09:00     SHELL ELECTRIC<00081> - Results Announcement (2)                    

    Included in discontinuing operations are the business of steel plate      
    processing and trading and the business of toll road management and       
    operation. Details of these discontinuing operations are set out in the   
    Company's annul report.                                                   
                                                                              
    2.                                                                        
                                                                              
    Earnings per share                                                        
    The calculation of the basic and diluted earnings per shares is based on  
    the following data :                                                      
                                              2004          2003              
                                            HK$'000         HK$'000           
    Earnings for the purposes of basic                                        
      earnings per share                    137,883         87,819            
                                            =========       =========         
                                            2004            2003              
                                            '000            '000              
    Weighted average number of ordinary                                       
     shares for the purposes of                                               
       Basic earnings per share             444,132         443,574           
    Effect of dilutive potential                                              
     ordinary shares :                                                        
       Option                                               67                
                                                            ---------         
    Weighted average number of ordinary                                       
      shares for the purposes of                                              
      diluted earnings per share                            443,641           
                                                            =========         
                                                                              
    The options of the Company outstanding at 31st December, 2002 were lapsed 
    during the year ended 31st December, 2003.                                
                                                                              
    As the options of the Company's subsidiaries outstanding during the two   
    years ended 31st December, 2004 were anti-dilutive to the Group's earnings
    per share, diluted earnings per share were not adjusted in this respect   
    for both years.                                                           
                                                                              
    3.                                                                        
                                                                              
    Taxation                                        2004            2003      
                                                    HK$'000         HK$'000   
    The charge comprises:                                                     
    Profit for the year :                                                     
     Hong Kong                                      10,874          4,942     
     Other regions of the PRC                       288             310       
    (Over)underprovision in prior years for                                   
      profit arose in                                                         
       Hong Kong                                    270             1,468     
     Other regions of the PRC                       (266)           -         
    Deferred tax :                                                            
      Current year                                  3,170           (1,165)   
      Attributable to increase in tax rate of                                 
                                                                              
        Hong Kong Profit Tax                        -               38        
                                                    ---------       --------- 
    Taxation attributable to the Company and                                  
      its subsidiaries                              14,336          5,593     
    Share of taxation attributable to associates    4,441           3,166     
                                                    ---------       --------- 
                                                    18,777          8,759     
                                                    =========       ========= 
    For more details, please refer to the press announcement today.