Timeless Resources Holdings Limited — Earnings Release 2002

Feb 7, 2002

Quarterly Results announcement form

Name of listed company : Timeless Software Limited

Stock code : 8028

Year end date : 31/03/2002

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$'000
(Unaudited) (Unaudited)
Quarterly Results Announcement Current Last Corresponding
Period Period
from 01/04/2001 from 01/04/2000
to 31/12/2001 to 31/12/2000
HK$'000 HK$'000

Turnover : 76,747 109,145
Profit/(Loss) from Operations : 11,504 43,996
Finance cost : -3,688 -4,791
Share of Profit/(Loss) of Associates : -3 0
Share of Profit/(Loss) of
Jointly Controlled Entites : -311 0
Profit/(Loss) after Taxation & MI 9,258 33,705
% Change Over the Last Period : -72.53 %
EPS / (LPS) - Basic : 1.15 cents 4.49 cents
- Diluted : N/A N/A
Extraordinary (ETD) Gain/(Loss) : 0 0
Profit (Loss) after ETD Items : 9,258 33,705
3rd Q Dividend per Share : NIL NIL
(specify if with other options) : N/A N/A
B/C Dates for 3rd 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 : NIL
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.

The unaudited consolidated results include the results
of the Company and all its subsidiaries made up to
31 December. The results of subsidiaries acquired or
disposed of during the period 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. Earnings per share

The calculation of the basic earnings per share is
based on the Group's profit attributable to
shareholders for the nine and three months ended
31 December 2001 of HK$9,258,000 and
HK$6,399,000 (2000: HK$33,705,000 and
HK$3,666,000) and the weighted average number of
808,483,653 shares and 830,798,129 shares
(2000: 750,414,545 shares and 751,239,130 shares)
in issue during the periods.

No diluted earnings per share has been presented
for the nine and three months ended 31 December 2001
as there is no material dilution arising from the
share options granted by the Company and the
outstanding convertible note has anti-dilutive effect.

No diluted earnings per share has been presented
for the nine and three months ended 31 December 2000
as the outstanding convertible note has
anti-dilutive effect.