08:57     401 HOLDINGS<00401> - Results Announcement (3)                      

    3       SEGMENTAL INFORMATION                                             
                                                                              
            Business segments                                                 
            An analysis of the Group's turnover and results for the six months
    ended                                                                     
    30 September 2004 by business segments is as follows:                     
                                                                              
            (Unaudited)                     (Unaudited)                       
            Turnover                        Segment result                    
            Six months ended                Six months ended                  
            30 September    30 September    30 September    30 September      
            2004            2003            2004            2003              
            HK$'000         HK$'000         HK$'000         HK$'000           
                                                                              
    By principal activities:                                                  
                                                                              
                                                                              
    Sales and leasing of properties                                           
            -               888             (513)           129               
    Trading, logistics and freight forwarding services                        
            38,853          481             1,300           (882)             
    Property and household services                                           
            -               4               (41)            (402)             
    Sales of goods                                                            
            93              291             (13)            2                 
    Consultancy, marketing and other services                                 
            -               199             -               36                
    Others  -               -               (8)             (1)               
            ---------------------------------------------------------         
            38,946          1,863           725             (1,118)           
            =======         ======                                            
    Unallocated corporate expenses          (3,268)         (4,626)           
    Gain on disposal of subsidiaries        5,663           -                 
                                            -------------------------         
    Profit/(loss) from operations           3,120           (5,744)           
                                            ========================          
                                                                              
    4       EARNINGS/(LOSS) PER SHARE                                         
                                                                              
    The calculation of basic earnings/(loss) per share is based on the net    
    profit attributable to shareholders for the period of HK$759,000 (for the 
    six months ended 30 September 2003: loss of HK$7,517,000), and the        
    weighted average number of 446,093,866 ordinary shares (for the six months
    ended 30 September 2003: 383,339,768) in issue during the period.         
                                                                              
    Diluted earnings/(loss) per share for the six months ended 30 September   
    2003 and 2004 has not been presented as the effect of any dilution is     
    anti-dilutive.                                                            
                                                                              
    For more details, please refer to the press announcement today.