08:59     PHOENIX TV<08002> - Yearly Results Announcement (2)                 

                                                                              
    3. PROFIT/(LOSS) FROM CONTINUING OPERATIONS AND DISCONTINUED OPERATIONS   
                                        01/01/2004        01/07/2003          
                                            to                to              
                                        31/12/2004        31/12/2003          
                                          HK$'000           HK$'000           
       CONTINUING OPERATIONS              156,056           (36,618)          
       DISCONTINUED OPERATIONS                  0                 0           
       TOTAL                              156,056           (36,618)          
                                                                              
    4. EARNINGS/(LOSS) PER SHARE                                              
                                                                              
    The calculation of basic earnings/(loss) per share is based on            
    consolidated profit attributable to shareholders of HK$150,494,000        
    (six months ended 31 December 2003: loss of HK$38,866,000), and the       
    4,934,946,000 weighted average number of ordinary shares outstanding      
    during the year ended 31 December 2004 (six months ended 31 December      
    2003: 4,931,730,000).                                                     
                                                                              
    Diluted earnings per share is based on the 4,934,946,000 ordinary         
    shares which is the weighted average number of ordinary shares in         
    issue during 2004 plus the weighted average number of 12,204,000          
    ordinary shares deemed to be issued at no consideration if all            
    outstanding options had been exercised.  No diluted loss per share        
    for the six months ended 31 December 2003 is presented as the             
    exercise of the Company's outstanding share options would have had        
    an anti-dilutive effect on loss per share during the six months           
    ended 31 December 2003.                                                   
                                                                              
                                                                              
    5. DIVIDENDS                                                              
                                                                              
    No dividend had been paid or declared by the Company during the year      
    ended 31 December 2004 (six months ended 31 December 2003: Nil).          
                                                                              
    At a Board of Directors meeting held on 10 March 2005, the Directors      
    proposed a final dividend of HK$0.01 per share.  This proposed            
    dividend has not been reflected as a dividend payable in the accounts.