09:01     ALLIED GROUP<00373> - Results Announcement (1)                      

    Allied Group Limited announced on 14/04/2005:                             
    (stock code: 00373 )                                                      
    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                           : 1,910,952          1,609,482         
    Profit/(Loss) from Operations   1  : 888,126            512,844           
    Finance cost                       : (49,386)           (61,277)          
    Share of Profit/(Loss) of                                                 
      Associates                       : 266,192            135,708           
    Share of Profit/(Loss) of                                                 
      Jointly Controlled Entities      : 23,667             22,900            
    Profit/(Loss) after Tax & MI    2  : 759,965            486,466           
    % Change over Last Period          : +56.2     %                          
    EPS/(LPS)-Basic (in dollars)    3  : 2.89               1.53              
             -Diluted (in dollars)     : N/A                N/A               
    Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
    Profit/(Loss) after ETD Items      : 759,965            486,466           
    Final Dividend                     : $0.1               NIL               
      per Share                                                               
    (Specify if with other             : N/A                N/A               
      options)                                                                
                                                                              
    B/C Dates for                                                             
      Final Dividend                   : 30/05/2005         to 03/06/2005 bdi.
    Payable Date                       : 04/07/2005                           
    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.      Profit from operations                                            
                                                                              
    Profit from operations has been arrived at after crediting (charging) the 
    following :                                                               
                                                                              
                                                    2004            2003      
                                                    HK$'000         HK$'000   
    Impairment losses reversed (recognised) in respect of :                   
      Properties held for sale                      22,924          (22,546)  
      Properties under development                  3,000           (12,200)  
      Non-trading securities                        (16,418)        (6,713)   
                                                    ----------      --------- 
                                                    9,506           (41,459)  
    Surplus (deficit) arising on revaluation of                               
      investment properties                         99,220          (6,145)   
    Bad and doubtful debts                          (147,837)       (230,759) 
    Provision for interest and legal costs                                    
     in respect of a litigation  (Note)             (2,934)         (58,364)  
    Write-back of loss arising from default on                                
      loan agreement with Millennium Touch Limited  2,847           26,412    
                                                    -----------     --------- 
                                                    (39,198)        (310,315) 
                                                    ===========     ========= 
    Note :                                                                    
    On 1st April, 2004, the High Court of Hong Kong awarded a judgment ("     
    Judgment") in favour of New World Development Company Limited ("NWDC")    
    against Sun Hung Kai Securities Limited ("SHKS"), a wholly-owned          
    subsidiary of Sun Hung Kai & Co. Limited ("Sun Hung Kai"), following legal
    proceedings regarding a joint venture in respect of land and two hotels in
    Kuala Lumpur, Malaysia.  The Judgment was for a principal amount of HK$80 
    ,117,653 together with interest of HK$25,416,366 and interest at judgment 
    rate from 16th December, 1998 until payment, and costs.                   
                                                                              
    SHKS has since year 2000 booked as "Investments" an amount of             
    approximately HK$118,000,000 including payments already made to NWDC in a 
    total sum of HK$35,319,000.  Additionally, a provision of approximately   
    HK$18,700,000 for interest was made in 2000.  A further provision of HK$  
    58,364,000 has been made in these accounts in respect of interest and     
    legal costs in 2003 and interest expense of HK$2,934,000 was paid in 2004.
                                                                              
    SHKS has appealed against the Judgment.  Sun Hung Kai's present           
    understanding of the Judgment is that SHKS now has an effective 12.5%     
    interest, including its share of shareholders' loans, in a completed      
    project in Kuala Lumpur consisting of two first class hotels with around  
    1,000 rooms, and a convention and retail complex presently known as "The  
    Renaissance Kuala Lumpur Hotel".