13:17     ASIA ZIRCONIUM<00395> - Results Announcement                        

    Asia Zirconium Limited announced on 08/04/2005:                           
    (stock code: 00395 )                                                      
    Year end date: 31/12/2004                                                 
    Currency: RMB                                                             
    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                           : 357,218            299,720           
    Profit/(Loss) from Operations      : 74,882             76,513            
    Finance cost                       : (114)              (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       : 64,143             66,291            
    % Change over Last Period          : -3.2      %                          
    EPS/(LPS)-Basic (in dollars)    2  : 0.133              0.166             
             -Diluted (in dollars)  2  : N/A                0.166             
    Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
    Profit/(Loss) after ETD Items      : 64,143             66,291            
    Final Dividend                     : HK$0.033           HK$0.037          
      per Share                                                               
    (Specify if with other             : N/A                N/A               
      options)                                                                
                                                                              
    B/C Dates for                                                             
      Final Dividend                   : 18/05/2005         to 20/05/2005 bdi.
    Payable Date                       : 27/05/2005                           
    B/C Dates for Annual                                                      
      General Meeting                  : 18/05/2005         to 20/05/2005 bdi.
    Other Distribution for             : N/A                                  
      Current Period                                                          
                                                                              
    B/C Dates for Other                                                       
      Distribution                     : N/A                                  
                                                                              
    Remarks:                                                                  
                                                                              
    1.      Basis of preparation                                              
                                                                              
    The financial statements have been prepared under historical cost         
    convention and in accordance with accounting principles generally accepted
    in Hong Kong.  These financial statements also comply with accounting     
    standards issued by the Hong Kong Institute of Certified Public           
    Accountants ("HKICPA") and the disclosure requirements of the Hong Kong   
    Companies Ordinance.                                                      
                                                                              
    The Hong Kong Institute of Certified Public Accountants had issued a      
    number of new and revised Hong Kong Financial Reporting Standards and Hong
    Kong Accounting Standards ("new  HKFRSs") which are effective for         
    accounting periods beginning on or after 1 January 2005.  The Group has   
    not early adopted these new HKFRSs in the financial statements for the    
    year ended 31 December 2004.  The Group has already commenced an          
    assessment of the impact of these new HKFRSs but is not yet in a position 
    to state whether these new HKFRSs would have significant impact on its    
    results of operations and financial position.                             
                                                                              
    2.      Earnings per share ("EPS")                                        
                                                                              
    The calculation of the basic and diluted EPS is based on the following    
    data:                                                                     
                                                                              
                                                    2004            2003      
    Earnings                                                                  
    Earnings for the purposes of basic EPS                                    
      and diluted EPS (in RMB)                    64,143,000      66,291,000  
                                                  ==========      ==========  
    Number of shares                                                          
    Weighted average number of ordinary shares                                
      for the purpose of basic EPS                483,422,414     400,000,000 
    Effect of dilutive potential ordinary shares                              
    - share options                                      --         408,000   
                                                  ___________     ___________ 
                                                                              
    Weighted average number of ordinary shares                                
      for the purpose of diluted EPS              483,422,414     400,408,000 
                                                  ===========     ===========