13:20     CAPITAL ESTATE<00193> - Results Announcement (2)                    

                                                                              
                                                                              
    2. Earnings (loss) per share                                              
                                                                              
                                                    Six months ended          
                                                    31st January              
                                                    2005            2004      
                                                    HK'000          HK$'000   
                                                                              
    Earning (loss) for the purpose of basic                                   
    earnings (loss) per share                       13,697          (1,022)   
    Effect of dilutive potential ordinary shares:                             
     Interest on convertible notes                      12            47      
    Earnings (loss) for the purposes of             ----------- ------------- 
     diluted earnings (loss) per share              13,709          (975)     
                                                    ==========      ========  
                                                                              
    Weight average number of ordinary shares for the purpose of basic earnings
    (loss) per share                            3,334,072,581    2,082,757,364
    Effect of dilutive potential ordinary shares:                             
      Convertible notes                           131,250,000      233,423,913
                                                -------------- ---------------
                                                                              
    Weight average number of ordinary shares                                  
     for the purpose of diluted earnings                                      
     (loss) per share                           3,465,322,581    2,316,181,277
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