09:19     PCCW<00008> - Results Announcement (1)                              

    PCCW Limited announced on 30/03/2005:                                     
    (stock code: 00008 )                                                      
    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  ('Million  )       ('Million  )      
    Turnover                           : 22,895             22,550            
    Profit/(Loss) from Operations      : 4,493              2,388             
    Finance cost                       : (1,986)            (2,249)           
    Share of Profit/(Loss) of                                                 
      Associates                       : 152                65                
    Share of Profit/(Loss) of                                                 
      Jointly Controlled Entities      : (4)                (891)             
    Profit/(Loss) after Tax & MI       : 1,638              (6,100)           
    % Change over Last Period          : N/A       %                          
    EPS/(LPS)-Basic (in dollars)       : 0.3050             (1.2281)          
             -Diluted (in dollars)     : 0.3026             (1.2281)          
    Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
    Profit/(Loss) after ETD Items      : 1,638              (6,100)           
    Final Dividend                     : 9.6 cents          Nil               
      per Share                                                               
    (Specify if with other             : N/A                N/A               
      options)                                                                
                                                                              
    B/C Dates for                                                             
      Final Dividend                   : 19/05/2005         to 23/05/2005 bdi.
    Payable Date                       : 31/05/2005                           
    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 PREPARATION                                              
                                                                              
    The accounting policies adopted in preparing these audited consolidated   
    financial statements are consistent with those followed in preparing PCCW 
    Limited (the "Company") and its subsidiaries' (together the "Group")      
    annual financial statements for the year ended December 31, 2003, except  
    that investment in certain subsidiaries acquired and held exclusively with
    a view to the subsequent disposal in the near future has been accounted   
    for as other investments and stated at fair value.                        
                                                                              
    2.      MATERIAL TRANSACTIONS                                             
                                                                              
    Details of material transactions charged or credited to Profit/ (Loss)    
    after taxation and MI are as follows:                                     
                                                                              
                                              The Group                       
                                            2004            2003              
                                            HK$'M           HK$'M             
    Crediting:                                                                
    Gain on deemed disposal of interest in subsidiaries (note a)              
                                            72              -                 
    Gain on disposal of shares of Pacific Century Premium Developments Limited
    ("PCPD"), net of expenses (note b)      563             -                 
    Charging:                                                                 
    Provisions for impairment losses (note c) 40            2,452             
    Impairment losses on interests in jointly controlled companies and        
    associates (note c)                     16              4,464             
                                                                              
    Notes:                                                                    
                                                                              
    (a)     In respect of the reverse acquisition of Dong Fang Gas Holdings   
    Limited, subsequently renamed Pacific Century Premium Developments        
    Limited, a company incorporated in Bermuda and whose shares are listed on 
    The Stock Exchange of Hong Kong Limited (the "Stock Exchange"). The Group 
    recorded a deemed disposal gain of approximately HK$36 million for the    
    year ended December 31, 2004. In addition, on October 28, 2004, Asian     
    Motion Limited ("Asian Motion"), a wholly-owned subsidiary of the Company 
    holding the Group's equity interests in PCPD, agreed to sell, through     
    Lehman Brothers Asia Limited, 118,000,000 PCPD shares at a price of HK$2. 
    18 per PCPD share.  On the same date, Asian Motion also entered into a    
    subscription agreement with PCPD for the subscription of 118,000,000 new  
    PCPD shares at the price of HK$2.18 per PCPD share.  The net proceeds from
    the subscription were used for general working capital purposes. As a     
    result, the Group recorded another deemed disposal gain of approximately  
    HK$36 million for the year ended December 31, 2004.