Sing Lee Software (Group) Limited — Earnings Release 2003

Mar 31, 2004

GEM

SING LEE<08076> - Results Announcement (Final, 2003, Summary)

Sing Lee Software (Group) Limited announced on 30/03/2004:
(stock code: 08076 )

Year end date :31/12/2003
Currency :RMB
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 01/01/2003   from 01/01/2002
                                     to 31/12/2003     to 31/12/2002
                                             $'000             $'000

Turnover : 37,848 62,853
Profit/(Loss) from Operations : (31,159) (9,664)
Finance cost : (508) (649)
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 : (31,667) (10,313)
% Change Over the Last Period : N/A
EPS / (LPS)
Basic (in dollar) : (RMB 0.0525) (RMB 0.0171)
Diluted (in dollar) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit (Loss) after ETD Items : (31,667) (10,313)
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
(bdi: both days inclusive)

                                   For and on behalf of
                                   Sing Lee Software (Group) Limited
                        Signature :
                             Name :Hung Yung Lai
                            Title :Director

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.

Remark:

1. Basis of preparation

The accompanying financial statements have been prepared in accordance
with International Financial Reporting Standards ("IFRS") issued by the
International Accounting Standards Board, the disclosure requirements
of the Hong Kong Companies Ordinance and the Rules Governing the
Listing of Securities on the GEM. Except as otherwise stated, the
accompanying financial statements are prepared under the historical
cost convention.

Owing to the fact that the Group principally operates in the PRC and
its business activities are principally transacted in Renminbi ("RMB"),
the financial statements are prepared in RMB.

1. Turnover
   2003 2002
   RMB RMB
   ('000) ('000)
   Sale of software 18,396 22,318
   Sale of hardware 15,622 36,181
   Maintenance income 3,830 4,354
   _____ _____
   37,848 62,853
   ===== =====

2. Taxation
   2003 2002
   RMB RMB
   ('000) ('000)
   PRC enterprise income tax(c) - -
   _____ _____
   - -
   ===== =====

(a) Overseas income tax
The company is incorporated in Bermuda and is exempt from taxation in
Bermuda until 28 March 2016. The Company's subsidiary established in
BVI is incorporated under the International Business Companies Acts of
the BVI and, accordingly, is exempt from payment of BVI income taxes.

(b) Hong Kong profits tax
No Hong Kong profits tax was provided as the Group had no assessable
profit arising in or derived from Hong Kong.

(c) PRC enterprise income tax
As foreign investment enterprise that incorporated in the Advanced
Technology Industry Development Area in Hangzhou City and Zhuhai are
entitled to full exemption from income tax for two years with effect
from its first profitable year after offsetting prior year's losses and
a 50% reduction in income tax for the following three years. Foreign
investment enterprises are also exempted from income tax in years with
financial loss.

The reconciliation of statutory tax rate to effective tax rate is as
follows:

                               2003     2003     2002     2002
                                RMB      RMB      RMB      RMB
                              ('000)      %     ('000)     %

Accounting loss before taxation (31,667) 100 (10,313) 100
======== === ======== ===
Tax at the statutory ax rate - - 742 15
-Tax exempted - - (742) (15)
________ ___ ________ ___
Tax expenses - - - -
======== === ======== ===

There was no significant unprovided deferred taxation for the year
ended 31 December 2003 (2002: Nil).

1. Loss per share

The calculation of the basic loss per share is based on the
consolidated net loss for the year attributable to shareholders of
approximately RMB31,667,000 (2002:10,313,000) divided by the weighted
average number of ordinary shares outstanding during the year of
603,000,000 shares (2002:603,000,000 shares). No diluted loss per share
was presented as the exercise of share options would have an anti-
dilutive effect during the year.

1. Dividend
   2003 2002
   RMB RMB
   ('000) ('000)
   Final dividend of HK$0.005 per share
   declared and paid - 3,196
   ====== ======

During the year 31 December 2003, no dividend was declared and paid.

During the year 31 December 2002, final dividend of HK$0.005 per share
were declared and paid.

Subsequent to 31 December 2003, the directors of the company do not
recommend the payment of a final dividend.