MOULIN INT'L<00389> - Results Announcement

Moulin International Holdings Limited announced on 18/12/2002:
(stock code: 00389 )
Year end date: 31/03/2003
Currency: HKD
Auditors' Report: N/A
Review of Interim Report by: Audit Committee

                                                        (Unaudited )
                                     (Unaudited )       Last
                                     Current            Corresponding
                                     Period             Period
                                     from 01/04/2002    from 01/04/2001
                                     to 30/09/2002      to 30/09/2001 
                               Note  ('000      )       ('000      )
Turnover                           : 616,250            530,149           
Profit/(Loss) from Operations      : 103,014            111,650           
Finance cost                       : (28,210)           (23,446)          
Share of Profit/(Loss) of 
  Associates                       : 0                  0                 
Share of Profit/(Loss) of
  Jointly Controlled Entities      : 0                  0                 
Profit/(Loss) after Tax & MI       : 70,112             86,431            
% Change over Last Period          : -19       %
EPS/(LPS)-Basic (in dollars)       : 0.174              0.2118            
         -Diluted (in dollars)     : 0.1738             0.2045            
Extraordinary (ETD) Gain/(Loss)    : 0                  0                 
Profit/(Loss) after ETD Items      : 70,112             86,431            
Interim Dividend                   : 5.6 cents          7.0 cents         
  per Share                                                               
(Specify if with other             : N/A                N/A               
  options)                                                                
                                                                          
B/C Dates for 
  Interim Dividend                 : 13/01/2003         to 17/01/2003bdi.
Payable Date                       : 18/03/2003
B/C Dates for (-)            
  General Meeting                  : N/A          
Other Distribution for             : N/A           
  Current Period                     
                                     
B/C Dates for Other 
  Distribution                     : N/A          

Remarks:


1.  Earnings per share
The calculation of the basic earnings per share is based on the profit 
attributable to shareholders of HK$70,112,000 (2001: HK$86,431,000) and 
the weighted average number of ordinary shares of 402,862,211 (2001 
(Restated): 408,052,962) in issue during the period.

The calculation of the diluted earnings per share is based on the adjusted 
profit attributable to shareholders of HK$70,112,000 (2001: HK$88,895,000) 
and the weighted average number of ordinary shares of 403,499,623 (2001 
(Restated): 434,777,100) after adjusting for the effects of all dilutive 
potential ordinary shares.

Reconciliations
Earnings                                Six months              Six months 
                                   ended 30 September   ended 30 September
                                        2002                    2001
                                        HK$'000                 HK$'000
                                
Net profit attributable to shareholders, 
used in the basic and diluted earnings 
per share calculations                  70,112                  86,431
Increase in earnings arising from a 
saving in interest costs, net of tax 
(assuming the convertible notes had 
been converted into shares in the 
Company at the date of issue)           0                       2,464
                                      ---------                 ---------
Adjusted profit attributable to 
shareholders                            70,112                  88,895
                                      =========                 =========       
                
Shares                                  Six months              Six months 
                                   ended 30 September   ended 30 September
                                        2002               2001(Restated)
                                  Number of Shares      Number ofShares

Weighted average number of ordinary 
shares in issue during the period 
used in basic earnings per share 
calculation                          402,862,211        408,052,962
Weighted average number of ordinary 
shares in issued at no consideration 
on deemed exercise of all share option 
during the period                        637,412                0
Weighted average number of ordinary 
shares in issue at no consideration 
on deemed exercise of all convertible 
notes outstanding during the period             0       26,724,138
                                     ------------       -----------
Weighted average number of ordinary 
shares used in diluted earnings per 
share calculation                    403,499,623        434,777,100
                                     ============       ===========

2.  Comparative figures have been reclassified to conform with the current 
period's presentation.