China Netcom Technology Holdings Limited — Earnings Release 2002

Mar 27, 2003

GEM

GLORY FUTURE GP<08071> - Results Announcement (Final, 2002, Summary)

Glory Future Group Limited announced on 26/3/2003:
(stock code: 08071)

Year end date :31/12/2002
Currency :HKD
Auditors' report :Unqualified
Review of Quarterly Report by :N/A

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

                                         (Audited)         (Audited)
                                           Current              Last 
                                                       Corresponding
                                            Period            Period
                                   from 01/01/2002   from 01/01/2001
                                     to 31/12/2002     to 31/12/2001
                                             $'000             $'000

Turnover : 785 6,543
Profit/(Loss) from Operations : (9,743) (27,212)
Finance cost : (945) (653)
Share of Profit/(Loss) of Associates : 0 0
Share of Profit/(Loss) of Jointly
Controlled Entites : 0 0
Profit/(Loss) after Taxation & MI : (10,538) (27,690)
% Change Over the Last Period : N/A
EPS / (LPS)
Basic (in dollar) : (HKD 0.0161) (HKD 0.044)
Diluted (in dollar) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : 0 0
Profit (Loss) after ETD Items : (10,538) (27,690)
Final Dividends per Share : NIL NIL
(specify if with other options) : N/A N/A
B/C Dates for Final 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, Grace
                        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:

1. Basis of preparation

These financial statements have been prepared in accordance with
the Hong Kong Statements of Standard Accounting Practice,
accounting principles generally accepted in Hong Kong and the
disclosure requirements of the Hong Kong Companies Ordinance.
They have been prepared under the historical cost convention.

1. Loss per share

The calculaton of basic loss per share is based on the net loss
attributable to shareholders for the year of HK$10,538,000
(2001 : HK$27,690,000) and the weighted average number of
653,993,973 (2001 : 629,188,603) ordinary shares of the Company
in issue during the year.

Diluted loss per share amounts for the years ended 31 December 2002
and 2001 have not been presented as the share options outstanding
during these two years had an anti-dilutive effect on the basic loss
per share for both years.