09:07     TAI FOOK SEC<00665> - Results Announcement (2)                      

                                                                              
          Corporate                                                           
       advisory, placing                                                      
       and underwriting                        Trading and investment         
            Period from                                     Period from       
    Year ended      1 April 2003 to         Year ended      1 April 2003 to   
    31 December     31 December             31 December     31 December       
    2004            2003                    2004            2003              
    HK$'000         HK$'000                 HK$'000         HK$'000           
                                                                              
    Segment revenue:                                                          
    Sales to external customers                                               
    36,792          24,629                  16,107          4,672             
    Intersegment sales                                                        
    -               -                       -               -                 
    --------------------------------------------------------------            
    Total                                                                     
    36,792          24,629                  16,107          4,672             
    =============================================================             
    Segment results                                                           
    2,439           4,437                   9,697           4,997             
    =============================================================             
                                                                              
    Share of profits and losses of jointly-controlled entities                
     -              -                       -               -                 
                                                                              
                                                                              
             Others                                  Eliminations             
                    Period from                             Period from       
    Year ended      1 April 2003 to         Year ended      1 April 2003 to   
    31 December     31 December             31 December     31 December       
    2004            2003                    2004            2003              
    HK$'000         HK$'000                 HK$'000         HK$'000           
    Segment revenue:                                                          
    Sales to external customers                                               
    11,392          6,771                    -              -                 
    Intersegment sales                                                        
    -               231                     (6,091)         (1,447)           
    ----------------------------------------------------------------          
    Total                                                                     
    11,392          7,002                   (6,091)         (1,447)           
    ================================================================          
    Segment results                                                           
    (454)           (541)                   -               -                 
    ================================================================          
    Share of profits and losses of jointly-controlled entities                
    1,456           (4)                     -               -                 
                                                                              
                                                                              
           Consolidated                                                       
                    Period from                                               
    Year ended      1 April 2003 to                                           
    31 December     31 December                                               
    2004            2003                                                      
    HK$'000         HK$'000                                                   
    Segment revenue:                                                          
    Sales to external customers                                               
    356,776         245,258                                                   
    Intersegment sales                                                        
    -               -                                                         
    -------------------------                                                 
    Total                                                                     
    356,776         245,258                                                   
    ========================                                                  
    Segment results                                                           
    87,229          58,098                                                    
                                                                              
    Unallocated expenses                                                      
    (9,310)         (12,217)                                                  
    -----------------------                                                   
                                                                              
    Profit from operating activities                                          
    77,919          45,881                                                    
                                                                              
    Share of profits and losses of jointly-controlled entities                
    1,456           (4)                                                       
    -----------------------------                                             
                                                                              
    Profit before tax                                                         
    79,375          45,877                                                    
    Tax                                                                     ( 
    9,095)         (4,297)                                                    
    ---------------------