08:31     POLYTEC ASSET<00208> - Results Announcement                         

    Polytec Asset Holdings Limited announced on 15/04/2005:                   
    (stock code: 00208 )                                                      
    Year end date: 31/12/2004                                                 
    Currency: HKD                                                             
    Auditors' Report: Unqualified                                             
                                                                              
                                                            (Audited   )      
                                         (Audited   )       Last              
                                         Current            Corresponding     
                                         Period             Period            
                                         from 01/12/2003    from 01/12/2002   
                                         to 31/12/2004      to 30/11/2003     
                                   Note  ('000      )       ('000      )      
    Turnover                           : 152,882            17,672            
    Profit/(Loss) from Operations      : 25,055             (445)             
    Finance cost                       : (249)              (2,362)           
    Share of Profit/(Loss) of                                                 
      Associates                       : N/A                N/A               
    Share of Profit/(Loss) of                                                 
      Jointly Controlled Entities      : (12)               N/A               
    Profit/(Loss) after Tax & MI       : 17,119             15,590            
    % Change over Last Period          : N/A       %                          
    EPS/(LPS)-Basic (in dollars)       : 0.0360             0.0430            
             -Diluted (in dollars)     : 0.0263             0.0392            
    Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
    Profit/(Loss) after ETD Items      : 17,119             15,590            
    Final Dividend                     : NIL                NIL               
      per Share                                                               
    (Specify if with other             : N/A                N/A               
      options)                                                                
                                                                              
    B/C Dates for                                                             
      Final Dividend                   : N/A                                  
    Payable Date                       : N/A                                  
    B/C Dates for Annual                                                      
      General Meeting                  : 21/06/2005         to 23/06/2005 bdi.
    Other Distribution for             : N/A                                  
      Current Period                                                          
                                                                              
    B/C Dates for Other                                                       
      Distribution                     : N/A                                  
                                                                              
    Remarks:                                                                  
                                                                              
    1.      Change of financial year end date                                 
                                                                              
    The Company changed its financial year end from 30 November to 31 December
    with effect from 12 November 2004.                                        
                                                                              
    2.      Earnings per share                                                
                                                                              
    The calculation of basic earnings per share for the period from 1 December
    2003 to 31 December 2004 is based on the net profit attributable to       
    shareholders for the period of HK$17,119,000 and the weighted average of  
    475,802,608 ordinary shares in issue during the period.                   
                                                                              
    The calculation of diluted earnings per share for the period from 1       
    December 2003 to 31 December 2004 is based on the net profit attributable 
    to shareholders for the period of HK$17,119,000.  The weighted average    
    number of ordinary shares used in the calculation is 651,168,204, being   
    the weighted average of 475,802,608 ordinary shares in issue during the   
    period as used in the basic earnings per share calculation and the effect 
    of 175,365,596 dilutive potential ordinary shares in respect of 3,851,300 
    ,000 convertible preference shares in issue.                              
                                                                              
    3.      Comparative amount                                                
                                                                              
    The comparative amount of earnings per share has been restated, as the    
    number of ordinary shares in prior period has been adjusted for the       
    consolidation of every 20 ordinary shares in issue into 1 ordinary share  
    and for two rights issues effected during the current period.             
                                                                              
    For more details, please refer to the press announcement today.