CHYY Development Group Limited — Earnings Release 2003

Dec 29, 2003

GEM

IIN INT'L<08128> - Results Announcement (Final, 2002/2003, Summary)

IIN International Limited announced on 27/12/2003:
(stock code: 08128 )

Year end date :30/09/2003
Currency :HKD
Auditors' report :Unqualified
Interim Report Reviewed 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 01/10/2002   from 01/10/2001
                                     to 30/09/2003     to 30/09/2002
                                             $'000             $'000

Turnover : 166,849 59,522
Profit/(Loss) from Operations : (35,663) (53,126)
Finance cost : (3,757) (4,102)
Share of Profit/(Loss) of Associates : N/A N/A
Share of Profit/(Loss) of Jointly
Controlled Entites : N/A N/A
Profit/(Loss) after Taxation & MI : (37,603) (54,422)
% Change Over the Last Period : N/A
EPS / (LPS)
Basic (in dollar) : (HKD 0.0263) (HKD 0.0412)
Diluted (in dollar) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit (Loss) after ETD Items : (37,603) (54,422)
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 Annual General Meeting :27/01/2004 to 28/01/2004 bdi.
Other Distribution for Current Period : NIL
B/C Dates for Other Distribution : N/A
(bdi: both days inclusive)

        For and on behalf of
         IIN International Limited

Signature :
Name : Chang Ye Min,William
Title : President & CEO

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
to the Information and undertake to indemnify the Exchange against all
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 Preparation

The audited results have been prepared in accordance with the
Hong Kong Statements of Standard Accounting Practice (the "SSAPs")
issued by the Hong Kong Society of Accountants.

1. Turnover

Turnover represents the net invoiced value of goods sold, after
allowances for returns, trade discounts and business tax where
applicable, and services rendered.

An analysis of the Group��s turnover is as follows:

                                               For the year
                                             ended 30 September
                                              2003        2002
                                           HK$��000     HK$��000
                                         (audited)   (audited)

Network infrastructure solutions 95,522 31,112
Network management solutions 23,255 18,890
Other network solutions for
sectors other than telecommunications 13,915 9,520
Transmission 34,157 �V
------- -------
166,849 59,522
======= =======

1. Loss from operating activities

The Group��s loss from operating activities is arrived at after
charging:

                                               For the year
                                            ended 30 September
                                              2003        2002
                                           HK$��000     HK$��000
                                          (audited)   (audited)

Cost of inventories sold and
services provided 143,183 37,610
Depreciation 4,959 3,789
Research and development cost:
Deferred development cost amortised 1,375 1,372
Current year expenditure 6,850 7,746
------- -------
8,225 9,118
------- -------
Goodwill:
Amortisation for the year 2,773 195
Impairment arising during the year 3,407 4,000
------- -------
6,180 4,195
------- -------
Minimum lease payments under
operating leases in respect
of land and buildings 3,308 4,411
Auditors' remuneration 780 680
Staff costs (including directors' emoluments)
Wages and salaries 16,764 18,267
Pension scheme contributions 274 471
------- -------
17,038 18,738
------- -------
Provision for doubtful debts 8,765 17,162
Charges on discount of trade receivables - 9,545
Provision for other receivables 1,275 -
Provision for obsolete inventory 165 -
Loss on disposal of fixed assets 44 4

1. Loss per share

The calculation of basic loss per share is based on the net loss
from ordinary activities attributable to shareholders for the
year of HK$37,603,000 (2002: HK$54,422,000) and the weighted
average of 1,431,608,528 (2002: 1,321,557,339) ordinary
shares in issue during the year.

Diluted loss per share amounts for the years ended 30 September
2003 and 2002 have not been disclosed as the potential ordinary
shares outstanding had an anti-dilutive effect on the basic
loss per share for these years.

1. Dividend

                                              For the year
                                            ended 30 September
                                             2003        2002
                                          HK$��000     HK$��000
                                        (audited)   (audited)
   

Special dividend - 44,566
======= =======

During the year ended 30 September 2002, a special dividend
of approximately HK$44,566,000 (the "Special Dividend") was
declared and approved by the board of directors and
shareholders of the Company for the benefit of the
shareholders whose names appeared on the register of
members of the Company on 31 October 2001 (except for
Messrs. Wong Lee Ping, Lo Wai Shun and Chan Kam Ching, all
being shareholders of the Company, who had waived their
entitlements thereto).

The distribution of the Special Dividend was made out of
the share premimum account of the Company immediately following
the listing of the Company's shares on the GEM of the Stock
Exchange on 30 November 2001.

The Company resolved not to declare a final dividend in
respect of the year (2002: Nil).

1. Comparative amounts

Due to the adoption of certain new and revised SSAPs during the
current year, the accounting treatment and presentation of certain
items in the financial statements have been revised to comply
with the new requirements. Accordingly, certain comparative
amounts have been reclassified to conform with the current
year's presentation.