08:50     YIZHENG CHEM<01033> - Results Announcement                          

    Sinopec Yizheng Chemical Fibre Company Limited announced on 29/03/2005:   
    (stock code: 01033 )                                                      
    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                           : 13,348,471         10,343,641        
    Profit/(Loss) from Operations      : 363,591            386,706           
    Finance cost                       : (86,799)           (73,308)          
    Share of Profit/(Loss) of                                                 
      Associates                       : N/A                N/A               
    Share of Profit/(Loss) of                                                 
      Jointly Controlled Entities      : N/A                N/A               
    Profit/(Loss) after Tax & MI       : 240,383            259,131           
    % Change over Last Period          : -7.2      %                          
    EPS/(LPS)-Basic (in dollars)       : 0.060              0.065             
             -Diluted (in dollars)     : N/A                N/A               
    Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
    Profit/(Loss) after ETD Items      : 240,383            259,131           
    Final Dividend                     : RMB0.025           RMB0.025          
      per Share                                                               
    (Specify if with other             : N/A                N/A               
      options)                                                                
    B/C Dates for                                                             
      Final Dividend                   : To Be Announced                      
    Payable Date                       : To Be Announced                      
    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. Employee reduction expenses                                            
                                                                              
    In accordance with the Group's voluntary employee reduction plan, the     
    Group recorded employee reduction expenses of Rmb 21,694,000 (2003: Rmb   
    54,786,000) during the year ended 31 December 2004 in respect of the      
    voluntary resignation of 343 (2003: 912) employees.                       
                                                                              
    2. Basic earnings per share                                               
                                                                              
    The calculation of basic earnings per share is based on the profit        
    attributable to ordinary shareholders of Rmb 240,383,000 (2003: Rmb 259,  
    131,000) and the weighted average number of ordinary shares of 4,000,000, 
    000 (2003: 4,000,000,000) in issue during the year.                       
                                                                              
    3. Diluted earnings per share                                             
                                                                              
    There were no dilutive potential ordinary shares in existence during the  
    years ended 31 December 2003 and 2004.                                    
                                                                              
    4. The reconciliation between audited financial statements and Results    
    Announcement Form                                                         
                                                     2004            2003     
                                                  Rmb'000         Rmb'000     
    Profit from operations                                                    
                                                                              
      Per audited financial statements             348,968         368,271    
      Add: Interest income                         11,497          17,006     
    Net foreign exchange gain                       3,126           1,429     
                                                ----------      ---------     
      Per Results Announcement Form               363,591         386,706     
                                                =========       =========     
    Net financing costs                                                       
                                                                              
      Per audited financial statements             72,176          54,873     
                                                                              
      Add: Interest income                         11,497          17,006     
    Net foreign exchange gain                       3,126           1,429     
                                                ---------       ---------     
      Per Results Announcement Form                86,799          73,308     
                                                =========       =========     
                                                                              
    Note:                                                                     
                                                                              
    In accordance with Guidance Note II, profit / (loss) from operations      
    should be stated after interest income and other income, and before       
    finance cost and share of profits and losses of associates and jointly    
    controlled entities and before taxation and minority interests.  As a     
    result, interest income and net foreign exchange gain included in the net 
    financing costs in the audited financial statements amounting to Rmb 11,  
    497,000 (2003: Rmb 17,006,000) and Rmb 3,126,000 (2003: Rmb 1,429,000)    
    respectively, have been reclassified in the Results Announcement Form.    
                                                                              
    For more details, please refer to the press announcement today.