08:52     GOLD-FACE HOLD<00396> - Results Announcement (2)                    

    3.  Analysis of Continuing and dis-continuing business                    
    Continuing business                                                       
                                            2003            2002              
                                            '000            '000              
    Turnover                                365,561         493,206           
                                            =======         ======            
    Profit / (loss)                         (25,880)        111,440           
                                            =======         ======            
    Dis-continuing business                 2003            2002              
                                            '000            '000              
    Turnover                                3,722           28,465            
                                                                              
                                            =====           ======            
    Profit / (loss)                         2,462           19,691            
                                            =====           ======            
    4.  Earnings per share                                                    
                                                                              
    Calculation of earnings per share is as follows:                          
                                            2003            2002              
                                            '000            '000              
    Net (loss) profit for the year and (loss) earnings                        
     for the purposes of basic (loss) earnings                                
     per share                               (995,064)        302             
                                              ======         =======          
    Number of shares                                                          
     Weighted average number of shares                                        
     for the purposes of basic (loss) earnings                                
     per share                              940,766,969  941,138,017          
                                            ========     ===========          
    No diluted loss per share was presented as the conversion of the          
    outstanding convertible debentures as at an assumed conversion price of   
    HK$0.85 would have an anti-dilutive effect.                               
                                                                              
    No diluted earnings per share were presented for the year ended 31 March  
    2002 as the exercise price of the outstanding warrants was higher than the
    market price per share and the conversion of the outstanding debentures as
    at an assumed conversion price of HK$0.85 would have an anti-dilutive     
    effect in last year. The subscription rights attached to the 2001 warrants
    expired on 30th September 2003.                                           
                                                                              
    For more details, please refer to the press announcement today.