08:54     401 HOLDINGS<00401> - Results Announcement (1)                      

    401 Holdings Limited announced on 15/02/2005:                             
    (stock code: 00401 )                                                      
    Year end date: 31/03/2004                                                 
    Currency: HKD                                                             
    Auditors' Report: Qualified                                               
                                                                              
                                                            (Audited   )      
                                         (Audited   )       Last              
                                         Current            Corresponding     
                                         Period             Period            
                                         from 01/04/2003    from 01/04/2002   
                                         to 31/03/2004      to 31/03/2003     
                                   Note  ('000      )       ('000      )      
    Turnover                           : 23,136             6,933             
    Profit/(Loss) from Operations      : (23,898)           (43,264)          
    Finance cost                       : (9,088)            (14,214)          
    Share of Profit/(Loss) of                                                 
      Associates                       : (279)              63                
    Share of Profit/(Loss) of                                                 
      Jointly Controlled Entities      : N/A                N/A               
    Profit/(Loss) after Tax & MI       : (33,265)           (57,448)          
    % Change over Last Period          : N/A       %                          
    EPS/(LPS)-Basic (in dollars)       : (0.0802)           (0.1677)          
             -Diluted (in dollars)     : N/A                N/A               
    Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
    Profit/(Loss) after ETD Items      : (33,265)           (57,448)          
    Final Dividend                     : NIL                NIL               
      per Share                                                               
    (Specify if with other             : N/A                N/A               
      options)                                                                
                                                                              
    B/C Dates for                                                             
      Final Dividend                   : N/A                                  
    Payable Date                       : N/A                                  
    B/C Dates for (-)                                                         
      General Meeting                  : N/A                                  
    Other Distribution for             : N/A                                  
      Current Period                                                          
                                                                              
    B/C Dates for Other                                                       
      Distribution                     : N/A                                  
                                                                              
    Remarks:                                                                  
                                                                              
                                                                              
    1.      BASIS OF PREPARATION                                              
                                                                              
    The Provisional Liquidators were appointed on 3 August 2004 and do not    
    have the same detailed knowledge of the financial affairs of the Company  
    and the Group, as would have the directors of the Company. The accounting 
    staff responsible for maintaining the books and records of the Company and
    preparing its accounts left the Company prior to the appointment of the   
    Provisional Liquidators. The Provisional Liquidators have made enquiries  
    of the directors of the Company and have reviewed the available books and 
    records of the Group.                                                     
                                                                              
    The Provisional Liquidators found that the Group's accounting records and 
    supporting vouchers for the year ended 31 March 2004 were incomplete.     
    Accordingly, the accounts of the Company and the Group for the year ended 
    31 March 2004 have been prepared on the following bases:                  
                                                                              
    (A)     The accounts have been prepared on the basis of the management    
    accounts prepared by the Provisional Liquidators. The Provisional         
    Liquidators prepared the management accounts on the basis of the          
    information available to them, including unaudited management accounts of 
    the Group as at 31 March 2004, vouchers prepared by the Group's former    
    employees, the Provisional Liquidators' enquiries, as well as the Group's 
    books and records that are available to the Provisional Liquidators.      
                                                                              
    (B)     The disclosure in respect of contingent liabilities and litigation
    has been based on the annual report of the Company for the year ended 31  
    March 2003 which was published in January 2004, press announcements made  
    and circulars issued by the Company prior to the appointment of the       
    Provisional Liquidators, those books and records made available to them   
    following their appointment and on the basis of requests made of and      
    information provided by the Group's former legal advisers.                
                                                                              
    (C)     The disclosure of related party transactions is based on the      
    information available to the Provisional Liquidators following their      
    appointment.