Wisdomcome Group Holdings Ltd. — Earnings Release 2003

Jun 13, 2003

GEM

RAINBOW INT'L<08079> - Results Announcement (Q2, 2002/2003, Summary)

Rainbow International Holdings Limited announced on 13/06/2003:
(stock code :08079)

Year end date :31/10/2003
Currency :HKD
Auditors' report :N/A
Review of 2nd 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 01/11/2002   from 01/11/2001
                                     to 30/04/2003     to 30/04/2002
                                             $'000             $'000

Turnover : 5,552 38,206
Profit/(Loss) from Operations : (4,360) (11,809)
Finance cost : (518) (1,605)
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 : (4,878) (13,414)
% Change Over the Last Period : N/A
EPS / (LPS)
Basic (in dollar) : (HKD 0.0021) (HKD 0.0061)
Diluted (in dollar) : (HKD 0.0021) (HKD 0.0058)
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit (Loss) after ETD Items : (4,878) (13,414)
2nd Quarterly Dividends per Share : NIL NIL
(specify if with other options) : N/A N/A
B/C Dates for 2nd 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
                                   Rainbow International Holdings Limited
                        Signature :
                             Name :          LI Ngar Kwan, Aldy
                            Title :              Chairperson

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 Preparation

The principal accounting policies adopted in preparing the
unaudited consolidated results of the Group conform to accounting
principles generally accepted in Hong Kong and accounting standards
issued by the Hong Kong Society of Accountants and the disclosure
requirements of the Hong Kong Companies Ordinance and GEM Listing Rules.

1. Turnover

Turnover represents (a) the invoiced value of beauty products sold
less discounts and sales returns and (b) services income generated
from the provision of beauty services during the period after the
elimination of all material inter-company transactions within the Group.

1. Other Revenue

Other revenue mainly consists of interest income and sundries
income during the period

1. Taxation
   No Hong Kong profits tax was provided for as the Group had no asessable
   profits arising in Hong Kong (2002: Nil).

Provision for taxation by a subsidiary operating in Macau has been
calculated at the rates applicable, based on existing laws,
interpretations and practice, during the period (2002: Nil)

No provision for deferred taxation has been made for the Group for the
year as the effect of all timing differences is not material.

1. Loss Per Share

(a) Basic

The calculation of basic loss per share for the six months
ended 30 April 2003 is based on the loss attributable
to shareholders of approximately HK$4,878,000
(six months ended 30 April 2002: approximately HK$13,414,000)
and on the weighted average number of 2,328,174,765
(six months ended 30 April 2002: 2,192,750,000(restated)) shares.

The weighted average number of ordinary shares in issue
during the period used in the calculation of basic loss per
share for the period ended 30 April, 2003 and 2002 have been
adjusted to reflect the rights issue and bonus issue during the period.

(b) Diluted

The calculation of diluted loss per share for the six months
ended 30 April 2003 is based on the loss attributable
to shareholders of approximately HK$4,878,000
(six months ended 30 April 2002: approximately HK$13,414,000)
and the 2,340,424,765 (six months ended 30 April 2002: 2,297,281,525
(restated)) shares, which represented the weight average number
of shares in issue and after adjusting for the number of shares which
are deemed to have been issued for no consideration under the Pre-IPO
Share Option Scheme based on the subscription price per share
at 50 per cent of the Offer Price (i.e. HK$0.044)

1. Issued capital

On 3 January, 2003, ordinary resolutions in respect of the rights
issue and bonus issue have approved at extraordinary general
meeting of the Company. The Rights Issue raised
approximately HK$21 million by issuing 350,000,000 new shares
at a subscription price of HK$0.06 per rights share on the basis
of one rights share for every share held by qualifying shareholders.
Bonus shares were then issued to the shareholders of the Company
on the basis of five bonus shares for every two shares held
on 6 February 2003.