08:56     SEA HOLDINGS<00251> - Results Announcement                          

    S E A Holdings Limited announced on 01/04/2005:                           
    (stock code: 00251 )                                                      
    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  ('000      )       ('000      )      
    Turnover                        1  : 474,722            592,853           
    Profit/(Loss) from Operations      : 267,126            463,252           
    Finance cost                       : (121,060)          (158,679)         
    Share of Profit/(Loss) of                                                 
      Associates                       : 3,354              (2,071)           
    Share of Profit/(Loss) of                                                 
      Jointly Controlled Entities      : (3,689)            6,105             
    Profit/(Loss) after Tax & MI       : 120,492            187,261           
    % Change over Last Period          : -35.7     %                          
    EPS/(LPS)-Basic (in dollars)    2  : 0.236              0.366             
             -Diluted (in dollars)  2  : 0.216              0.362             
    Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
    Profit/(Loss) after ETD Items      : 120,492            187,261           
    Final Dividend                     : 6 cents            6 cents           
      per Share                                                               
    (Specify if with other             : N/A                N/A               
      options)                                                                
                                                                              
    B/C Dates for                                                             
      Final Dividend                   : 06/05/2005         to 12/05/2005 bdi.
    Payable Date                       : 18/05/2005                           
    B/C Dates for Annual                                                      
      General Meeting                  : 06/05/2005         to 12/05/2005 bdi.
    Other Distribution for             : N/A                                  
      Current Period                                                          
                                                                              
    B/C Dates for Other                                                       
      Distribution                     : N/A                                  
                                                                              
    Remarks:                                                                  
                                                                              
    1. TURNOVER                                                               
    Turnover comprises:                                                       
                                            2004            2003              
                                            HK$'000         HK$'000           
                                                                              
    Gross rental income                     214,056         317,111           
    Gross proceeds from sale of properties  196,362         125,170           
    Gross invoiced sales                     61,053         147,487           
    Agency and service fees income              582             718           
    Dividend income                           2,005           1,678           
    Project management fee income               664             689           
                                            ------------------------          
                                            474,722         592,853           
                                            ========================          
                                                                              
    2. EARNINGS (LOSS) PER SHARE                                              
    The calculation of the basic and diluted earnings per share is based on   
    the following data:                                                       
                                                                              
                                            2004            2003              
                                            HK$'000         HK$'000           
                                                                              
    Earnings for the purposes of basic and diluted                            
      earnings per share                        120,492         187,261       
                                            ===========================       
                                            Number of shares                  
                                            2004            2003              
                                                                              
    Number of ordinary shares for the purposes                                
      of basic earnings per share           511,353,614     511,246,868       
    Effect of dilutive potential ordinary shares                              
      Options                                 8,301,278         886,484       
      Warrants                               39,386,622       5,352,693       
                                            ----------------------------      
    Weighted average number of ordinary shares for the                        
      purposes of diluted earnings per share                                  
                                            559,041,514     517,486,045       
                                            =============================     
                                                                              
    The computation of diluted earnings per share in 2003 did not assume the  
    conversion of the preference convertible promissory notes of a subsidiary 
    of the Company since their exercise would result in an increase in the net
    profit per share.                                                         
                                                                              
    For more details, please refer to the press announcement today.