09:27     RNA HOLDINGS<00501> - Results Announcement (2)                      

    3.      Profit/(Loss) From Operating Activities                           
                                                                              
    The Group's profit/(loss) from operating activities is arrived at after   
    charging:                                                                 
                                                                              
    Unaudited                                                                 
                                                                              
                                                                              
                                            Six months ended 31 October       
                                            2004     2003                     
                                            HK$'000  HK$'000                  
                                                                              
    Staff costs (excluding directors' remuneration):                          
    Wages and salaries                      3,560   8,483                     
    Depreciation                            1,846   3,393                     
    Loss on disposal of fixed assets        _       739                       
                                            ======  ======                    
                                                                              
    4.      Taxation                                                          
                                                                              
    No provision for Hong Kong profits tax is made in the interim financial   
    statements as the Group has sustained a loss for the period (2003: nil).  
    No provision for overseas income taxes has been made as the Group         
    operating in these countries were operating at a loss during the period.  
                                                                              
    No provision for deferred tax has been made as the net effect of all      
    temporary differences is insignificant (2003: nil).                       
                                                                              
    The revaluation of the Group's investment properties in Hong Kong does not
    constitute any significant temporary differences and, consequently, the   
    amount of potential deferred tax thereon has not been quantified.         
                                                                              
                                                                              
    5.  Loss Per Share                                                        
                                                                              
    The calculation of basic loss per share is based on the net loss from     
    ordinary activities attributable to shareholders for the six months ended 
    31 October 2004 of HK$7,625,000 (2003: HK$40,160,000) and on the weighted 
    average number of 18,806,642,376 (2003: 15,211,199,948) ordinary shares in
    issue during the period.                                                  
                                                                              
    A diluted loss per share for the period ended 31 October 2004 and 31      
    October 2003 has not been disclosed because the share options, convertible
    notes, convertible bonds and redeemable convertible preference shares     
    outstanding during the period had an anti-dilutive effect on the basic    
    loss per share for the period.