08:54     HUAFENG<00364> - Results Announcement                               

    Huafeng Textile International Group Limited announced on 17/01/2005:      
    (stock code: 00364 )                                                      
    Year end date: 30/09/2004                                                 
    Currency: HKD                                                             
    Auditors' Report: Unqualified                                             
                                                                              
                                                            (Audited   )      
                                         (Audited   )       Last              
                                         Current            Corresponding     
                                         Period             Period            
                                         from 01/10/2003    from 01/10/2002   
                                         to 30/09/2004      to 30/09/2003     
                                   Note  ('000      )       ('000      )      
    Turnover                           : 380,409            338,471           
    Profit/(Loss) from Operations      : 73,401             110,525           
    Finance cost                       : (5,207)            (1,217)           
    Share of Profit/(Loss) of                                                 
      Associates                       : N/A                N/A               
    Share of Profit/(Loss) of                                                 
      Jointly Controlled Entities      : N/A                N/A               
    Profit/(Loss) after Tax & MI       : 66,897             91,065            
    % Change over Last Period          : -27       %                          
    EPS/(LPS)-Basic (in dollars)       : 0.0865             0.1369            
             -Diluted (in dollars)     : 0.0827             0.1358            
    Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
    Profit/(Loss) after ETD Items      : 66,897             91,065            
    Final Dividend                     : 1.00 cent          2.25 cents        
      per Share                                                               
    (Specify if with other             : N/A                N/A               
      options)                                                                
                                                                              
    B/C Dates for                                                             
      Final Dividend                   : 15/02/2005         to 21/02/2005 bdi.
    Payable Date                       : 22/03/2005                           
    B/C Dates for Annual                                                      
      General Meeting                  : 15/02/2005         to 21/02/2005 bdi.
    Other Distribution for             : N/A                                  
      Current Period                                                          
                                                                              
    B/C Dates for Other                                                       
      Distribution                     : N/A                                  
                                                                              
    Remarks:                                                                  
                                                                              
                                                                              
    1.      In the current year, the Group has adopted the Hong Kong Statement
    of Standard Accounting Practice 12 ("SSAP 12") (revised) "Income taxes".  
                                                                              
    In prior years, deferred tax liabilities were provided using liability    
    method in respect of the taxation effect arising from all material timing 
    differences between the accounting and tax treatment of income and        
    expenditure, which were expected with reasonably probability to           
    crystallize in the foreseeable future.  Deferred tax assets were not      
    recognized unless their realisation was assured beyond reasonable doubt.  
    SSAP 12 (revised) requires the adoption of a balance sheet liability      
    method, whereby deferred tax liabilities are provided in full in respect  
    of all temporary differences between the carrying amounts of assets and   
    liabilities in the financial statements and the corresponding tax bases   
    used in the computation of taxable profit.  While deferred tax assets are 
    recognised to the extent that it is possible that the future taxable      
    profits will be available against which the deductible temporary          
    differences and unused tax losses can be utilised.                        
                                                                              
    The adoption of the SSAP 12 (revised) represents a change in accounting   
    policy, which has been applied retrospectively and the comparative figures
    have been restated accordingly.  The Group's net profit from ordinary     
    activities attributable to shareholders for the year has been increased by
    HK$346,000 (2003: HK$397,000).                                            
                                                                              
                                                                              
    2.      The calculation of basic earnings per share for the year is based 
    on the Group's net profit attributable to shareholders for the year of    
    approximately HK$66,897,000 (2003 as restated: HK$91,065,000) and the     
    weighted average number of 772,989,923 (2003: 665,049,951) ordinary shares
    in issue during the year.                                                 
                                                                              
    The calculation of diluted earnings per share for the year is based on the
    Group's net profit attributable to shareholders for the year of           
    approximately HK$66,897,000 (2003 as restated: HK$91,065,000) and on 808, 
    651,932 (2003: 670,693,814) ordinary shares being the weighted average    
    number of 772,989,923 (2003: 665,049,951) ordinary shares in issue during 
    the year, as used in the basic earnings per share calculation, plus the   
    weighted average number of 35,662,009 (2003: 5,643,863) ordinary shares   
    assumed to have been issued at HK$0.65 per share on the deemed exercise of
    all warrants outstanding during the year.                                 
                                                                              
    For more details, please refer to the press announcement today.