Highlights
Timeless Software Limited (the “Company”) is a leading computer software services group based in Hong
Kong, with an established and growing presence in the market for Internet technology. For the quarter
ended 31 December 1999, despite a 14.2% decrease in turnover, the Company managed to achieve a profit
of HK$7.2 million. And for the nine months ended 31 December 1999, the Company was able to turn a loss
of HK$9.9 million into a profit of HK$11.9 million. The Company expects the first half of year 2000 to
be very promising and will continue to invest in research and development efforts to maintain its
technological leadership.
RESULTS
The Board of Directors (“Board”) of the Company is pleased to announce the unaudited consolidated results
of the Company and its subsidiaries (“Group”) for the nine and three months ended 31 December 1999 together
with the comparative unaudited figures for the corresponding periods in 1998 as follows:
Nine months ended
31 December
Three months ended
31 December
1999 1998 1999 1998
Notes HK$’000 HK$’000 HK$’000 HK$’000
Turnover 2 38,780 31,464 7,879 9,181
Operating profit / (loss) 3 11,928 (9,907) 7,170 (3,022)
Taxation 4 ————
Profit / (loss) attributable to
shareholders 11,928 (9,907) 7,170 (3,022)
Earnings / (loss) per share - Basic 5 2.53 cents (4.50) cents 1.17 cents (1.25) cents
Notes:
1. Basis of presentation
The Company was incorporated in Hong Kong with its shares listed on The Growth Enterprise Market of The
Stock Exchange of Hong Kong Limited on 25 November 1999.
The principal accounting policies adopted in preparing the unaudited consolidated results conform with
accounting principles generally accepted in Hong Kong.
The unaudited consolidated results of the Group include the results of the Company and the subsidiaries from
their effective dates of acquisition using the acquisition method of accounting.
All significant intra-group transactions and balances have been eliminated on consolidation.
2. Turnover represents the aggregate of the income from the provision of computer consultancy services,
advertising income and subscription income.
3. Included in the operating profit was an amount of approximately HK$9,805,000 being the interest waived and
written back on a loan from a past director.
4. No provision for Hong Kong Profits Tax has been made as there are sufficient tax losses brought forward to
set off against assessable profit for the period. Overseas taxation has not been provided in respect of the PRC
subsidiaries as they had no assessable profit during the period.
No deferred taxation has been recognised in the financial statements as it is uncertain whether the deferred taxprofit attributable to shareholders of approximately HK$11,928,000 (1998: loss of approximately
HK$9,907,000) and the weighted average number of 471,285,631 shares (1998: 219,927,273 shares) in issue
asset will crystallise in the foreseeable future.
5. Earnings / (loss) per share
The calculation of the basic earnings per share for the nine months ended 31 December 1999 is based on the
during the period.
Timeless Software Limited (the “Company”) is a leading computer software services group based in Hong
Kong, with an established and growing presence in the market for Internet technology. For the quarter
ended 31 December 1999, despite a 14.2% decrease in turnover, the Company managed to achieve a profit
of HK$7.2 million. And for the nine months ended 31 December 1999, the Company was able to turn a loss
of HK$9.9 million into a profit of HK$11.9 million. The Company expects the first half of year 2000 to
be very promising and will continue to invest in research and development efforts to maintain its
technological leadership.
RESULTS
The Board of Directors (“Board”) of the Company is pleased to announce the unaudited consolidated results
of the Company and its subsidiaries (“Group”) for the nine and three months ended 31 December 1999 together
with the comparative unaudited figures for the corresponding periods in 1998 as follows:
Nine months ended
31 December
Three months ended
31 December
1999 1998 1999 1998
Notes HK$’000 HK$’000 HK$’000 HK$’000
Turnover 2 38,780 31,464 7,879 9,181
Operating profit / (loss) 3 11,928 (9,907) 7,170 (3,022)
Taxation 4 ————
Profit / (loss) attributable to
shareholders 11,928 (9,907) 7,170 (3,022)
Earnings / (loss) per share - Basic 5 2.53 cents (4.50) cents 1.17 cents (1.25) cents
Notes:
1. Basis of presentation
The Company was incorporated in Hong Kong with its shares listed on The Growth Enterprise Market of The
Stock Exchange of Hong Kong Limited on 25 November 1999.
The principal accounting policies adopted in preparing the unaudited consolidated results conform with
accounting principles generally accepted in Hong Kong.
The unaudited consolidated results of the Group include the results of the Company and the subsidiaries from
their effective dates of acquisition using the acquisition method of accounting.
All significant intra-group transactions and balances have been eliminated on consolidation.
2. Turnover represents the aggregate of the income from the provision of computer consultancy services,
advertising income and subscription income.
3. Included in the operating profit was an amount of approximately HK$9,805,000 being the interest waived and
written back on a loan from a past director.
4. No provision for Hong Kong Profits Tax has been made as there are sufficient tax losses brought forward to
set off against assessable profit for the period. Overseas taxation has not been provided in respect of the PRC
subsidiaries as they had no assessable profit during the period.
No deferred taxation has been recognised in the financial statements as it is uncertain whether the deferred taxprofit attributable to shareholders of approximately HK$11,928,000 (1998: loss of approximately
HK$9,907,000) and the weighted average number of 471,285,631 shares (1998: 219,927,273 shares) in issue
asset will crystallise in the foreseeable future.
5. Earnings / (loss) per share
The calculation of the basic earnings per share for the nine months ended 31 December 1999 is based on the
during the period.
