08:53     TAI SANG LAND<00089> - Results Announcement                         

    Tai Sang Land Development Limited announced on 04/04/2005:                
    (stock code: 00089 )                                                      
    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                        2  : 203.5              212.8             
    Profit/(Loss) from Operations   2  : 75.4               80.8              
    Finance cost                       : (15.4)             (19.4)            
    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       : 52.8               42.5              
    % Change over Last Period          : +24.2     %                          
    EPS/(LPS)-Basic (in dollars)    3  : 0.184              0.148             
             -Diluted (in dollars)     : N/A                N/A               
    Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
    Profit/(Loss) after ETD Items      : 52.8               42.5              
    Final Dividend                     : 6 cents            5 cents           
      per Share                                                               
    (Specify if with other             : N/A                N/A               
      options)                                                                
                                                                              
    B/C Dates for                                                             
      Final Dividend                   : 13/05/2005         to 20/05/2005 bdi.
    Payable Date                       : 27/05/2005                           
    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. Discontinued operation of Montgomery Golf Corporation                  
                                                                              
    On 21st June 2004, the Board of Directors of the Company passed a         
    resolution approving the discontinuance of the business of Montgomery Golf
    Corporation ("MGC"), a wholly-owned subsidiary of the Company, which      
    incorporated in the United States of America. MGC's principal activity is 
    trading of golf related products.  During the year, MGC earned revenue of 
    HK$5,420,000, incurred expenses of HK$16,883,000 and incurred an operating
    loss of HK$11,463,000.                                                    
                                                                              
    2. Turnover & Profit/(Loss) from Operations                               
                                                                              
    An analysis of the turnover and profit/(loss) from continuing operations  
    and discontinued operations are as follows:-                              
                                                                              
                                    Turnover        Segment results           
                                    2004    2003    2004    2003              
                                    HK$'000 HK$'000 HK$'000 HK$'000           
                                                                              
    Hong Kong                                                                 
       - continuing operations      148,853 149,089 96,516  95,816            
                                    ------- ------- ------  -------           
    North America                                                             
       - continuing operations      49,235  50,801  24,847  26,244            
       - discontinued operation     5,420   12,964  (11,463)(14,391)          
                                    ------- ------- ------- --------          
                                    54,655  63,765  13,384  11,853            
                                    ======= ======= ======= ========          
                                                                              
                                    203,508 212,854 109,900 107,669           
                                    ======= =======                           
    Unallocated costs                               (34,435)(26,879)          
                                                    ------- --------          
    Operating profit                                75,465  80,790            
                                                    ======= ========          
                                                                              
                                                                              
    3. Earnings per share                                                     
                                                                              
    The calculation of earnings per share is based on profit attributable to  
    shareholders of HK$52,849,068 (2003: HK$42,480,319) and on 287,669,676    
    (2003: 287,669,676) ordinary shares in issue during the year.             
                                                                              
    For more details, please refer to the press announcement today.