ITE (Holdings) Limited — Earnings Release 2003

Jul 31, 2002

Quarterly Results announcement form

Name of listed company :ITE (Holdings) Limited

Stock code :8092

Year end date :31/03/2003

Auditors' report : Modified
Qualified
Unqualified
X 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

Currency: HK$'000
(Unaudited) (Unaudited)
Quarterly Results Announcement Current Last
Corresponding
Period Period
from 01/04/2002 from 01/04/2001
to 30/06/2002 to 30/06/2001
HK$'000 HK$'000

Turnover : 23,808 14,279
Profit/(Loss) from Operations : (2,753) 4,890
Finance cost : 80 2
Share of Profit/(Loss) of Associates : 0 0
Share of Profit/(Loss) of
Jointly Controlled Entites : 0 0
Profit/(Loss) after Taxation & MI : (2,833) 4,888
% Change Over the Last Period : N/A %
EPS / (LPS) - Basic : (0.31 cents) 0.54 cents
- Diluted : (0.30 cents) 0.51 cents
Extraordinary (ETD) Gain/(Loss) : 0 0
Profit (Loss) after ETD Items : (2,833) 4,888
1st Q Dividend per Share : N/A N/A
(specify if with other options) : N/A N/A
B/C Dates for 1st Q Dividend : N/A to N/A bdi.
Payable Date : N/A
B/C Dates for AGM/SGM : N/A to N/A bdi.
Other Distribution for Current Period: N/A
B/C Dates for Other Distribution : N/A to N/A bdi.
(bdi: both days inclusive)

                                      For and on behalf of
                                     ITE (Holdings) Limited
                       Signature :
                       Name      :    Lau Hon Kwong Vincent
                       Title     :   Chief Executive Officer

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:

Basis of preparation

The accounts have been prepared in accordance with all
applicable Statements of Standard Accounting Practice and
Interpretations issued by the Hong Kong Society of
Accountants, accounting principles generally accepted in
Hong Kong. The principal accounting policies adopted in
preparing the unaudited consolidated results are
consistent with those followed in the Group's annual
financial statements for the year ended 31 March 2002.

(Loss)/Earnings per share

Basis (loss)/earnings per share
The calculation of basic loss (2001: earnings) per share
is based on the loss attributable to shareholders of
HK$2,833,000 (2001: profit HK$4,888,000) and the
weighted average of 907,996,000 ordinary shares
(2001: 898,136,000 shares after adjusting for the bonus
issue in 2002) in issue during the period.

Diluted (loss)/earnings per share
The calculation of diluted loss (2001: earnings) per
share is based on the loss attributable to ordinary
shareholders of HK$2,833,000 (2001: profit
HK$4,888,000) and the weighted average number of
ordinary shares of 943,377,002 shares (2001: 962,913,979
shares after adjusting for the bonus issue in 2002)
after adjusting for the effects of all dilutive
potential ordinary shares.