Quarterly Results announcement form Name of listed company :G. A. Holdings Limited Stock code :8126 Year end date :31/12/2002 Auditors' report : Modified Qualified Unqualified X 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 Currency: S$'000 (Unaudited) (Unaudited) Quarterly Results Announcement Current Last Corresponding Period Period from 01/01/2002 from 01/01/2001 to 30/06/2002 to 30/06/2001 S$'000 S$'000 Turnover : 41,182 23,471 Profit/(Loss) from Operations : 4,740 3,098 Finance cost : -1,489 -1,074 Share of Profit/(Loss) of Associates : 0 0 Share of Profit/(Loss) of Jointly Controlled Entites : 0 0 Profit/(Loss) after Taxation & MI : 2,284 1,142 % Change Over the Last Period : 100.00 % EPS / (LPS) - Basic : 0.70 cents 0.36 cents - Diluted : N/A N/A Extraordinary (ETD) Gain/(Loss) : 0 0 Profit (Loss) after ETD Items : 2,284 1,142 2nd Q Dividend per Share : Nil Nil (specify if with other options) : N/A N/A B/C Dates for 2nd Q Dividend : N/A to N/A bdi. Payable Date : N/A B/C Dates for AGM/SGM : N/A to N/A bdi. Other Distribution for Current Period : Nil B/C Dates for Other Distribution : N/A to N/A bdi. (bdi: both days inclusive) For and on behalf of G.A. Holdings Limited Signature : Name : LOH KIM HER 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. Remark: 1. Group reorganization and basis of presentation The Company was incorporated in the Cayman Islands on 5th July, 2001 as an exempted company with limited liability under the Companies Law (Revised) of the Cayman Islands. Its shares have been listed on the Growth Enterprise Market of The Stock Exchange of Hong Kong Limited since 17th June, 2002 On 5th June, 2002, the Company became the holding company of the other companies comprising the Group pursuant to a group reorganization ("the Reorganization") which included exchange of share. The reorganization involved companies under common control, and the Group, resulting from Reorganization, is regarded as a continuing group. Accordingly, the Reorganization has been accounted for on the basis of merger accounting, under which the unaudited consolidated results of the Group for the six months ended 30th June, 2002, rather than from the date on which the Reorganization was completed. The comparative figures as at 31st December, 2001 and for the six months ended 30th June, 2001 have been presented on the same basis. These unaudited condensed consolidated financial statements have been prepared in accordance with Statement of Standard Accounting Practice 25 "Interim financial reporting" ("SSAP25") issued by the Hong Kong Society of Accountants ("HKSA") and have not been reviewed by the auditors. The accounting policies adopted for the preparation of these unaudited consoldiated financial statements are consistent with those adopted by the Group in the preparation of annual audited financial statements for the year ended 31st December, 2001. 2. Turnover Analysis of turnover for the six months ended 30th June, 2002 and 30th June, 2001 consisted of: six months three months ended 30th June ended 30th June 2002 2001 2002 2001 S$'000 S$'000 S$'000 S$'000 Sale of motor vehicles 34,395 19,999 27,120 7,428 Servicing of motor vehicles and sales of auto parts 3,645 1,302 2,956 860 Technical fee income 2,675 2,170 1,348 1,038 Management fee income 458 - 458 - _______ _______ _______ _______ 41,182 23,471 31,882 9,326 ======= ======= ======= ======= 3. Taxation Taxation consists of: six months three months ended 30th June ended 30th June 2002 2001 2002 2001 S$'000 S$'000 S$'000 S$'000 Hong Kong profit tax 105 37 100 12 Overseas taxation 410 465 268 167 Withholding tax 455 315 231 151 Deferred taxation - 69 - - _______ _______ _______ _______ 970 886 599 330 ======= ======= ======= ======= 4. Dividend The Board does not recommend the payment of an interim dividend for the six months ended 30th June, 2002. (2001: Nil) 5. Earnings per share The calculation of basis earnings per share for the six months ended 30th June, 2002 was based on the unaudited consolidated profit attributable to shareholders of approximately S$2,284,000 and on the weighted average of 325,745,856 ordinary shares in issue during the six months ended 30th June, 2002. The calculation of basis earnings per share for the six months ended 30th June, 2001 was based on the unaudited consolidated profit attributable to shareholders of approximately S$1,142,000 and on the 320,000,000 ordinary shares in issue during the six months ended 30th June, 2001. Diluted earnings per share was not presented as there were no dilutive potential ordinary shares in existence during the six months ended 30th June, 2002 and 2001. The calculation of basis earnings per share for the three months ended 30th June, 2002 was based on the unaudited consolidated profit attributable to shareholders of approximately S$1,906,000 and on the weighted average of 331,428,571 ordinary shares in issue during the three months ended 30th June, 2002. The calculation of basis earnings per share for the three months ended 30th June, 2001 was based on the unaudited consolidated profit attributable to shareholders of approximately S$657,000 and on the 320,000,000 ordinary shares in issue during the three months ended 30th June, 2001. Diluted earnings per share was not presented as there were no dilutive potential ordinary shares in existence during the three months ended 30th June, 2002 and 2001. Earnings per share for six months three months ended 30th June ended 30th June 2002 2001 2002 2001 S$ S$ S$ S$ Earnings per share Basic (cents) 0.70 0.36 0.58 0.21 ======= ======= ======= =======