08:48     BLU SPA<08176> - Quarterly Results Announcement (1)                 

                                                                              
    Blu Spa Holdings Limited announced on 07/02/2005:                         
    (stock code: 08176 )                                                      
                                                                              
    Year end date                         :30/06/2005                         
    Currency                              :HKD                                
    Auditors' report                      :N/A                                
    2nd Quarterly Report Reviewed by      :Audit Committee                    
                                                                              
    Important Note :                                                          
                                                                              
    This result announcement form only contains extracted information from    
    and should be read in conjunction with the detailed results announcement  
    of the issuer, which can be viewed on the GEM website at                  
    http://www.hkgem.com                                                      
                                                                              
                                               (Unaudited)  (Unaudited)       
                                                            (Restated)        
                                                  Current Last Corresponding  
                                                   Period            Period   
                                           from 01/07/2004   from 01/07/2003  
                                             to 31/12/2004     to 31/12/2003  
                                                     $'000             $'000  
                                                                              
    Turnover                              :          1,046             1,390  
    Profit/(Loss) from Operations         :        (2,339)           (2,170)  
    Finance cost                          :           (96)              (36)  
    Share of Profit/(Loss) of Associates  :            N/A               N/A  
    Share of Profit/(Loss) of Jointly                                         
             Controlled Entites           :            N/A               N/A  
    Profit/(Loss) after Taxation & MI     :        (2,435)           (2,193)  
    % Change Over the Last Period         :            N/A                    
    EPS / (LPS)                                                               
              Basic (in dollar)           :   HKD (0.0040)      HKD (0.0036)  
              Diluted (in dollar)         :            N/A               N/A  
    Extraordinary (ETD) Gain/(Loss)       :            N/A               N/A  
    Profit (Loss) after ETD Items         :        (2,435)           (2,193)  
    2nd Quarter Dividends per Share       :            NIL               NIL  
    (specify if with other options)       :            N/A               N/A  
    B/C Dates for 2nd Quarter Dividends   :            N/A                    
    Payable Date                          :            N/A                    
    B/C Dates for (-) General Meeting     :            N/A                    
    Other Distribution for Current Period :            NIL                    
    B/C Dates for Other Distribution      :            N/A                    
                                           (bdi: both days inclusive)         
                                                                              
    For and on behalf of                                                      
    Blu Spa Holdings Limited                                                  
                                                                              
    Signature :                                                               
    Name      : Ms. Chan Choi Har, Ivy                                        
    Title     : Director                                                      
                                                                              
    Responsibility statement                                                  
                                                                              
    The directors of the Company (the "Directors") as at the date hereof      
    hereby collectively and individually accept full responsibility for the   
    accuracy of the information contained in this results announcement form   
    (the "Information") and confirm, having made all reasonable inquiries,    
    that to the best of their knowledge and belief the Information are        
    accurate and complete in all material respects and not misleading and     
    that there are no other matters the omission of which would make the      
    Information herein inaccurate or misleading.The Directors acknowledge     
    that the Stock Exchange has no responsibility whatsoever with regard to   
    the Information and undertake to indemnify the Exchange against all       
    liability incurred and all losses suffered by the Exchange in connection  
    with or relating to the Information.                                      
                                                                              
    Remarks:                                                                  
                                                                              
    1. BASIS OF PREPARATION OF FINANCIAL STATEMENTS                           
                                                                              
    The Company was incorporated in the Cayman Islands on 30 August,          
    2001 as an exempted company with limited liability under the              
    Companies Law Cap. 22 (Law 3 of 1961, as consolidated and revised) of     
    the Cayman Islands.                                                       
                                                                              
    The unaudited condensed consolidated results for the six months           
    ended 31 December 2004 have been prepared on a going concern basis.       
                                                                              
    2. Adoption of Hong Kong Financial Reporting Standard/Changes in          
       Accounting Practice                                                    
                                                                              
    In the current period, the Group has adopted the following                
    Hong Kong Financial Reporting Standards ("HKFRSs")                        
    issued by the Hong Kong Institute of Certified Public                     
    Accountants (the "HKICPA"), the term of HKFRSs is                         
    inclusive of Statement of Standard Accounting Practice                    
    ("SSAPs") and the Interpretations approved by the HKICPA: