09:01     CHI CHEUNG<00112> - Results Announcement (1)                        

    Chi Cheung Investment Company Limited announced on 22/03/2005:            
    (stock code: 00112 )                                                      
    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                           : 18,870             890               
    Profit/(Loss) from Operations      : (183,646)          (1,076)           
    Finance cost                       : N/A                (162)             
    Share of Profit/(Loss) of                                                 
      Associates                       : 7,972              125               
    Share of Profit/(Loss) of                                                 
      Jointly Controlled Entities      : N/A                N/A               
    Profit/(Loss) after Tax & MI       : (167,678)          (204)             
    % Change over Last Period          : N/A       %                          
    EPS/(LPS)-Basic (in dollars)       : (0.594)            (0.0022)          
             -Diluted (in dollars)     : N/A                N/A               
    Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
    Profit/(Loss) after ETD Items      : (167,678)          (204)             
    Final Dividend                     : NIL                NIL               
      per Share                                                               
    (Specify if with other             : N/A                N/A               
      options)                                                                
                                                                              
    B/C Dates for                                                             
      Final Dividend                   : N/A                                  
    Payable Date                       : N/A                                  
    B/C Dates for (-)                                                         
      General Meeting                  : N/A                                  
    Other Distribution for             : N/A                                  
      Current Period                                                          
                                                                              
    B/C Dates for Other                                                       
      Distribution                     : N/A                                  
                                                                              
    Remarks:                                                                  
                                                                              
    1.      Basis of presentation and comparative figures                     
                                                                              
                                                                              
    The financial statements have been prepared under the historical cost     
    convention as modified for the revaluation of certain properties.         
                                                                              
                                                                              
                                                                              
    The financial statements have been prepared in accordance with accounting 
    principles generally accepted in Hong Kong and comply with accounting     
    standards issued by the Hong Kong Institute of Certified Public           
    Accountants ("HKICPA") and the disclosure requirements set out in the     
    Listing Rules ("the Listing Rules") of  The Stock Exchange of Hong Kong   
    Limited ("the Stock Exchange"). There have been no major changes to  the  
    principal accounting policies for 2004.                                   
                                                                              
                                                                              
    In 2004, the HKICPA issued a number of  new or revised Hong Kong          
    Accounting Standards ("HKASs") and Hong Kong Financial Reporting Standards
    ("HKFRSs") (herein collectively referred to as "new HKFRSs") which are    
    effective for accounting periods beginning on or after 1st January, 2005. 
    The Group has not early adopted these new HKFRSs in the financial         
    statements for the year ended 31st December, 2004.                        
                                                                              
                                                                              
    The Group anticipated that the adoption of these new HKFRSs would         
    significantly affect the reported results but without any impact on cash  
    flow since any revaluation surplus or deficit of investment properties,   
    under the new HKFRSs, will have to be recognized in the income statement  
    instead of the revaluation reserve. This changes would resulted in non-   
    operational fluctuations in the Group's reported results.                 
                                                                              
                                                                              
    2.      Turnover                                                          
                                                                              
                                                                              
    Turnover represents the aggregate amounts received and receivable from    
    property rental income and sales of properties held for sale, analysed as 
    follows:                                                                  
                                                                              
                                                                              
                                            2004            2003              
                                            HK$'000         HK$'000           
                                                                              
                                                                              
    Sales of properties held for sale       13,155           -                
    Property rental income                  5,715           890               
                                            --------        -------           
                                                                              
                                            18,870          890               
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