08:50     V.S. INT'L<01002> - Results Announcement (3)                        

                            Plastic injection       Assembling of             
                            and moulding            electronic products       
                            Six months ended        Six months ended          
                            31 January              31 January                
                            2005    2004            2005    2004              
                            HK$'000 HK$'000         HK$'000 HK$'000           
    Depreciation for the                                                      
          period            25,108  20,437          7,365   5,172             
                                                                              
                            Mould design                                      
                            and fabrication         Consolidated              
                            Six months ended        Six months ended          
                            31 January              31 January                
                            2005    2004            2005    2004              
                            HK$'000 HK$'000         HK$'000 HK$'000           
    Depreciation for the                                                      
          period            2,867   2,956           35,340  28,565            
    Unallocated                                                               
          depreciation and                                                    
          amortisation                              5,080   4,703             
                                                    ------- --------          
                                                    40,420  33,268            
                                                    ======= ========          
                                                                              
    Note 3: Profit from Ordinary Activities before Taxation                   
    Profit from ordinary activities before taxation is arrived at after       
    charging/(crediting):-                                                    
                                                Six months ended 31 January   
                                                    2005            2004      
                                                    HK$'000         HK$'000   
    (a)     Finance costs:                                                    
    Interest on bank advances and other                                       
      borrowings repayable within five years        16,075          12,282    
    Interest on bank advances and other borrowings                            
      repayable after more than five years          415             2,880     
    Interest on other loans                         978             1,059     
    Finance charges on obligations under finance                              
      leases                                        1,067           641       
                                                    ----------      --------  
    Total borrowing costs                           18,535          16,862    
    Less:   Borrowing costs capitalised as                                    
                construction in progress *          (523)           (387)     
                                                    ----------      --------  
                                                    18,012          16,475    
    Exchange losses                                 5,299           2,413     
    Other charges                                   1,243           1,126     
                                                    ----------      --------  
                                                    24,554          20,014    
                                                    ==========      ========  
                                                                              
    *       The borrowing costs have been capitalised at an average cost of   
    borrowings to the Group of 4.95% (2004: 4.67%) per annum for construction 
    in progress.                                                              
                                                                              
    Profit from ordinary activities before taxation is arrived at after       
    charging/(crediting):-                                                    
                                                   Six months ended 31 January
                                                    2005            2004      
                                                    HK$'000         HK$'000   
    (b)     Other items:                                                      
    Depreciation                                    40,283          33,131    
    Operating lease charges in respect of                                     
      properties                                    6,187           5,163     
    Amortisation of goodwill                        137             137       
    Provision for doubtful debts                                              
      charged/(written back)                        1,080           (407)     
    Provision for slow moving inventories                                     
      charged/(written back)                        1,700           (476)     
    Cost of business relocation*                    9,854           4,042     
                                                    ========        =======   
                                                                              
    *       The Group has relocated certain of its business during the period.
     Costs associated with the relocation totalled HK$9,854,000 (2004: HK$4,  
    042,000), of which HK$9,536,000 (2004: HK$2,867,000) arose from the loss  
    on disposal of certain fixed assets and HK$318,000 (2004: HK$1,175,000)   
    arose from compensation paid for early termination of leases which were   
    recorded in "Other net losses" and "Non-operating expense" respectively.  
                                                                              
    Note 4: Earnings Per Share                                                
    (a)     Basic earnings per share                                          
            The calculation of basic earnings per share is based on the profit
    attributable to shareholders of HK$10,967,000 (2004: HK$1,958,000) and the
    weighted average number of 820,000,000 (2004: 820,000,000) shares in issue
    during the six months ended 31 January 2005.                              
                                                                              
    (b)     Diluted earnings per share                                        
            There were no potential dilutive ordinary shares in existence     
    during the six months ended 31 January 2005 and 2004.                     
                                                                              
    Note 5: Comparative Figures                                               
    In order to have a better business analysis, certain comparative figures  
    in the segmental reporting and the presentation of non-operating expense  
    have been reclassified to conform with the current period's presentation. 
                                                                              
    For more details, please refer to the press announcement today.