13:29     SHOUGANG TECH<00521> - Results Announcement (1)                     

    Shougang Concord Technology Holdings Limited announced on 18/04/2005:     
    (stock code: 00521 )                                                      
    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                           : 436,532            387,744           
    Profit/(Loss) from Operations      : (124,852)          6,515             
    Finance cost                       : (10,837)           (7,324)           
    Share of Profit/(Loss) of                                                 
      Associates                       : 12,497             6,040             
    Share of Profit/(Loss) of                                                 
      Jointly Controlled Entities      : 31,320             13,925            
    Profit/(Loss) after Tax & MI       : (94,019)           22,400            
    % Change over Last Period          : N/A       %                          
    EPS/(LPS)-Basic (in dollars)       : (0.0784)           0.0237            
             -Diluted (in dollars)     : N/A                0.0230            
    Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
    Profit/(Loss) after ETD Items      : (94,019)           22,400            
    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 (-)                                                         
      General Meeting                  : N/A                                  
    Other Distribution for             : N/A                                  
      Current Period                                                          
                                                                              
    B/C Dates for Other                                                       
      Distribution                     : N/A                                  
                                                                              
    Remarks:                                                                  
                                                                              
    Note I : (Loss) profit from operations                                    
                                                                              
                                            2004            2003              
                                            HK$'000         HK$'000           
    (Loss) profit from operations has been arrived at after                   
     charging (crediting):                                                    
                                                                              
    Staff costs, including directors' remuneration:                           
     - Salaries, wages and other benefits    79,171          61,120           
    - Retirement benefit scheme contributions, net of forfeited               
                                              2,872           2,854           
                                            -------------------------         
    Total staff costs                        82,043          63,974           
                                            -------------------------         
    Allowance for doubtful debts, net         2,940               -           
    Allowance for inventories                 6,708           5,009           
    Amortisation of intangible assets (included in administrative             
    expenses)                                 2,668           2,551           
    Auditors' remuneration                    1,306           1,000           
    Cost of inventories recognised as expenses                                
                                            477,367         344,246           
    Depreciation and amortisation of property, plant and equipment            
                                             99,049          27,723           
    Loss on disposal of property, plant and equipment                         
                                                 19               -           
    Net exchange loss (gain)                    710            (116)          
    Write-back of allowance for doubtful debts                                
                                                  -            (224)          
    Write-off of inventories                      -           6,896           
    Impairment loss recognised for intangible assets                          
                                              9,750               -           
    Impairment loss recognised for golf club membership                       
                                                400               -           
                                            =========================