13:43     KAM HING INT'L<02307> - Results Announcement (2)                    

                                                                              
    Other revenue                                                             
    Fee income from freight handling services       5,724           2,027     
    Interest income                                   253             377     
    Others                                            652             789     
                                                    _________       _________ 
                                                    6,629           3,193     
                                                    _________       _________ 
                                                                              
                                                    1,322,279       1,104,774 
                                                    =========       ==========
                                                                              
                                                                              
    3.   Profit from operating activities                                     
                                                                              
    The Group's profit from operating activities is arrived at after charging 
    / (crediting):                                                            
                                                                              
                                                    2004            2003      
                                                    HK$'000         HK$'000   
                                                                              
    Cost of inventories sold                        998,248         817,230   
    Cost of services provided                         3,467           5,695   
    Auditors' remuneration                            1,030             650   
    Research and development costs                    2,617           1,738   
    Depreciation                                     34,829          27,375   
                                                                              
    Staff costs (excluding directors' remuneration):                          
    Wages and salaries                              61,864          47,798    
    Pension scheme contributions                     1,815           1,507    
                                                    ________        ________  
    Total staff costs                               63,679          49,305    
                                                    ________        ________  
                                                                              
                                                                              
    Minimum lease payments under operating leases                             
    in respect of land and buildings                        728     1,158     
    Gain on disposal of fixed assets                    (3,165)       (68)    
    Provision for inventories                               -       2,739     
    Bad debts written off                                   418       386     
    Provision for doubtful debts                          1,744     2,719     
    Write back of provision for doubtful debts           (1,540)     (344)    
    Write back of provision for other receivables          (200)     -        
    Exchange gains, net                                  (4,594)    (1,664)   
                                                         ======== ==========  
                                                                              
                                                                              
    Cost of inventories sold includes HK$60,770,000 for the year ended 31     
    December 2004 (2003: HK$51,101,000) in respect of depreciation, staff     
    costs and provision for inventories, which are also included in the       
    respective total amounts disclosed separately above.                      
                                                                              
    Research and development costs include HK$796,000 for the year ended 31   
    December 2004 (2003: HK$614,000) in respect of staff costs and            
    depreciation, which are also included in the respective total amounts     
    disclosed separately above.                                               
                                                                              
    At 31 December 2004, the Group had no forfeited contributions available to
    reduce its contributions to the pension scheme in future years (2003: Nil 
    ).                                                                        
                                                                              
    4.   Finance costs                                                        
                                                                              
                                                                              
                                                    2004            2003      
                                                    HK$'000         HK$'000   
                                                                              
    Interest on bank loans, overdrafts and other                              
    loans wholly repayable within five years        13,249          8,403     
    Interest on finance leases                       2,621          1,954     
                                                    _______         ______    
                                                    15,870          10,357    
                                                    ======          ======    
                                                                              
    5.      Tax                                                               
                                                                              
                                                    2004            2003      
                                                    HK$'000         HK$'000   
                                                                              
    Current tax - Hong Kong                                                   
    Charge for the year                             15,072          12,243    
    Underprovision in respect of prior years           272          -         
    Current tax - Elsewhere                                                   
    Charge for the year                              5,914           6,513    
    Underprovision/(overprovision) in respect of                              
     prior years                                      (967)              5    
    Deferred tax charge/(credit)                       (70)             17    
                                                    _______         _______   
                                                                              
    Total tax charge for the year                   20,221          18,778    
                                                    _______         _______