13:08     HYSAN DEV<00014> - Results Announcement (1)                         

    Hysan Development Company Limited announced on 08/03/2005:                
    (stock code: 00014 )                                                      
    Year end date: 31/12/2004                                                 
    Currency: HKD                                                             
    Auditors' Report: Unqualified                                             
                                                                              
                                                            (Audited   )      
                                         (Audited   )       Last              
                                         Current            Corresponding     
                                         Period             Period            
                                         from 01/01/2004    from 01/01/2003   
                                         to 31/12/2004      to 31/12/2003     
                                   Note  ('000      )       ('000      )      
    Turnover                        2  : 1,154,486          1,139,308         
    Profit/(Loss) from Operations   3  : 904,639            883,333           
    Finance cost                       : (161,650)          (168,290)         
    Share of Profit/(Loss) of                                                 
      Associates                       : 57,977             18,233            
    Share of Profit/(Loss) of                                                 
      Jointly Controlled Entities      : N/A                N/A               
    Profit/(Loss) after Tax & MI       : 609,280            535,792 (Restated)
    % Change over Last Period          : +13.7     %                          
    EPS/(LPS)-Basic (in dollars)    6  : 0.5822             0.5159 (Restated) 
             -Diluted (in dollars)  6  : 0.5820             0.5159 (Restated) 
    Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
    Profit/(Loss) after ETD Items      : 609,280            535,792 (Restated)
    Final Dividend                     : 30 cents           26.5 cents        
      per Share                                                               
    (Specify if with other             : with scrip         with scrip        
      options)                           dividend           dividend          
                                         alternative        alternative       
    B/C Dates for                                                             
      Final Dividend                   : 06/05/2005         to 10/05/2005 bdi.
    Payable Date                       : 10/06/2005                           
    B/C Dates for Annual                                                      
      General Meeting                  : 06/05/2005         to 10/05/2005 bdi.
    Other Distribution for             : N/A                                  
      Current Period                                                          
                                                                              
    B/C Dates for Other                                                       
      Distribution                     : N/A                                  
                                                                              
    Remarks:                                                                  
                                                                              
    1.      PRIOR YEAR ADJUSTMENT                                             
                                                                              
    The effect on adoption of the revised Statement of Standard Accounting    
    Practice ("SSAP") 12 "Income Taxes" issued by the Hong Kong Institute of  
    Certified Public Accountants on the Group's interests in associates was   
    not accounted for in the annual financial statements for the year ended 31
    December 2003.  Comparative amounts for 2003 have been restated, to       
    reflect the adoption of the SSAP 12 (Revised) by an associate,            
    accordingly.  Accumulated profits and share of revaluation reserve as at 1
    January 2004 have been reduced by HK$9,614,290 and HK$13,775,940          
    respectively.  The balances on the Group's interests in associates at 1   
    January 2004 have been reduced by HK$23,390,230, representing the share of
    the deferred tax liabilities recognised by the associate.  The effect of  
    the changes is a decrease in release of negative goodwill arising on      
    acquisition of an associate and an increase in taxation for the year ended
    31 December 2003 of HK$1,303,624 and HK$8,310,666, respectively.          
                                                                              
    2.      TURNOVER                                                          
                                                    2004            2003      
                                                    HK$'000         HK$'000   
                                                                              
            Turnover comprises:                                               
                                                                              
            Gross rental income from properties     1,150,185       1,135,126 
            Management fee and security service income  4,301           4,182 
                                                    --------------------------
                                                    1,154,486       1,139,308 
                                                    ========================= 
                                                                              
    As the Group's turnover is derived principally from rental income and     
    wholly in Hong Kong, no segment financial analysis is provided.