09:01     ENERCHINA HOLD<00622> - Results Announcement (2)                    

    Year ended 31 December 2003                                               
                                                                              
                                                    Discontinuing             
                    Continuing operations           operations                
                                                                              
                    Electricity     Investment      Property                  
                                                                              
                    supplies        holding         leasing       Consolidated
                    HK$'000         HK$'000         HK$'000         HK$'000   
    Turnover        559,797         -               -               559,797   
                    ========        =======         =========       =======   
                                                                              
    Segment result  119,051         313             (10)            119,354   
                    ========        =======         =========                 
                                                                              
    Finance costs                                                   (18,384)  
    Interest income                                                 575       
    Unallocated corporate expenses                                  (3,429)   
                                                                    ----------
    Profit before taxation                                          98,116    
    Taxation                                                        (8,899)   
                                                                    ----------
                                                                              
    Profit before minority interests                                89,217    
                                                                    ==========
                                                                              
                                                                              
    2  Profit from operations                                                 
                                                    2,004           2003      
                                                    HK$'000         HK$'000   
    Profit from operations has been arrived at charging:                      
                                                                              
                                                                              
    Depreciation and amortisation                   53,339          44,980    
    Staff costs                                     20,371          15,043    
    Cost of inventories recognised as an expense    585,163         355,118   
    Operating lease payment                         4,940           4,940     
                                                    ========        ========= 
                                                                              
    3  Earings per share                                                      
                                                    2004            2003      
                                                    HK$'000         HK$'000   
    Earnings                                                                  
                                                                              
    Net profit for the purpose of basic                                       
                                                                              
      and diluted earnings per share                80,229          57,466    
                                                    =======         ========  
                                                                              
                                                                              
                                                    Number of shares          
                                                                              
                                                    31.12.2004      31.12.2003
    Weighted average number of ordinary shares                                
      for the purposes of basic earnings per share  2,017,319,943  518,370,157
    Effect of dilutive share options                7,963,835      -          
                                                    -------------  -----------
    Weighted average number of ordinary shares                                
      for the purposes of diluted earnings                                    
      per share                                     2,025,283,778  518,370,157
                                                    =============  ===========
                                                                              
                                                                              
    The weighted average number of ordinary shares for the purpose of basic   
    earnings per share has been adjusted for the open offer during the year.  
                                                                              
                                                                              
                                                                              
    No diluted earnings per share had been calculated for the prior year as   
    the exercise price of the Company's options was higher than the average   
    market price for the shares in 2003.                                      
                                                                              
                                                                              
    4  The final dividend of HK$0.035 (2003: $nil) per share has been         
    proposed by the direcrtors and is subject to approval by the shareholders 
    at the forthcoming annual general meeting or a special general meeting to 
    be convened by the directors as soon as practicable to undergo a share    
    premium reduction exercise and to approve the final dividend.             
                                                                              
                                                                              
    Details of such reduction will be explained in a separate announcement to 
    be published as soon as possible.                                         
                                                                              
    For more details, please refer to the press announcement today.