13:43     COL CAPITAL<00383> - Results Announcement (3)                       

    The following table provides an analysis of the Group's revenue and profit
    (loss) from operations by geographical market:                            
                                                                              
                    Revenue by                      Profit (loss)             
                    geographical market             from operations           
                    Year            Year            Year            Year      
                    ended           ended           ended           ended     
                    31.12.2004      31.12.2003      31.12.2004      31.12.2003
                    HK$'000         HK$'000         HK$'000         HK$'000   
    Hong Kong       853,621         498,544         204,081         165,950   
    China           1,368           2,284           (150)           (4,441)   
                    ----------      ----------      ----------      ----------
                    854,989         500,828         203,931         161,509   
                    ==========      ==========      ==========      ==========
                                                                              
    Note:   During the year ended 31 December 2003, the Group discontinued its
    distribution of mobile phones in China.                                   
                                                                              
    2.      Net gain on investments:-                                         
                                                    2004            2003      
                                                    HK$'000         HK$'000   
    Net realised gain (loss) on derivatives         3,939           (14,205)  
    Net unrealised gain on trading investments      56,580          137,976   
    Impairment loss recognized in respect of                                  
      trading investment (Note a)                   -               (2,409)   
    Discount on early redemption of loan note                                 
      (Note b)                                      (1,500)         -         
                                                    ----------      ----------
                                                    59,019          121,362   
                                                    ==========      ==========
    Notes:                                                                    
                                                                              
    (a)     The listing of one of the trading securities was cancelled on 19  
    January 2004.  The Directors are of the opinion that the value of the     
    trading investment was fully impaired.                                    
                                                                              
    (b)     The Group early redeemed part of the loan notes issued by Sun Hung
    Kai & Co. Limited of HK$100,000,000 with a discount on early redemption of
    HK$1,500,000.  The net redemption proceed was HK$98,500,000.              
                                                                              
    3.      Other operating income:-                                          
                                                    2004            2003      
                                                    HK$'000         HK$'000   
                                                                    (restated)
    Interest income from:                                                     
     - Debt securities                              7,478           7,275     
     - Banks                                        602             479       
     - Others                                       166             8         
                                                    --------        --------- 
                                                    8,246           7,762     
    Compensation from litigation (Note)             -               4,941     
    Revaluation increase of investment properties   5,540           -         
    Revaluation increase of leasehold land and                                
      buildings                                     1,704           -         
    Net exchange gain                               4,668           -         
    Others                                          244             1,713     
                                                    ---------       --------- 
                                                    20,402          14,416    
                                                    =========       ========= 
                                                                              
    Note:   Included a compensation of HK$4,778,000 as settlement in respect  
    of a litigation which was made against ex-employees for damages in        
    relation to their improper behaviour.                                     
                                                                              
    4.  Profit from operations:-                                              
                                                                              
                                                       2004          2003     
                                                    HK$'000       HK$'000     
                                                                              
    Profit from operations has been arrived at after crediting (charging):-   
                                                                              
                                                                              
    Gain on disposal of subsidiaries                      -        41,109     
    Gain on expiry of warrants                            -        90,369     
    Depreciation and amortisation                    (1,086)       (1,461)    
    Loss on disposal of property, plant and equipment   (41)         (398)    
                                                     =======       =======    
                                                                              
    5.  Tax charge:-                                                          
                                                                              
                                                       2004          2003     
                                                    HK$'000       HK$'000     
    Current tax:-                                                             
                                                                              
    Profits Tax in Hong Kong                            (13)            -     
    Income tax in China                                (114)         (104)    
    Underprovision in prior years                                             
      Hong Kong                                           -            (3)    
      China                                               -          (229)    
                                                     -------       -------    
                                                       (127)         (336)    
                                                     =======       =======