08:38     LAI SUN DEV<00488> - Results Announcement (1)                       

    Lai Sun Development Company Limited announced on 15/04/2005:              
    (stock code: 00488 )                                                      
    Year end date: 31/07/2005                                                 
    Currency: HKD                                                             
    Auditors' Report: N/A                                                     
    Interim report reviewed by: Audit Committee                               
                                                                              
                                                            (Unaudited )      
                                         (Unaudited )       Last              
                                         Current            Corresponding     
                                         Period             Period            
                                         from 01/08/2004    from 01/08/2003   
                                         to 31/01/2005      to 31/01/2004     
                                   Note  ($         )       ($         )      
    Turnover                           : 396,134,000        1,709,416,000     
    Profit/(Loss) from Operations      : 222,801,000        13,731,000        
    Finance cost                       : (52,582,000)       (157,116,000)     
    Share of Profit/(Loss) of                                                 
      Associates                       : 139,111,000        (17,673,000)      
    Share of Profit/(Loss) of                                                 
      Jointly Controlled Entities      : N/A                N/A               
    Profit/(Loss) after Tax & MI       : (1,255,969,000)    (167,120,000)     
    % Change over Last Period          : N/A       %                          
    EPS/(LPS)-Basic (in dollars)    2  : (0.19)             (0.04)            
             -Diluted (in dollars)     : N/A                N/A               
    Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
    Profit/(Loss) after ETD Items      : (1,255,969,000)    (167,120,000)     
    Interim Dividend                   : Nil                Nil               
      per Share                                                               
    (Specify if with other             : N/A                N/A               
      options)                                                                
                                                                              
    B/C Dates for                                                             
      Interim Dividend                 : N/A                                  
    Payable Date                       : N/A                                  
    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.      BASIS OF PREPARATION AND CORPORATE UPDATE                         
                                                                              
    (a)     The condensed consolidated financial statements have not been     
    audited by the Company's auditors but have been reviewed by the Company's 
    audit committee.                                                          
                                                                              
    (b)     Last year, the Company reached an agreement, in principle, with   
    the informal committee (the "Informal Committee") of the holders (the "   
    Exchangeable Bondholders") of US$115 million exchangeable guaranteed bonds
    (the "Exchangeable Bonds") and the holders (the "Convertible Bondholders")
    of US$150 million convertible guaranteed bonds (the "Convertible Bonds")  
    (collectively, the "Bondholders") concerning the settlement of the        
    Exchangeable Bonds and the Convertible Bonds owed by the Group to         
    Bondholders (the Bonds Settlement").  On 28th June, 2004, the Company also
    entered into a settlement agreement with eSun Holdings Limited ("eSun"),  
    an associate of the Group, in connection with the proposed settlement of  
    an amount payable to Golden Pool Enterprise Limited ("GPEL"), a wholly-   
    owned subsidiary of eSun, of HK$1,500 million (the "Debt") (the "eSun Debt
    Settlement").                                                             
                                                                              
    On 6th October, 2005, the Bondholders passed the necessary resolutions to 
    duly approve the terms agreed between the Informal Committee and the      
    Company.  Pursuant to a resolution passed at a special general meeting    
    held by eSun on 13th October, 2004, the independent shareholders of eSun  
    approved the eSun Debt Settlement.  On the same date, pursuant to a       
    resolution passed at an extraordinary general meeting held by the Company,
    the Bonds Settlement and the eSun Debt Settlement (collectively, the "    
    Settlements") were duly approved by the independent shareholders of the   
    Company.                                                                  
                                                                              
    On 7th December, 2004, all of the conditions precedent had been fulfilled 
    and the Settlements were completed on that date.  The major terms of the  
    Settlements have been disclosed in the Company's last annual report.