08:52     GUANGZHOU INV<00123> - Results Announcement                         

    Guangzhou Investment Company Limited announced on 21/04/2005:             
    (stock code: 00123 )                                                      
    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                           : 4,526,679          3,925,109         
    Profit/(Loss) from Operations      : 743,486            721,591           
    Finance cost                       : (112,512)          (224,733)         
    Share of Profit/(Loss) of                                                 
      Associates                       : 214,382            181,767           
    Share of Profit/(Loss) of                                                 
      Jointly Controlled Entities      : (23,021)           (49,693)          
    Profit/(Loss) after Tax & MI       : 330,823            300,653           
    % Change over Last Period          : +10       %                          
    EPS/(LPS)-Basic (in dollars)       : 0.0524             0.0489            
             -Diluted (in dollars)     : 0.0515             0.0483            
    Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
    Profit/(Loss) after ETD Items      : 330,823            300,653           
    Final Dividend                     : $0.009             $0.0108           
      per Share                                                               
    (Specify if with other             : N/A                N/A               
      options)                                                                
                                                                              
    B/C Dates for                                                             
      Final Dividend                   : 18/05/2005         to 26/05/2005 bdi.
    Payable Date                       : 16/06/2005                           
    B/C Dates for Annual                                                      
      General Meeting                  : 18/05/2005         to 26/05/2005 bdi.
    Other Distribution for             : N/A                                  
      Current Period                                                          
                                                                              
    B/C Dates for Other                                                       
      Distribution                     : N/A                                  
                                                                              
    Remarks:                                                                  
                                                                              
                                                                              
    1       Earnings per share                                                
                                                                              
    The calculations of basic and diluted earnings per share are based on the 
    Group's profit attributable to shareholders of HK$330,823,000             
    (2003: HK$300,653,000).                                                   
                                                                              
    The basic earnings per share is based on the weighted average number of   
    6,318,186,352 (2003: 6,146,494,166) ordinary shares in issue during the   
    year.  The diluted earnings per share is based on 6,424,401,643 (2003:    
    6,223,195,777) ordinary shares which is the weighted average number of    
    ordinary shares in issue during the year plus the weighted average number 
    of 106,215,291 (2003: 76,701,611) ordinary shares deemed to be issued at  
    no consideration if all outstanding options had been exercised.           
                                                                              
    2       Change in figures reported in the Results Announcement Form       
    submitted previously for the Last Corresponding Period                    
                                                                              
    Turnover for the period from 1/1/2003 to 31/12/2003 has been reported as  
    HKD3,925,109,000 in this Results Announcement Form due to change in       
    presentation (to include business tax in turnover figure). All other      
    figures for the last corresponding period remain unchanged.               
                                                                              
    For more details, please refer to the press announcement today.