13:37     SHANGHAI IND H<00363> - Results Announcement (2)                    

    Net unallocated corporate (expenses)/income                               
                                            (67,830)        46,261            
                                            ---------       --------          
    Profit from operations                  903,270         1,132,761         
                                            =========       =========         
                                                                              
    (2)     PROFIT FROM OPERATIONS                                            
                                                                              
                                                  2004     2003               
                                                  HK$'000  HK$'000            
    Profit from operations has been arrived at after                          
    charging :                                                                
                                                                              
    Amortisation of goodwill (included in                                     
      administrative expenses)                    15,462   6,412              
    Amortisation of toll road operating right                                 
      (included in cost of sales)                                             
                                                  41,626    -                 
    Depreciation and amortisation of property, plant                          
      and equipment                               122,039  109,071            
    Research and development costs                                            
                                                 15,468    8,043              
    Loss on disposal of property, plant and equipment                         
                                                 4,434     6,266              
                                                 =====     ======             
                                                                              
                                                                              
    (3)      EARNINGS PER SHARE                                               
                                                                              
    The calculation of the basic and diluted earnings per share for the year  
    is based on the following data:                                           
                                                                              
                                                  2004        2003            
                                                  HK$'000     HK$'000         
            Earnings:                                                         
                                                                              
            Profit for the year and earnings for the purpose                  
              of basic earnings per share         1,383,060  1,259,166        
                                                                              
           Effect of dilutive potential ordinary shares                       
            -       adjustment to the share of                                
                    results of a subsidiary                                   
                    based on potential dilution                               
                    of its earnings per share                                 
                                                  (15,753)       -            
                                                  ---------   ----------      
            Earnings for the purpose of diluted                               
              earnings per share                  1,367,307    1,259,166      
                                                  =========    =========      
                                                                              
                                                                              
                                                                              
                                                    2004        2003          
                                                                              
                                                   Number       Number        
                                                 of shares      of shares     
    Weighted average number of ordinary shares                                
             for the purpose of basic                                         
             earnings per share                  952,088,546   940,604,493    
    Effect of dilutive potential ordinary shares                              
             - share options                     6,159,364     3,354,778      
                                                  ---------   ----------      
                                                                              
    Weighted average number of ordinary shares                                
             for the purpose of diluted                                       
             earnings per share                 958,247,910   943,959,271     
                                                ===========   ==============  
                                                                              
                                                                              
    (4)     Certain comparative figures have been reclassified to conform with
    the current year's presentation.