08:55     PACIFIC PLYWOOD<00767> - Results Announcement (1)                   

    Pacific Plywood Holdings Limited announced on 19/04/2005:                 
    (stock code: 00767 )                                                      
    Year end date: 31/12/2004                                                 
    Currency: USD                                                             
    Auditors' Report: Modified                                                
                                                                              
                                                            (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                           : 149,522            136,589           
    Profit/(Loss) from Operations      : (4,035)            (3,868)           
    Finance cost                       : (3,393)            (3,965)           
    Share of Profit/(Loss) of                                                 
      Associates                       : N/A                N/A               
    Share of Profit/(Loss) of                                                 
      Jointly Controlled Entities      : N/A                N/A               
    Profit/(Loss) after Tax & MI       : (4,499)            (8,156)           
    % Change over Last Period          : N/A       %                          
    EPS/(LPS)-Basic (in dollars)    1  : (0.0008)           (0.0015)          
             -Diluted (in dollars)  1  : N/A                N/A               
    Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
    Profit/(Loss) after ETD Items      : (4,499)            (8,156)           
    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:                                                                  
                                                                              
    1.      LOSS PER SHARE                                                    
                                                                              
    The calculation of basic loss per share is based on the consolidated loss 
    attributable to shareholders of approximately US$4,499,000 (2003 - US$8,  
    156,000) and on the weighted average number of 5,580,897,243 shares (2003 
    - 5,580,897,243 shares) in issue during the year.                         
                                                                              
    No diluted loss per share for the year ended 31st December, 2004 and 31st 
    December, 2003 are presented as the dilutive potential ordinary shares    
    were anti-dilutive.                                                       
                                                                              
    2.      DETAILS OF MODIFICATION TO AUDITORS' REPORT                       
                                                                              
    The report of the auditors on the Group's accounts has been modified to   
    include the disclosures of a fundamental uncertainty.  The auditors, in   
    forming their opinion, have considered the adequacy of the disclosures    
    made in the accounts concerning the adoption of the going concern basis on
    which the accounts have been prepared.  As explained in the "Basis of     
    Presentation" below, the Group is currently undertaking a number of       
    measures to relieve its current liquidity pressures and improve its       
    results of operations.  The accounts have been prepared on a going concern
    basis, the validity of which depends upon the ongoing support from the    
    Group's bankers and the ability to generate sufficient cash flows from    
    future operations to cover the Group's operating costs and to meet its    
    financing commitments.  The accounts do not include any adjustments that  
    would result from the failure of such measures.  Details of the           
    circumstances relating to this fundamental uncertainty are described in   
    the "Basis of Presentation" below.  The auditors consider that appropriate
    disclosures have been made in the accounts and their opinion is not       
    qualified in this respect.