hmvod Limited — Earnings Release 2004

Jun 29, 2004

GEM

TAI SHING<08103> - Results Announcement

Tai Shing International (Holdings) Limited announced on 28/06/2004:
(stock code: 08103 )
Year end date: 31/03/2004
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 01/04/2003    from 01/04/2002
                                 to 31/03/2004      to 31/03/2003 
                           Note  ('000      )       ('000      )

Turnover 1 : 18,150 37,698
Profit/(Loss) from Operations 2 : (6,294) (56,854)
Finance cost 2 : (17) (50)
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 : (6,932) (56,829)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : (0.1662) (1.3709)
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (6,932) (56,829)
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 
Tai Shing International (Holdings) Limited

Name : Luk Yat Hung
Title : Chairman

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. TURNOVER

The principal activities of the Group are the provision of systems
development and consulting services, sale of software and hardware,
training and technical support services. Turnover represents income
arising from the provision of systems development and consultancy
services, provision of IT engineering and technical support services,
provision of courses and the sale of software and hardware products.

The amount of each significant category of revenue recognised in
turnover during the year is as follows:

                                  2004         2003  
                               HK$'000      HK$'000

Systems development 10,452 20,039
Software and hardware products 1,142 3,984
Professional service fees 5,704 11,351
Training fees 852 2,324

                                18,150       37,698

1. LOSS BEFORE TAXATION

Loss before taxation is arrived at after charging:

                                  2004         2003  
                               HK$'000      HK$'000

(a) Finance costs:
Interest on bank overdrafts
and other borrowings
repayable within five years 17 50

(b) Staff costs:#
Salaries, wages and
other benefits 15,350 38,945
Less: Amount capitalised
as intangible assets - (3,537)

                                15,350       35,408

Retirement costs - 1,389

                                15,350       36,797

(c) Other items
Costs of services and
merchandise sold# 14,807 25,490

 Research and development 
   costs#                          623        6,282  
 Less: Amount capitalised as 
   intangible assets                 -       (3,872)  
 Add: Amortisation of research 
   and development costs             -        8,391  
 Add: Amount impaired                -       25,542

                                   623       36,343

Operating lease rentals
- properties 1,737 5,008
Less: Amount capitalised as
intangible assets - (335)

                                 1,737        4,673

Amortisation of deferred assets# - 48
Auditors' remuneration 325 600
Impairment loss on fixed assets - 391
Depreciation 775 2,527
Loss on disposal of fixed assets - 1,293
Loss on disposal of subsidiaries 294 -
Provision for bad and
doubtful debts - 242
Provision for impairment/diminution
in value on investment securities 379 700
Settlement to a labour dispute - 1,850

Cost of services and merchandise sold, research and development

costs, and amortisation of deferred assets include HK$12,833,000 (2003:
HK$23,311,000) staff costs.