08:53     DAQING PECHEM<00362> - Results Announcement                         

    Daqing Petroleum and Chemical Group Limited announced on 23/02/2005:      
    (stock code: 00362 )                                                      
    Year end date: 30/06/2005                                                 
    Currency: HKD                                                             
    Auditors' Report: N/A                                                     
    Interim report reviewed by: Audit Committee                               
                                                                              
                                                            (Unaudited )      
                                         (Unaudited )       Last              
                                         Current            Corresponding     
                                         Period             Period            
                                         from 01/07/2004    from 01/07/2003   
                                         to 31/12/2004      to 31/12/2003     
                                   Note  ('000      )       ('000      )      
    Turnover                           : 300,628            202,926           
    Profit/(Loss) from Operations      : 56,843             47,169            
    Finance cost                       : (526)              (121)             
    Share of Profit/(Loss) of                                                 
      Associates                       : N/A                N/A               
    Share of Profit/(Loss) of                                                 
      Jointly Controlled Entities      : N/A                N/A               
    Profit/(Loss) after Tax & MI       : 40,318             38,745            
    % Change over Last Period          : +4.1      %                          
    EPS/(LPS)-Basic (in dollars)       : 0.032              0.044             
             -Diluted (in dollars)     : N/A                0.043             
    Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
    Profit/(Loss) after ETD Items      : 40,318             38,745            
    Interim Dividend                   : NIL                NIL               
      per Share                                                               
    (Specify if with other             : N/A                N/A               
      options)                                                                
                                                                              
    B/C Dates for                                                             
      Interim 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.      Earning per share                                                 
                                                                              
    The calculation of basic earnings per share is based on the Group's net   
    profit from ordinary activities attributable to shareholders for the      
    Period of HK$40,318,000 (2003: HK$38,745,000) and the weighted average of 
    1,255,006,957 (2003: 890,200,000) ordinary shares in issue during the     
    Period.                                                                   
                                                                              
    No dilute earnings per share was presented for the Period as there were no
    potential ordinary shares in issue during the Period.                     
                                                                              
    The calculation of diluted earnings per share for the six months ended 31 
    December 2003 is based on the Group's net profit from ordinary activities 
    attributable to shareholders for the six months ended 31 December 2003 of 
    approximately HK$38,745,000. The weighted average number of ordinary      
    shares used in the calculation is 890,200,000 ordinary shares in issue    
    during the six months ended 31 December 2003, as used in the basic        
    earnings per share calculation; and the weighted average of 15,252,000    
    ordinary shares assumed to have been issued at no consideration on the    
    deemed exercise of the share options outstanding during the six months    
    ended 31 December 2003.                                                   
                                                                              
    The rights issue in the proportion of one rights share for every two      
    shares held by the shareholders on 25 August 2004 has no material effect  
    on the basic and diluted earnings per share for the six months ended 31   
    December 2003.                                                            
                                                                              
    2. All turnover were derived from continuing operations.                  
                                                                              
    3. All profits were derived from continuing operations.                   
                                                                              
    For more details, please refer to the press announcement today.