ESSEX BIO-TECH<08151> - Results Announcement (Q1, 2003, Summary)
 
Essex Bio-Technology Limited announced on 09/05/2003
(stock code: 08151 )
 
Year end date :31/12/2003
Currency :HKD
Auditors' report :N/A
Review of 1st Quarterly Report by :Audit Committee & Auditors
 
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 01/01/2003 from 01/01/2002
 to 31/03/2003 to 31/03/2002
 $'000 $'000
 
Turnover : 16,812 5,291
Profit/(Loss) from Operations : (1,694) (453)
Finance cost : (123) (6)
Share of Profit/(Loss) of Associates : 0 0
Share of Profit/(Loss) of Jointly
 Controlled Entites : 0 0
Profit/(Loss) after Taxation & MI : (1,613) (323)
% Change Over the Last Period : N/A
EPS / (LPS)
 Basic (in dollar) : HKD -0.0029 HKD -0.0006
 Diluted (in dollar) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : 0  0
Profit (Loss) after ETD Items : (1,613) (323)
1st Quarterly Dividends per Share : NIL NIL
(specify if with other options) : N/A N/A
B/C Dates for 1st 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
  (bdi: both days inclusive)
 
 For and on behalf of
 Essex Bio-Technology Limited
 Signature :
  Name :Fang Hai Zhou
 Title :Managing 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
 
These financial statements have been prepared in accordance with
Hong Kong Statements of Standard Accounting Practice, accounting
principles generally accepted in Hong Kong and the disclosure
requirements of the Hong Kong Companies Ordinance. They have been
prepared under the historical cost convention.
 
2. TAX
 
No provision for Hong Kong profits tax has been made as the Group
had no assessable profit in Hong Kong for the three months ended
31 March 2003 and the corresponding period in 2002.
 
The Group¡¦s operating subsidiaries are all established and carrying
on business in the Special Economic Zones of the PRC as foreign
investment enterprises. They are subject to the enterprise income
tax at a concessionary rate of 15%. One of the Group¡¦s
subsidiaries, which is engaged in production, is entitled to seek
exemption from the enterprise income tax for two years starting
from the first year of profitable operations after offsetting
accumulated losses brought forward, followed by a 50% reduction
in enterprise income tax for the next three years. No provision
for the PRC enterprise income tax has been made as there was no
net assessable income for the three months ended 31 March 2003
and the corresponding period in 2002.
 
No recognition of the potential deferred taxation asset relating
to tax losses has been made as the recoverability of this
potential deferred taxation asset is uncertain.
 
3. LOSS PER SHARE
 
The calculation of the basic loss per share for the three months
ended 31 March 2003 is based on the unaudited loss attributable
to shareholders of approximately HK$1,613,000 (2002: loss of
approximately HK$323,000) and the weighted average of 555,240,000
(2002: 512,820,000 Ordinary Shares) ordinary shares in issue
during the period.
 
A diluted loss per share for the three months ended 31 March 2003
and 2002 have not been presented as the effect of any dilution
is anti-dilutive.
 
4. DIVIDENDS
 
The directors do not recommend the payment of any dividend for the

three months ended 31 March 2003 (2002: Nil).