WLS Holdings Limited — Earnings Release 2004

Jul 27, 2004

GEM

WLS HOLDINGS<08021> - Results Announcement (Final, 2003/2004, Summary)

WLS HOLDINGS LIMITED announced on 26/07/2004:
(stock code: 08021 )

Year end date :30/04/2004
Currency :HKD
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 01/05/2003   from 01/05/2002
                                     to 30/04/2004     to 30/04/2003
                                             $'000             $'000

Turnover : 135,237 146,474
Profit/(Loss) from Operations : (8,367) 3,615
Finance cost : (1,731) (1,224)
Share of Profit/(Loss) of Associates : (83) N/A
Share of Profit/(Loss) of Jointly
Controlled Entites : N/A N/A
Profit/(Loss) after Taxation & MI : (8,951) 4,155
% Change Over the Last Period : N/A
EPS / (LPS)
Basic (in dollar) : (HKD 0.0196) HKD 0.0091
Diluted (in dollar) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit (Loss) after ETD Items : (8,951) 4,155
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
WLS HOLDINGS LIMITED
Signature :
Name :Mr. Woo Siu Lun
Title :Executive 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.

Remarks:

1. Basis of preparation and principal accounting policies
   The Group's consolidated financial statements have been prepared in
   accordance with Statements of Standard Accounting
   Practice ("SSAP") issued by the Hong Kong Society of Accountants,
   accounting principles generally accepted in Hong Kong and the
   disclosure requirements of Hong Kong Companies Ordinance.
   They have been prepared under the historical cost convention
   as modified for the revaluation of land and buildings and
   investment property.

In the current year, the Group has newly adopted SSAP12 (Revised)
Income Taxes and the said adoption had no material effect on the results
for the current or prior accounting periods. Accordingly, no prior
period adjustment has been required.

1. Taxation
   Hong Kong Profits Tax was calculated at 17.5% (2003: 16%) of the
   estimated assessable profit for the year.
   Taxation arising on other jurisdiction is calculated at the rate in the
   relevant jurisdiction.

2. Dividend
   The Board does not recommend the payment of final dividend
   for the year ended 30 April 2004.
   (2003: HK0.5 cent per share as interim dividend and paid).

3. (Loss) Earnings per share
   The calculation of the basic (loss) earnings per share is based on
   audited loss for the year ended 30 April 2004
   of approximately HK$ 8,951,000 (audited net profit for the year
   2003: HK$4,155,000 approximately)
   and the weighted average number of 457,500,000 ordinary shares
   in issue for the year (2003: 456,205,000 ordinary shares).

No diluted (loss) earnings per share has been presented because the
exercising price of the Company's outstanding share options is higher
than the average market prices of the shares during both years.