09:00     POLY HK INV<00119> - Results Announcement (3)                       

    By principal activity                                                     
                                                                              
    REVENUE                                                                   
    External revenue                                                          
    190,258 95,707   54,253    46,782     27,435    59,155   -       473,590  
    Inter-segment revenue*                                                    
    -       8,650    -         11,817     -         -       (20,467) -        
    --------------------------------------------------------------------------
    Total revenue                                                             
    190,258 104,357 54,253     58,599     27,435    59,155  (20,467) 473,590  
    ==========================================================================
    CONTRIBUTION TO PROFIT                                                    
    (LOSS) FROM OPERATIONS                                                    
    26,029  38,756  (841)      10,405     (2,109)   17,552   -       89,792   
    ==========================================================================
    Central administrative expenses                                 (21,383)  
                                                                    --------- 
    Profit from operations                                          68,409    
    Finance costs                                                   (20,230)  
    Gain on disposal of subsidiaries                                          
    21,205   -       -         -           -        -               21,205    
    Amortisation of goodwill arising                                          
    on acquisition of associates                                              
    -       -       (12,688)   -           -        -              (12,688)   
                                                                              
    Share of profits (losses) of associates                                   
    16,942  23,714   (4,192)   68          -        -              36,532     
    Allowance for loans to jointly                                            
     controlled entities                                                      
    -       (1,166)   -        -           -        -               (1,166)   
                                                                              
                                                                    --------- 
    Profit before taxation                                          92,062    
    Taxation                                                        (5,626)   
                                                                              
                                                                    --------- 
    Profit before minority interests                                86,436    
                                                                    ========  
                                                                              
    *       Inter-segment revenue were charged at terms determined and agreed 
    between group companies.                                                  
                                                                              
    For the year ended 31st December, 2003                                    
                                                                              
            An analysis of the Group's turnover by geographical location of   
    its customers is presented below:                                         
                                                                              
                                    The PRC         Other                     
                                    other than      parts of                  
                    Hong Kong       Hong Kong       the world       Total     
                    HK$'000         HK$'000         HK$'000         HK$'000   
    REVENUE         49,093          365,342         59,155          473,590   
                    ========        ========        =========       =======   
                                                                              
    3.      GAIN ON DISPOSAL OF SUBSIDIARIES                                  
                                                                              
    This represented the gain on disposal of the Group's entire interest in   
    The NCHK Power (Shengzhou) Limited and its 52% interest in Shengzhou      
    Xinzhonggang Thermal Power Co., Ltd. in 2003, for a total consideration of
    approximately HK$66,884,000 after the realisation of negative goodwill of 
    HK$13,835,000 and other reserves of HK$705,000.                           
                                                                              
    4.      LOSS ON DISPOSAL OF AN ASSOCIATE                                  
                                                                              
    This represents the loss on disposal of the Group's 20% equity interest in
    an unlisted associate, Skywin China Limited, for a total consideration of 
    approximately HK$15,036,000 after the realisation of goodwill of HK$24,   
    509,000.                                                                  
                                                                              
    5.      GAIN ON DISPOSAL OF DISCONTINUING OPERATIONS                      
                                                                              
    In November 2004, the Group entered into agreements to dispose of two     
    motor vessels, namely "Hai Ji" and " Hai Kang", for a consideration of    
    US$27,175,000 (equivalent to approximately HK$211,965,000) and US$25,175, 
    000 (equivalent to HK$196,365,000) respectively.  The disposal of motor   
    vessel "Hai Ji" was completed during the year and resulted in a gain of   
    HK$54,637,000 to the Group.                                               
                                                                              
    The disposal of motor vessel "Hai Kang" was completed in April 2005.