09:22     ARGOS ENT<08022> - Yearly Results Announcement (2)                  

                                                                              
         All significant intra-group transactions and balances have been      
         eliminated on consolidation.                                         
                                                                              
         Minority interests represent the interests of outside shareholders   
         in the operating results and net assets of subsidiaries.             
                                                                              
    2.   Turnover and revenue                                                 
                                                                              
         The Group is engaged in the rendering of bus services through        
         public routes, tourist routes, hire-a-bus and employee services,     
         sightseeing ticket sales and tours, sub-contracting and              
         rental of midi-buses and taxis as well as management fee.            
         Revenue recognised during the Relevant Period is as follows:         
                                                                              
                                            For the year ended                
                                              31st December                   
                                           2004         2003                  
                                         HK$'000       HK$'000                
         Turnover                                                             
            Public routes                 83,386        66,323                
            Tourist routes                10,080         6,638                
            "Hire-a-Bus' and employee                                         
                services                   9,542        12,542                
            Sightseeing ticket sales                                          
                 and tours                   326         1,494                
            Sub-contracting               13,591        10,651                
            Rental                           571           528                
            Management fee                 1,868             2                
                                         -------       -------                
                                         119,364        98,178                
                                         -------       -------                
         Other revenues                                                       
            Advertising income on                                             
               fleet body                  4,134         2,541                
            Subsidy from local authority   3,730         3,988                
            Repair service income            333             -                
            Sundries                       1,165           645                
                                         -------       -------                
                                           9,362         7,174                
                                         -------       -------                
                                                                              
         Total revenue                   128,726       105,352                
                                         =======       =======                
                                                                              
                                                                              
    3.  Earnings per share                                                    
                                                                              
        The calculation of the basic earnings per share is based              
        on profit from the ordinary activities attributable to                
        shareholders for the year ended 31st December 2004 of                 
        HK$1,723,000 (2003 : HK$148,000)and on 180,000,000 shares             
        in issue during the year (2003: 180,000,000 shares)                   
                                                                              
        Diluted earnings per share is not presented as there was no           
        dilutive potential ordinary shares in existence during the            
        year ended 31st December 2004 (2003: Nil).                            
                                                                              
                                                                              
    4. Extract of the report of the auditors                                  
                                                                              
       Basis of our opinion                                                   
       We planned our audit so as to obtain all the information and           
       explanations which we considered necessary in in order to provide us   
       with sufficeient evidence to give reasonable assurance as to whether   
       the financial statements are free from material misstatement. In       
       forming our opinion we also evaluated the overall adequacy of the      
       presentation of the information in the financial statements.  We       
       believe that our audit provides a reasonable basis for our opinion.    
                                                                              
       Qualified opinion arising from non-compliance of The Rules Governing   
       the Listing of Secutities on the Growth Enterprise Market of the       
       Stock Exchange of Hong Kong Limited                                    
       In accordance with Chapter 19 of the Rules Governing the Listing of    
       Securities on the Growth Enterprise Market of the Stock Exchange of    
       Hong Limited, the Company was required to disclose its acquisition     
       of this subsidiary company, Xuzhou China International Travel Service  
       Limited, in the People's Republic of China on 18th August 2004, but    
       no such disclosure was made by the Company. Such non-disclosure may    
       constitute a breach of the Listing Rules of the GEM.                   
       Except for that the Company did not comply with the disclosure         
       requirement of the Listing Rules of GEM, in our opinion the            
       financial statements give a true and fair view of the state of         
       the Group's and of the Company's affairs as at 31st December 2004      
       and of the Group's profit and cash flows for the year then ended       
       and have been properly prepared in accordance with the Hong Kong       
       Companies Ordinance.