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Proforma Half Year Financial Statement And Dividend Announcement

Half-year financial statement on consolidated results for the six months ended 30 September, 2001.
These figures have not been audited.

-	-	Group			Company
--	--	HK$'000		%	HK$'000		%
-	-	Latest half year	Previous half year	Change	Latest half year	Previous half year	Change
1.(a)	Turnover	500,905	672,438	-25.5	0	0	0
1.(b)	Investment income	0	0	0	0	0	0
1.(c)	Other income including interest income	3,327	2,978	11.7	6	0	100
2.(a)	Operating profit before income tax, minority interests, extraordinary items, interest on borrowings, depreciation and amortisation, foreign exchange gain/(loss) and exceptional items	20,733	49,619	-58.2	(325)	0	100
2.(b)(i)	Interest on borrowings	5,133	6,977	-26.4	0	0	0
2.(b)(ii)	Depreciation and amortisation	2,244	1,962	14.4	0	0	0
2.(b)(iii)	Foreign exchange gain/(loss)	380	599	-36.6	0	0	0
2.(c)	Exceptional items	0	0	0	0	0	0
2.(d)	Operating profit before income tax, minority interests and extraordinary items but after interest on borrowings, depreciation and amortisation, foreign exchange gain/(loss) and exceptional items	13,736	41,279	-66.7	(325)	0	100
2.(e)	Income derived from associated companies	0	0	0	0	0	0
2.(f)	Less income tax	(3,040)	(7,376)	-58.8	0	0	0
2.(g)(i)	Operating profit after tax before deducting minority interests	10,696	33,903	-68.5	(325)	0	100
2.(g)(ii)	Less minority interests	0	0	0	0	0	0
2.(h)	Operating profit after tax attributable to members of the company	10,696	33,903	-68.5	(325)	0	100
2.(i)(i)	Extraordinary items	0	0	0	0	0	0
2.(i)(ii)	Less minority interests	0	0	0	0	0	0
2.(i)(iii)	Extraordinary items attributable to members of the company	0	0	0	0	0	0
2.(i)(iv)	Transfer to/from Exchange Reserve	0	0	0	0	0	0
2.(i)(v)	Transfer to Capital Reserve	0	0	0	0	0	0
2.(i)(vi)	Transfer to Reserve Fund	0	0	0	0	0	0
2.(j)	Operating profit after tax and extraordinary items attributable to members of the company	10,696	33,903	-68.5	(325)	0	100

Group Figures
		Latest half year	Previous half year
3.(a)	Earnings per share based on 2(h) above after deducting any provision for preference dividends:-	.	.
3.(a)(i)	Based on existing issued share capital	HK Cents 4.47	HK Cents 15.95
3.(a)(ii)	On a fully diluted basis	N/A	N/A
3.(b)	Earnings per share based on 2(j) above:-
	(i) Based on existing issued share capital	4.47	15.95
	(ii) On a fully diluted basis	N/A	N/A
3.(c)	Net tangible asset backing per ordinary share	78.45	69.36

The earnings per share for the current half year is based on the weighted average number of 239,103,825 ordinary shares of HK$0.20 each in issue during the financial period. The basic earnings per share for the previous half year is based on the pre-invitation issued share capital of 212,500,000 shares of HK$0.20 each.

No disclosure of the diluted earnings per share for the current half year is shown as the effect of the potential ordinary shares in issue is anti-dilutive for that period. For the previous half year there were no dilutive potential ordinary shares in issue.

The net tangible asset backing per ordinary share as at 30th September, 2001 is based on the issued share capital of 266,000,000 shares of HK$0.20 each at that date. The net tangible asset backing per ordinary share as at 31st March, 2001 is based on the pre-invitation issued share capital of 212,500,000 shares.

4.(a) Amount of any adjustment for under or overprovision of tax in respect of prior years

NIL

4.(b) Amount of any pre-acquisition profits

NIL

4.(c) Amount of profits on any sale of investments and/or properties

Sale of investments/properties	$Profit/(Loss)
NIL

4.(d) Any other comments relating to Paragraph 4

NIL

5.(a) Review of the performance of the company and its principal subsidiaries

For the half year ended 30th September, 2001, the Group had achieved a turnover of HK$501 million, a decline of about 25.5% as compared to the same period of last year. Due to the downturn of the electronics industry in the latter part of past year, sales of all product segments showed a decline upon the oversupply of components and the resulting effect of which was an erosion of the margin. As such operating profit after tax for the period has shown a larger decline to HK$10.7 million, a decrease of 68.5% as compared to the same period last year.

Other income increased due to a rise in interest income which stemmed from the higher balance of cash generated from operation and from our initial public offer in June of this year.

Interest on borrowing showed a substantial decrease due to decrease in interest rate for the period and the less usage of trade facilities.

5.(b) A statement by the Directors of the Company on whether "any item or event of a material

or unusual nature which would have affected materially the results of operations of the
Group and Company has occurred between the date to which the report refers and the
date on which the report is issued". If none, to include a negative statement.
In the opinion of the directors, no item, transaction or event of a material or unusual nature has arisen during the period between 30th September, 2001 and the date of this report which will affect substantially the results of the operations of the company and of the Group as at 30th September, 2001.

6. Commentary on current year prospects

The terrorist attack in the United States has affected the Group to the extent in that chip shipments have been delayed and orders have become volatile. It has further dampened the already depressed global demand for electronic equipments, and in turn, the demand for electronic components. Such slow down in demand has had an adverse impact on the Group's business and it appears that the situation will be uncertain in the near future.

The outlook for the second half 2001 remains uncertain given the volatility in the end markets for our customers which has consequently affected demand for electronic components in general. Overall visibility ahead for electronic industry is extremely poor. The Group will continue its effort in exploring new business in China and other opportunities. This coupled with the cost savings measures, should continue to allow us to create value for our customers and shareholders.

The Group is cautiously optimistic and still expects to be profitable for the full year, although the amount would be significantly lower than last year.

7. Dividend

(a) Any dividend declared for the present financial period? None
(b) Previous Corresponding Period

Name of Dividend	Interim
Dividend Type	Cash
Dividend Rate	HK$2.30 per ordinary share tax not applicable
Par value of shares	HK$0.10 each
Tax Rate

(c) Date payable

NIL

(d) Books closing date

NIL

(e) Any other comments relating to Paragraph 7

NIL

8. Details of any changes in the company's issued share capital

	Number of shares	HK$
Issued and fully paid-up ordinary shares of HK$0.10 each as at 1st April, 2001	10,000,000 ==========	1,000,000 ==========
Consolidation of every two ordinary shares of HK$0.10 each held into one ordinary of HK$0.20 each	5,000,000	1,000,000
Bonus issue of 83 new ordinary shares of HK$0.20 each for every two ordinary shares of HK$0.20 each held	207,500,000	41,500,000
New shares issue pursuant to the invitation	53,500,000	10,700,000
Issued and fully paid-up ordinary shares of HK$0.20 each as at 30th September, 2001	------------------ 266,000,000 ===========	----------------- 53,200,000 ==========


The invitation was for the purpose of the listing of the Company on the SGX-ST by way of public offer on 2nd July, 2001.

9. Comparative figures of the group's borrowings and debt securities

(a) Amount repayable in one year or less, or on demand

As at 30/09/2001

As at 31/03/2001

Secured	Unsecured	Secured	Unsecured
HK$'000 687	HK$'000 147,018	HK$'000 13,182	HK$'000 128,569

(b) Amount repayable after one year

As at 30/09/2001

As at 31/03/2001

Secured	Unsecured	Secured	Unsecured
HK$'000 1,029	HK$'000 0	HK$'000 575	HK$'000 0

(c) Any other comments relating to Paragraph 9

NIL

10. Balance sheet

	The Group		The Company
	30/09/2001	31/03/2001	30/09/2001	31/03/2001
	HK$'000	HK$'000	HK$'000	HK$'000
Current Assets	421,398	365,035	63	8,735
Non-current Assets
Property, plant and equipment	39,776	37,418	-	-
Other investments	810	810	-	-
Subsidiaries	-	-	178,155	117,470
	461,984	403,263	178,218	126,205
Current Liabilities	250,421	253,428	60	7,912
Non-current Liabilities	2,890	2,436	9,210	-
Shareholders' equity
Issued capital	53,200	1,000	53,200	1,000
Reserves	155,473	146,399	115,748	117,293
	461,984	403,263	178,218	126,205

BY ORDER OF THE BOARD

Leung Chun Wah
Chairman
28/11/2001