13:07     IPE GROUP<00929> - Results Announcement (2)                         

    b)      Diluted earnings per share                                        
                                                                              
    The calculation of diluted earnings per share is based on the profit      
    attributable to ordinary shareholders of approximately HK$50,676,000 and  
    the weighted average number of 394,693,548 ordinary shares after adjusting
    for the effects of all dilutive potential ordinary shares under the       
    Company's share option scheme.                                            
                                                                              
                    There were no dilutive potential ordinary shares in       
    existence during the year ended 31 December 2003, and therefore, diluted  
    earnings per share is not presented for last year.                        
                                                                              
                                                    2004                      
                                            Number of shares                  
                                                                              
            Weighted average number of ordinary shares used in calculating    
    basic earnings per share                393,808,219                       
                                                                              
            Effect of dilutive potential shares from the share option scheme  
                                                                              
                                                885,329                       
                                            --------------                    
            Weighted average number of ordinary shares used in calculating    
    diluted earnings per share              394,693,548                       
                                            ==============                    
    3.      DIVIDENDS                                                         
                                            2004            2003              
                                            HK$'000         HK$'000           
                                                                              
                                                                              
                                                                              
            Interim, paid, of HK6.05 cents per share (note(i))                
                                             6,050              -             
                                                                              
            Final, proposed, of HK1.8 cents per share (note (ii))             
                                             9,000              -             
                                                                              
            Dividend paid by the Company's subsidiary to its                  
        then sole shareholder (note (iii))       -          5,010             
                                            -----------------------           
                                            15,050          5,010             
                                            =======================           
                                                                              
    (i)     Pursuant to a resolution passed at the board of directors' meeting
    held on 30 August 2004, an interim dividend of HK$6,050,000 was paid by   
    the Company to its then sole shareholder. The calculation of dividend per 
    share was based on the dividend of HK$6,050,000 and 100,000,000 shares in 
    issue as at that date.                                                    
                                                                              
    (ii)    At a meeting held on 21 March 2005, the directors proposed the    
    payment of a final dividend of HK$0.018 per share of the Company which    
    will be subject to the approval of the shareholders at the Company's      
    forthcoming Annual General Meeting scheduled to be held on 3 June 2005.   
    The proposed dividend is not reflected as a dividend payable in the       
    financial statements, but will be reflected as an appropriation of        
    retained profits for the year ending 31 December 2005.                    
                                                                              
    (iii)   Pursuant to a resolution passed at the board of directors' meeting
    held on 2 April 2004, a final dividend of HK$5,010,000 was paid by the    
    Company's subsidiary to its then sole shareholder.  The dividend rate and 
    the number of shares ranking for the dividend are not presented as such   
    information is not considered meaningful for the purpose of the financial 
    statements.