M TEL<08266> - Results Announcement (Final, 2002/2003, Summary)

Mobile Telecom Network (Holdings) Limited announced on 23/06/2003:
(stock code :08266)

Year end date                         :31/03/2003
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 01/04/2002   from 01/04/2001
                                         to 31/03/2003     to 31/03/2002
                                               HK$'000            HK'000

Turnover                              :          4,325             1,170
Profit/(Loss) from Operations         :        (8,721)          (27,113)
Finance cost                          :           (29)                 0
Share of Profit/(Loss) of Associates  :              0                 0
Share of Profit/(Loss) of Jointly
         Controlled Entites           :              0                 0
Profit/(Loss) after Taxation & MI     :        (8,750)          (27,113)
% Change Over the Last Period         :            N/A
EPS / (LPS)
          Basic (in dollar)           :    (HKD 0.027)       (HKD 0.067)
          Diluted (in dollar)         :            N/A               N/A
Extraordinary (ETD) Gain/(Loss)       :              0                 0
Profit (Loss) after ETD Items         :        (8,750)          (27,113)
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
                                      

                                                   For and on behalf of
                                       Mobile Telecom Network (Holdings) Limited
                            Signature :
                                 Name :              Chan Wai Kwong
                                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 Organisation and operations

Mobile Telecom Network (Holdings) Limited (the `Company') was
incorporated in the Cayman Islands on 25 May 2000 as an exempted
company with limited liability under the Companies Law of the Cayman
Islands. Its shares have been listed on the Growth Enterprise Market
of The Stock Exchange of Hong Kong Limited since 9 May 2003.

The Company is an investment holding company. Its subsidiaries are
principally engaged in the development and provision of mobile data
solutions and related services.

2 Principal accounting policies

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 (`HKSA').

In the current year, the Company and its subsidiaries (together, the
`Group') has adopted the following Statements of Standard Accounting
Practice (`SSAPs') issued by the HKSA:

SSAP 1 (revised) :             Presentation of financial     
                               statements                    
SSAP 11 (revised) :            Foreign currency translation  
SSAP 15 (revised) :            Cash flow statements          
SSAP 34 (revised) :            Employee benefits             
                                                             


Except for certain presentation changes which have been made upon
the adoption of SSAP 1 (revised) and SSAP 15 (revised), the adoption
of the above new/revised SSAPs had no significant impact on the
accounts.

The 2002 comparative figures presented herein have incorporated the
effect on the adoption of the new/revised SSAPs.

3 Turnover and revenue and segment information

Turnover and revenue consisted of:
                     2003                 2002                
                     HK$'000              HK$'000             
Turnover                                                      
Sales of             498                  550                 
MobileSurf-installed                                          
 pocket personal                                              
computers computer                                            
accessories                                                   
Subscription fees    104                  287                 
from provision of                                             
MobileSurf                                                    
service                                                       
Service fees from    1,655                333                 
provision of mobile                                           
data solutions and                                            
related                                                       
services                                                      
Fees for             1,881                -                   
development of                                                
customised                                                    
software                                                      
Fees for provision   187                  -                   
of mobile messaging                                           
service                                                       
                     4,325                1,170               
Interest income      15                   484                 
Total revenue        4,340                1,654               
                                                              


Approximately 72% (2002: 60%) of the Group's turnover for the year
was derived from its top five customers.

No segment information by business segment is presented as the Group
operates in one business segment - mobile data solutions.

Analysis by geographical location is as follows:
            Hong      Mainland  Singapore Taiwan    The       Total    
            Kong/     China                         United             
            Macau                                   States             
                                                    of                 
                                                    America            
            2003      2003      2003      2003      2003      2003     
            HK$'000   HK$'000   HK$'000   HK$'000   HK$'000   HK$'000  
Turnover*   4,067     222       25        11        -         4,325    
Segment     (5,884)   102       (1,088)   (915)     (45)      (7,830)  
result                                                               
profit/                                                            
(loss)                                                              
Unallocated                                                   (891)    
cost                                                                   
Loss                                                          (8,721)  
from                                                                 
operation                                                              
Finance                                                       (29)     
cost                                                                 
Loss                                                          (8,750)  
before                                                               
taxation                                                             
Taxation                                                      -        
Loss for                                                      (8,750)  
the                                                                  
year                                                                 
Segment     2,413     -         133       305       21        2,872    
assets                                                               
Unallocat                                                     3,929    
ed                                                                   
assets                                                               
Total                                                         6,801    
assets                                                               
Segment     (955)     -         (107)     (26)      (27)      (1,115)  
liabiliti                                                            
es                                                                   
Unallocat                                                     (5,576)  
ed                                                                   
liabiliti                                                            
es                                                                   
Total                                                         (6,691)  
liabiliti                                                            
es                                                                   
Capital     22        -         -         -         -         22       
expenditu                                                            
re                                                                   
Depreciat   1,950     -         292       235       10        2,487    
ion                                                                  

            Hong      Mainland  Singapore Taiwan    The       Total    
            Kong/     China                         United             
            Macau                                   States             
                                                    of                 
                                                    America            
            2002      2002      2002      2002      2002      2002     
            HK$'000   HK$'000   HK$'000   HK$'000   HK$'000   HK$'000  
Turnover*   551       19        505       95        -         1,170    
Segment     (16,254)  (125)     (2,795)   (4,134)   (1,214)   (24,522) 
result                                                               
profit/                                                            
(loss)                                                                 
Unallocat                                                     (2,591)  
ed                                                                   
cost                                                                 
Loss                                                          (27,113) 
from                                                                 
operation                                                            
Finance                                                       -        
cost                                                                 
Loss                                                          (27,113) 
before                                                               
taxation                                                             
Taxation                                                      -        
Loss for                                                      (27,113) 
the                                                                  
year                                                                 
Segment     4,127     498       713       519       31        5,888    
assets                                                               
Unallocat                                                     7,080    
ed                                                                   
assets                                                               
Total                                                         12,968   
assets                                                               
Segment     (547)     -         (109)     (2)       (27)      (685)    
liabiliti                                                            
es                                                                   
Unallocat                                                     (59)     
ed                                                                   
liabiliti                                                            
es                                                                   
Total                                                         (744)    
liabiliti                                                            
es                                                                   
Capital     502       8         76        760       -         1,346    
expenditu                                                            
re                                                                   
Depreciat   2,302     -         344       321       1         2,968    
ion                                                                  
                                                                     
4 Loss from operations

Loss from operations was determined after charging the following
items:
                     2003                 2002                
                     HK$'000              HK$'000             
After charging-                                               
Staff costs          5,374                13,009              
(including                                                    
directors'                                                    
emoluments and                                                
staff redundancy                                              
cost), including                                              
amount classified                                             
as research and                                               
development                                                   
expenses (note                                                
11)                                                           
Operating lease      972                  2,781               
rentals of premises                                           
and                                                           
facilities                                                    
Write-off of and     130                  82                  
provision for bad                                             
and doubtful                                                  
debts                                                         
Provision for        25                   -                   
slow-moving and                                               
obsolete                                                      
inventories                                                   
Depreciation of      2,487                2,968               
fixed                                                         
assets                                                        
Loss on disposal of  117                  1,045               
fixed                                                         
assets                                                        
Net exchange loss    4                    1,144               
Auditors'            399                  80                  
remuneration                                                  
                                                              
5 Taxation

The Company was incorporated in the Cayman Islands as an exempted
company with limited liability under the Companies Law of the Cayman
Islands and, accordingly, is exempted from Cayman Islands income tax.
Subsidiaries incorporated in the British Virgin Islands were exempted
companies with limited liability under the Companies Law of the
British Virgin Islands and, accordingly, are exempted from British
Virgin Islands income tax.

No provision for Hong Kong profits tax has been made as the Group
had no assessable profit arising in or derived from Hong Kong during
the year (2002: Nil). No provision for overseas (Singapore, Taiwan,
the United States of America and Mainland China) income taxes has
been made as the Group operating in these countries were operating at
a loss during the year (2002: Nil).

The taxation effect of the deferred tax assets, which has not been
recognised in the accounts, is analysed as follows:

                     2003                 2002                
                     HK$'000              HK$'000             
Accelerated          (191)                (538)               
depreciation                                                  
allowance of fixed                                            
assets                                                        
Tax losses           5,258                4,450               
                     5,067                3,912               
                                                              
6 Dividends

No dividend was paid or declared by the Company or any of its
subsidiaries during the year (2002: Nil).

7 Loss per share

The calculation of basic loss per share is based on the loss for the
year of approximately HK$8,750,000 (2002: HK$27,113,000), and on the
weighted average number of approximately 327,581,620
(2002:407,683,000 shares) shares in issue during the year after
adjusted for the capitalisation issue.

The exercise of outstanding share options would have an anti
dilutive effect on the loss per share for years ended 31 March 2003
and 2002.