08:34     VISION CENTURY<00535> - Results Announcement (2)                    

                                                                              
    (4)     PROVISIONS MADE FOR OPERATIONS                                    
                                            2004            2003              
                                            HK$'000         HK$'000           
    Provisions made/(written back) in relation to:                            
     Property projects                           -           10,571           
     Fixed assets                               14            7,230           
     Inventories                               (18)             185           
     Doubtful debts                          2,988           18,933           
                                            -----------------------           
                                             2,984           36,919           
                                            =======================           
                                                                              
    (5)     NON-OPERATING PROVISIONS MADE                                     
                                            2004            2003              
                                            HK$'000         HK$'000           
    Provisions made for impairment in values of:                              
    Properties held for development              -          583,166           
    Goodwill arising on acquisition of a subsidiary                           
                                                 -          109,378           
    Interest in a jointly controlled entity  4,077           40,000           
    Provision for consideration receivable   1,015            6,538           
                                            --------------------------        
                                                                              
                                             5,092          739,082           
                                            =========================         
                                                                              
    (6)     TAXATION (CHARGE)/CREDIT                                          
                                            2004            2003              
                                            HK$'000         HK$'000           
    Current taxation - overseas             (1,986)               -           
    Deferred taxation                          694            2,793           
                                            --------------------------        
                                                                              
                                            (1,292)           2,793           
                                            ==========================        
                                                                              
    Taxation on overseas profits has been calculated on the estimated         
    assessable profit for the year at the rates of taxation prevailing in the 
    countries in which the Group operates.                                    
                                                                              
    (7)     EARNINGS/(LOSS) PER SHARE - BASIC                                 
    The calculation of basic earnings/(loss) per share is based on the Group's
    profit attributable to shareholders of HK$16,398,000 (2003: loss of HK$   
    846,103,000).  The basic earnings/(loss) per share is based on the        
    weighted average of 2,836,188,944 (2003: 2,836,188,944) ordinary shares in
    issue during the year.  Diluted earnings/(loss) per share has not been    
    shown as there are no dilutive potential ordinary shares.                 
                                                                              
    For more details, please refer to the press announcement today.