08:50     PEGASUS INT'L<00676> - Results Announcement                         

    Pegasus International Holdings Limited announced on 21/04/2005:           
    (stock code: 00676 )                                                      
    Year end date: 31/12/2004                                                 
    Currency: USD                                                             
    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                           : 143,704            129,552           
    Profit/(Loss) from Operations      : 1,097              7,359             
    Finance cost                       : (649)              (725)             
    Share of Profit/(Loss) of                                                 
      Associates                       : 313                191               
    Share of Profit/(Loss) of                                                 
      Jointly Controlled Entities      : 64                 136               
    Profit/(Loss) after Tax & MI       : (1,082)            4,217             
    % Change over Last Period          : N/A       %                          
    EPS/(LPS)-Basic (in dollars)       : (0.0015)           0.0058            
             -Diluted (in dollars)     : N/A                0.0058            
    Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
    Profit/(Loss) after ETD Items      : (1,082)            4,217             
    Final Dividend                     : NIL                HK 1.5 cents      
      per Share                                                               
    (Specify if with other             : N/A                N/A               
      options)                                                                
                                                                              
    B/C Dates for                                                             
      Final Dividend                   : N/A                                  
    Payable Date                       : N/A                                  
    B/C Dates for (-)                                                         
      General Meeting                  : N/A                                  
    Other Distribution for             : N/A                                  
      Current Period                                                          
                                                                              
    B/C Dates for Other                                                       
      Distribution                     : N/A                                  
                                                                              
    Remarks:                                                                  
                                                                              
                                                                              
                                                                              
    (1)     The calculation of the basic and diluted (LPS) EPS is based on the
    followng data:                                                            
                                                                              
                                                    2004            2003      
                                                    US$'000         US$'000   
            Earnings                                                          
            Net (loss) profit attributable                                    
            to shareholders                         (1,082)         4,217     
                                                    =======================   
                                                                              
                                                    2004            2003      
                                                    '000            '000      
            Number of shares                                                  
            Weighted average number of ordinary                               
            shares for the purpose of basic (LPS)                             
            EPS                                     730,700         727,841   
            Effect of dilutive potential ordinary                             
            shares for share options                      0         1,647     
                                                    ------------------------  
                                                                              
            Weighted average number of ordinary                               
            shares for the purpose of diluted (LPS)                           
            EPS                                     730,700         729,488   
                                                    =======================   
                                                                              
            No diluted loss per share for the year 2004 because there are no  
            potential ordinary shares outstanding.                            
                                                                              
                                                                              
                                                                              
    (2)                                             2004            2003      
                                                    US$'000         US$'000   
                                                                              
            Amortisation of goodwill of an associate      0          79       
                                                    ========================  
                                                                              
            Impairment loss and write-off in respect                          
            of an investment security                 2,328         2,493     
                                                    ========================  
                                                                              
    For more details, please refer to the press announcement today.