13:46     TIANJIN DEV<00882> - Results Announcement (1)                       

    Tianjin Development Holdings Limited announced on 21/04/2005:             
    (stock code: 00882 )                                                      
    Year end date: 31/12/2004                                                 
    Currency: HKD                                                             
    Auditors' Report: Unqualified                                             
                                                                              
                                                            (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                           : 2,102,473          1,927,377         
    Profit/(Loss) from Operations      : 980,420            363,595           
    Finance cost                       : (55,517)           (82,240)          
    Share of Profit/(Loss) of                                                 
      Associates                       : 99,003             86,955            
    Share of Profit/(Loss) of                                                 
      Jointly Controlled Entities      : (1,981)            (4,521)           
    Profit/(Loss) after Tax & MI       : 563,803            212,796           
    % Change over Last Period          : +165      %                          
    EPS/(LPS)-Basic (in dollars)       : 0.802              0.314             
             -Diluted (in dollars)     : N/A                N/A               
    Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
    Profit/(Loss) after ETD Items      : 563,803            212,796           
    Final Dividend                     : 3.4 cents          3.9 cents         
      per Share                                                               
    (Specify if with other             : N/A                N/A               
      options)                                                                
                                                                              
    B/C Dates for                                                             
      Final Dividend                   : 20/05/2005         to 27/05/2005 bdi.
    Payable Date                       : 28/06/2005                           
    B/C Dates for Annual                                                      
      General Meeting                  : 20/05/2005         to 27/05/2005 bdi.
    Other Distribution for             : N/A                                  
      Current Period                                                          
                                                                              
    B/C Dates for Other                                                       
      Distribution                     : N/A                                  
                                                                              
    Remarks:                                                                  
                                                                              
                                                                              
    (1)     Basis of preparation                                              
                                                                              
    The accounts have been prepared in accordance with accounting principles  
    generally accepted in Hong Kong and comply with accounting standards      
    issued by the Hong Kong Institute of Certified Public Accountants ("      
    HKICPA").  The accounts are prepared under the historical cost convention.
                                                                              
    The HKICPA has issued a number of new and revised Hong Kong Financial     
    Reporting Standards and Hong Kong Accounting Standards ("new HKFRSs")     
    which are effective for accounting periods beginning on or after 1st      
    January 2005                                                              
                                                                              
    For the year ended 31st December 2004, the Group has early adopted        
    accounting standards below that are believe to have the most material     
    effect on the Group's accounts:                                           
                                                                              
    Hong Kong Financial Reporting Standard 3 (new "HKFRS 3")                  
    Business Combination                                                      
    Hong Kong Accounting Standard 36 (revised "HKAS 36")            Impairment
    of Assets                                                                 
    Hong Kong Accounting Standard 38 (revised "HKAS 38")            Intangible
    Assets                                                                    
                                                                              
    The key impacts to the Group are as follows:                              
                                                                              
    -The Group ceased amortization of goodwill and negative goodwill from 1st 
    January 2004;                                                             
                                                                              
    -Accumulated amortization as at 1st January 2004 has been eliminated with 
    a corresponding decrease in the cost of goodwill;                         
                                                                              
    -Negative goodwill has been derecognized and credited to the equity;      
                                                                              
    -Goodwill is tested annually for impairment, as well as when there are    
    indications of impairment; and                                            
                                                                              
    -For goodwill which arose before 1st January 2001 and which has been taken
    into reserves, it would not be recognized in the profit and loss account  
    when the Group disposes of all or part of the business to which that      
    goodwill relates or when a cash-generating unit to which the goodwill     
    relates becomes impaired.