08:35     IRICO<00438> - Results Announcement                                 

    IRICO Group Electronics Company Limited announced on 24/03/2005:          
    (stock code: 00438 )                                                      
    Year end date: 31/12/2004                                                 
    Currency: RMB                                                             
    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                           : 4,949,683          4,269,781         
    Profit/(Loss) from Operations      : 713,020            679,766           
    Finance cost                       : (62,966)           (56,588)          
    Share of Profit/(Loss) of                                                 
      Associates                       : 196                (62)              
    Share of Profit/(Loss) of                                                 
      Jointly Controlled Entities      : N/A                N/A               
    Profit/(Loss) after Tax & MI       : 385,327            315,825           
    % Change over Last Period          : +22       %                          
    EPS/(LPS)-Basic (in dollars)       : 0.25               0.21              
             -Diluted (in dollars)     : N/A                N/A               
    Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
    Profit/(Loss) after ETD Items      : 385,327            315,825           
    Final Dividend                     : NIL                N/A               
      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 Annual                                                      
      General Meeting                  : To Be Announced                      
    Other Distribution for             : N/A                                  
      Current Period                                                          
    B/C Dates for Other                                                       
      Distribution                     : N/A                                  
                                                                              
    Remarks:                                                                  
                                                                              
    1)Group reorganisation and basis of preparation                           
    IRICO Group Electronics Company Limited (the "Company") was established in
    the People's Republic of China (the "PRC") on 10th September 2004 as a    
    joint stock company with limited liability under the PRC laws as a result 
    of a group reorganisation (the "Reorganisation") with details set out in  
    the Accountants' Report to the Company's prospectus dated on 8 December   
    2004. The Company completed its initial public offering and placing of    
    shares on 20 December 2004.                                               
                                                                              
    The Reorganisation is accounted for using merger accounting as permitted  
    by the Hong Kong Statement of Standard Accounting Practice No. 27 "       
    Accounting for group reconstructions" issued by the Hong Kong Institute of
    Certified Public Accountants ("HKICPA").  The consolidated accounts for   
    the years ended 31st December 2003 and 2004 present the consolidated      
    results and the state of affairs of the Group as if the Reorganisation was
    effective at the beginning of the earliest period presented.              
                                                                              
    The accounts have been prepared under the historical cost convention as   
    modified by the revaluation of other investments, in accordance with the  
    accounting principles generally accepted in Hong Kong and comply with Hong
    Kong Financial Reporting Standards ("HKFRSs").  The HKICPA has issued a   
    number of new and revised HKFRSs which are effective for accounting       
    periods beginning on or after 1 January 2005. The Group has not early     
    adopted these new HKFRSs in the accounts for the year ended 31st December 
    2004. The Group has already commenced an assessment of the impact of these
    new HKFRSs but is not yet in a position to state whether these new HKFRSs 
    would have a significant impact on its results of operations and financial
    position.                                                                 
                                                                              
    2)Turnover                                                                
    The Group is principally engaged in the manufacturing of color picture    
    tubes ("CPT") for colored television sets, related CPT components         
    including glass bulbs, electron guns, shadow masks and their frames,      
    deflection yokes, frit, anode buttons, phosphor, etc and provision of     
    related packaging, engineering and trading services.                      
                                                                              
    3)Earnings per share                                                      
    The calculation of basic earnings per share is based on the Group's profit
    attributable to shareholders of RMB 385,327,000 (2003: RMB315,825,000) and
    based on weighted average of 1,516,922,000 (2003:1,500,000,000) shares    
    deemed to have been issued during the year.                               
                                                                              
    There was no dilutive potential shares in existence for both years.       
                                                                              
    4)Special Dividend                                                        
    Pursuant to the Reorganisation, the Company agreed to distribute a special
    dividend to IRICO Group Corporation after its establishment, which        
    represents the Company's net profit for the period from 1st January 2004  
    to 9th September 2004, based on the actual profit of the Company for the  
    year ended 31st December 2004 and pro rata up to 9th September 2004 which 
    is determined in accordance with PRC GAAP, amounting to approximately RMB 
    204,923,000.                                                              
                                                                              
    For more details, please refer to the press announcement today.