the invoiced value of goods sold and services
   rendered, net of value added tax and business tax in the PRC,
   and after allowances for goods returned and trade discounts.

2. (Loss) / earnings per share
   The calculation of basis loss per share for the six months and
   three months ended 30th September, 2003 is calculated based on the
   Group's unaudited loss attributable to shareholders of approximately
   HK$7,916,000 and HK$3,687,000, respectively (2002: profits of
   approximately HK$3,049,000 and HK$483,000, respectively), and
   on the weighted average number of 605,554,605 shares and
   622,594,025 shares, respectively, in issue during the period
   (2002: 561,233,231 shares and 572,093,882 shares, respectively).

The diluted loss per share for the six months and three months
ended 30th September, 2003 is based on the weighted average
number of 605,554,605 shares and 622,594,025 shares, respectively,
taking into account the options granted to certain executive directors
of the Company to subscribe for a total of 80,000,000 shares of the
Company under the Pre-IPO Share Option Scheme
(2002: 611,206,113 shares and 595,854,993 shares, respectively).

1. Dividend
   The Board does not recommend the payment of an interim dividend
   for the period (2002: Nil).