09:19     ROJAM<08075> - Quarterly Results Announcement (2)                   

                                                                              
    The Hong Kong Institute of Certified Public Accountants has issued a      
    number of new and revised Hong Kong Financial Reporting Standards and Hong
    Kong Accounting Standards ("new HKFRSs") which are effective for          
    accounting periods beginning on or after 1st January 2005. In the nine    
    months ended 31st December 2004, the Group early adopted the new HKFRSs   
    below, which are                                                          
                                                                              
        relevant to its operations:                                           
        - HKFRS 3 Business Combinations                                       
        - HKAS 36 Impairment of Assets                                        
        - HKAS 38 Intangible Assets                                           
                                                                              
        The early adoption of HKFRS 3, HKAS 36 and HKAS 38 resulted in a      
    change in the accounting policy for goodwill. Until 31st March 2004,      
    goodwill was:                                                             
        - amortised on a straight line basis over a maximum period of 20      
    years; and                                                                
        - assessed for an indication of impairment at each balance sheet date.
                                                                              
        In accordance with the provisions of HKFRS 3:                         
        - the Group ceased amortisation of goodwill from 1st April 2004;      
        - accumulated amortisation as at 31st March 2004 has been eliminated  
    with a corresponding decrease in the cost of goodwill; and                
        - from the year ending 31st March 2005 onwards, goodwill is tested    
    annually for impairment, as well as when there are indications of         
    impairment.                                                               
                                                                              
        The Group has reassessed the useful lives of its intangible assets in 
    accordance with the provisions of HKAS 38. No adjustment resulted from    
    this reassessment.                                                        
                                                                              
        There was no impact on opening accumulated losses at 1st April 2004   
    from the adoption of HKFRS 3.                                             
                                                                              
                                                                              
    2. Earnings per share                                                     
                                                                              
        The calculations of the basic earnings per share for the three months 
    and nine months ended 31st December 2004 are based on the Group's profit  
    attributable to shareholders of approximately HK$76,722,000 and HK$80,443 
    ,000 respectively (three months and nine months ended 31st December 2003: 
    HK$8,184,000 and HK$6,663,000 respectively) and the weighted average      
    number of ordinary shares of 1,554,684,403 shares.                        
                                                                              
        Diluted earnings per share has not been presented for the three months
    and nine months ended 31st December 2004 as there is no dilutive event as 
    at 31st December 2004. Diluted earnings per share has not been presented  
    for the three months and nine months ended 31st December 2003 as there is 
    no material dilution effect arising from the share options granted by the 
    Company.