09:07     VODATEL NETWORK<08033> - Yearly Results Announcement                

                                                                              
    Vodatel Networks Holdings Limited announced on 14/04/2005:                
    (stock code: 08033 )                                                      
                                                                              
    Year end date                         :31/12/2004                         
    Currency                              :HKD                                
    Auditors' report                      :Unqualified                        
                                                                              
                                                                              
    Important Note :                                                          
                                                                              
    This result announcement form only contains extracted information from    
    and should be read in conjunction with the detailed results announcement  
    of the issuer, which can be viewed on the GEM website at                  
    http://www.hkgem.com                                                      
                                                                              
                                                 (Audited)         (Audited)  
                                                  Current Last Corresponding  
                                                   Period            Period   
                                           from 01/07/2003   from 01/07/2002  
                                             to 31/12/2004     to 30/06/2003  
                                                     $'000             $'000  
                                                                              
    Turnover                              :        589,883           388,794  
    Profit/(Loss) from Operations         :      (175,169)            16,653  
    Finance cost                          :        (4,346)             (635)  
    Share of Profit/(Loss) of Associates  :        (1,507)           (2,488)  
    Share of Profit/(Loss) of Jointly                                         
             Controlled Entites           :            N/A               N/A  
    Profit/(Loss) after Taxation & MI     :      (173,625)            10,594  
    % Change Over the Last Period         :            N/A                    
    EPS / (LPS)                                                               
              Basic (in dollar)           :   (HKD 0.2829)        HKD 0.0174  
              Diluted (in dollar)         :            N/A        HKD 0.0174  
    Extraordinary (ETD) Gain/(Loss)       :            N/A               N/A  
    Profit (Loss) after ETD Items         :      (173,625)           10,594   
    Final Dividends per Share             :            NIL          HKD0.005  
    (specify if with other options)       :            N/A               N/A  
    B/C Dates for Final Dividends         :            N/A                    
    Payable Date                          :            N/A                    
    B/C Dates for (-) General Meeting     :            N/A                    
    Other Distribution for Current Period :            NIL                    
    B/C Dates for Other Distribution      :            N/A                    
                                           (bdi: both days inclusive)         
                                                                              
    For and on behalf of                                                      
    Vodatel Networks Holdings Limited                                         
                                                                              
    Signature :                                                               
    Name      : Foo Chun Ngai Redford                                         
    Title     : Company Secretary                                             
                                                                              
    Responsibility statement                                                  
                                                                              
    The directors of the Company (the "Directors") as at the date hereof      
    hereby collectively and individually accept full responsibility for the   
    accuracy of the information contained in this results announcement form   
    (the "Information") and confirm, having made all reasonable inquiries,    
    that to the best of their knowledge and belief the Information are        
    accurate and complete in all material respects and not misleading and     
    that there are no other matters the omission of which would make the      
    Information herein inaccurate or misleading.The Directors acknowledge     
    that the Stock Exchange has no responsibility whatsoever with regard to   
    the Information and undertake to indemnify the Exchange against all       
    liability incurred and all losses suffered by the Exchange in connection  
    with or relating to the Information.                                      
                                                                              
    Remarks:                                                                  
                                                                              
    1.  Change of Financial Year End Date                                     
                                                                              
    The financial year end was changed from 30th June to 31st December.       
                                                                              
    2.  Loss Per Share                                                        
                                                                              
    The calculation of basic loss per share of HK$0.10 each in the capital    
    of the Company ("Shares") is based on the loss attributable to Members    
    of the Company of 173,625,000 (twelve months ended 30th June, 2003:       
    profit of 10,594,000) and the weighted average of 613,819,000 Shares      
    (twelve months ended 30th June, 2003: 609,966,301 Shares) in issue        
    during the period from 1st July, 2003 to 31st December, 2004              
    ("Eighteen-Month Period").                                                
                                                                              
    No diluted earnings per Share for the Eighteen-Month Period is presented  
    as the exercise of the oustanding share options of the Company would      
    have an anti-dilutive effect.  The weighted average of 609,969,068        
    Shares of last year included all share options outstanding, except        
    for share options having anti-dilutive effect, on the assumptions         
    that all share options had been converted.  All convertible bonds in      
    last year have been excluded as having anti-dilutive effect.