ITE (Holdings) Limited — Earnings Release 2003

Aug 11, 2003

GEM

ITE HOLDINGS<08092> - Results Announcement (Q1, 2003/2004, Summary)

ITE (HOLDINGS) LIMITED announced on 11/08/2003:
(stock code: 08092)

Year end date :31/03/2004
Currency :HKD
Auditors' report :N/A
Review of 1st 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 01/04/2003   from 01/04/2002
                                     to 30/06/2003     to 30/06/2002
                                             $'000             $'000

Turnover : 14,554 23,808
Profit/(Loss) from Operations : (3,254) (2,752)
Finance cost : (173) (81)
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 : (3,427) (2,833)
% Change Over the Last Period : N/A
EPS / (LPS)
Basic (in dollar) : (HKD 0.0038) (HKD 0.0031)
Diluted (in dollar) : N/A (HKD 0.003)
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit (Loss) after ETD Items : (3,427) (2,833)
1st Quarterly Dividends per Share : NIL NIL
(specify if with other options) : N/A N/A
B/C Dates for 1st 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
                                   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 accept in Hong Kong and the disclosure requirements of the
Hong Kong Companies Ordinance.

The measurement basis used in the preparation of the accounts is
historical cost. The accounting policies adopted are consistent with
those set out in the annual financial statements for the year
ended 31 March 2003.

Loss per share

(a) Basic loss per share

The calculation of basic loss per share for the Period is based on the
loss attributable to shareholders of approximately HK$3,427,000
(three months ended 30 June 2002: approximately HK$2,833,000) and the
weighted average of 907,536,000 ordinary shares (three months ended
30 June 2002: 907,996,000 shares) in issue during the respective
periods.

(b) Diluted loss per share

No diluted loss per share is presented for the three months ended
30 June 2003 as there were no dilutive potential ordinary shares in
existence during the Period. The calculation of diluted loss per
share for the three months ended 30 June 2002 is based on the loss
attributable to shareholders of approximately HK$2,833,000 and the
weighted average of 943,377,002 ordinary shares after adjusting for
the effects of all dilutive potential ordinary shares.