Timeless Resources Holdings Limited — Earnings Release 2002

Jun 21, 2002

Yearly Results announcement form

Name of listed company : Timeless Software Limited

Stock code : 8028

Year end date : 31/03/2002

Auditors' report : Qualified
Modified
X Neither
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$'000
(Audited) (Audited)
Final Results Announcement Current Last Corresponding
Period Period
from 01/04/2001 from 01/04/2000
to 31/03/2002 to 31/03/2001
HK$'000 HK$'000

Turnover : 47,475 140,163
Profit/(Loss) from Operations : (342,108) 48,655
Finance cost : (4,145) (5,563)
Share of Profit/(Loss) of Associates : (240) 0
Share of Profit/(Loss) of
Jointly Controlled Entites : (1,929) (345)
Profit/(Loss) after Taxation & MI : (338,109) 37,389
% Change Over the Last Period : N/A %
EPS / (LPS) - Basic : (41.16 cents) 4.98 cents
- Diluted : N/A N/A
Extraordinary (ETD) Gain/(Loss) : 0 0
Profit (Loss) after ETD Items : (338,109) 37,389
Final Dividend per Share : 0 0
(specify if with other options) : N/A N/A
B/C Dates for Final 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
                                   Timeless Software Limited
                       Signature :
                            Name :  Cheng Kin Kwan
                           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. Basis of presentation

The accounts have been prepared in accordance with
accounting principles generally accepted in Hong Kong
and comply with accounting standards issued by the
Hong Kong Society of Accountants. The accounts are
prepared under the historical cost convention except
that certain investments in securities are stated at
fair value.

The audited consolidated results include the results
of the Company and all its subsidiaries made up to
31 March. The results of subsidiaries acquired or
disposed of during the year are included in the
consolidated profit and loss account from the
effective date of acquisition or up to the effective
date of disposal, as appropriate.

All significant intercompany transactions and balances
within the Group are eliminated on consolidation.

1. (Loss)/earnings per share

The calculation of the basic (loss)/earnings per share
is based on the Group's loss attributable to
shareholders of HK$338,109,000 (2001: profit of
HK$37,389,000) and the weighted average number of
821,387,044 shares (2001: 750,682,192 shares
in issue during the year.

No diluted (loss)/earnings per share has been
presented for the years ended 31 March 2002 and
2001 as both the convertible note issued and
share options granted by the Company
have anti-dilutive effects.