09:09     MEILAN AIRPORT<00357> - Results Announcement (3)                    

    Business taxes                                                            
                                                                              
    The Group is subject to business taxes on its service revenues at the     
    following rates:                                                          
                                                                              
    Aeronautical revenues                           3% of service revenue     
    Non-aeronautical revenues                       5% of rental income,      
    advertising                                                               
    income, car parking fee income and repairs and maintenance service income 
                                                                              
    Value-Added Tax ("VAT")                                                   
                                                                              
    VAT is levied at general rate of 4% on the selling price of goods and     
    services.                                                                 
                                                                              
    6.         final dividend                                                 
                                                    2004            2003      
                                                  (RMB'000)       (RMB'000)   
                                                                              
    Interim, paid, of Rmb10.3 cents (2003: Rmb2.7 cents)                      
      per ordinary share                            49,214          12,777    
    Final, proposed, of Rmb7.4 (2003: Rmb14.3 cents)                          
      per ordinary share                            35,018          67,669    
                                                    ------------------------  
                                                    84,232          80,446    
                                                    ========================  
                                                                              
                                                                              
    At the Board of Directors' meeting held on 22 March 22 2005, the directors
    of the Company proposed a final dividend of Rmb7.4 cents per ordinary     
    share amounting to a total dividend of Rmb35.018 million. These financial 
    statements do not reflect this dividend payable, which will be accounted  
    for in shareholders' equity as an appropriation of retained earnings for  
    the year ending 31 December 2005.                                         
                                                                              
    7.      Earnings per share                                                
    Basic earnings per share is calculated by dividing the profit attributable
    to shareholders by the weighted average number of ordinary shares in issue
    during the year.                                                          
                                                    2004            2003      
    Profit attributable to shareholders (Rmb'000)   185,677         152,608   
    Weighted average number of ordinary shares in                             
      issue (thousands)                             473,213         473,213   
    Basic earnings per share (Rmb per share)        39 cents        32 cents  
                                                    ------------------------  
                                                                              
    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.                                                            
                                                                              
    For more details, please refer to the press announcement today.