13:28     BEIJING AIRPORT<00694> - Results Announcement (3)                   

                                                                              
    (2)     An analysis of profit/(loss) from continuing operations and       
    discontinued operations.                                                  
                                                                              
    The following items have been included in arriving at profit from         
    operations:                                                               
                                                                              
                                    2004            2003                      
                                    (RMB'000)       (Restated)                
                                                    (RMB'000)                 
    Depreciation on property, plant and equipment                             
    - owned assets                  455,025         443,991                   
    - owned assets leased out under operating leases                          
                                      3,914           2,374                   
                                                                              
    Loss on disposal of property, plant and equipment                         
                                      7,538           6,481                   
                                                                              
    Repairs and maintenance expenditure on property, plant and                
    equipment                       124,423         108,991                   
                                                                              
    Amortisation of intangible assets (included in other costs)               
                                      3,295           4,776                   
                                                                              
    Amortisation of goodwill (included in other costs)                        
                                        106             106                   
                                                                              
    Operating lease rentals payable                                           
      buildings                       9,191          14,481                   
      land use rights                12,396          12,396                   
                                                                              
    Inventory                                                                 
      write off of inventory          6,265           1,674                   
      inventory provision/(reversal)                                          
                                      1,059            (502)                  
                                                                              
    Trade receivables                                                         
      impairment charge for bad and doubtful debts                            
                                      5,691           1,702                   
                                                                              
    Staff costs                     369,342         303,014                   
                                                                              
    Gain on disposal of discontinuing operation                               
                                     (6,719)              -                   
                                    -------------------------                 
                                                                              
                                                                              
    (3)                                                                       
    Basic earnings per share is calculated by dividing the net profit by the  
    weighted average number of ordinary shares in issue during the year.      
                                                                              
                                            2004            2003              
                                                            (Restated)        
    Net profit (Rmb '000)                     749,354         400,117         
    Weighted average number of ordinary shares in issue (thousands)           
                                            3,846,150       3,846,150         
    Basic earnings per share (Rmb per share)                                  
                                                 0.19            0.10         
                                            ---------------------------       
    No diluted earnings per share is presented as there were no potential     
    dilutive ordinary shares outstanding during the years ended 31 December   
    2004 and 2003.                                                            
                                                                              
    (4)                                                                       
    In 2004, the Group changed its accounting policy in accounting for        
    buildings and runways from the revaluation model to the historical cost   
    model. This has been accounted for retrospectively and a prior year       
    adjustment has been made in the financial statements. The explanation for 
    the adjustment is disclosed in Note 2 to the summarized results           
    announcement.