China Netcom Technology Holdings Limited — Earnings Release 2003

Aug 4, 2003

GEM

GLORY FUTURE GP<08071> - Results Announcement (Q2, 2003, Summary)

Glory Future Group Limited announced on 4/8/2003:
(stock code: 08071)

Year end date :31/12/2003
Currency :HKD
Auditors' report :N/A
Review of 2nd Quarterly Report 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 1/1/2003     from 1/1/2002
                                      to 30/6/2003      to 30/6/2002
                                             $'000             $'000

Turnover : 497 463
Profit/(Loss) from Operations : (2,557) (4,618)
Finance cost : (515) (421)
Share of Profit/(Loss) of Associates : 0 0
Share of Profit/(Loss) of Jointly
Controlled Entites : 0 0
Profit/(Loss) after Taxation & MI : (3,072) (5,039)
% Change Over the Last Period : N/A
EPS / (LPS)
Basic (in dollar) : (HKD 0.0041) (HKD 0.0077)
Diluted (in dollar) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : 0 0
Profit (Loss) after ETD Items : (3,072) (5,039)
2nd Quarterly Dividends per Share : NIL NIL
(specify if with other options) : N/A N/A
B/C Dates for 2nd Quarterly 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
                                   Glory Future Group Limited
                        Signature :
                             Name :Leung Wai Sze
                            Title :Executive 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 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:

1. Basis of preparation

The unaudited consolidated interim accounts have been prepared in
accordance with the Statement of Standard Accounting Practice
("SSAP") 25 "Interim Financial Reporting" issued by the Hong Kong
Society of Accountants and the disclosure requirements set out in
Chapter 18 of the Rules Governing the Listing of Securities on the
GEM of the Stock Exchange.

The accounting policies and methods of computation adopted in the
preparation of the interim accounts are consistent with those
adopted in the annual accounts for the year ended 31 December 2002,
except that the Group has adopted the revised SSAPs which became
effective on 1 January 2003. The adoption of these revised SSAPs
has no material effect on the Group's results.

1. Interim dividend

The Board does not recommend the payment of an interim dividend
in respect of the six months ended 30 June 2003 (six months ended
30 June 2002 : Nil).

1. Loss per share

The calculation of basic loss per share is based on the net loss
attributable to shareholders for the three months and six months
ended 30 June 2003 of HK$1,361,000 and HK$3,072,000 respectively
(three months and six months ended 30 June 2002 : HK$2,601,000 and
HK$5,039,000 respectively) and the weighted average number of
753,720,000 ordinary shares of the Company in issue during the
aforementioned two periods ended 30 June 2003 (three months and six
months ended 30 June 2002 : 653,720,000 shares).

Diluted loss per share for the three months and six months ended
30 June 2003 and that for the three months and six months ended
30 June 2002 have not been presented as the share options
outstanding during the periods had an anti-dilutive effect
on the basic loss per share for the relevant periods.