08:56     GEOMAX ENERGY<00702> - Results Announcement (1)                     

    Geomaxima Energy Holdings Limited announced on 21/04/2005:                
    (stock code: 00702 )                                                      
    Year end date: 31/12/2004                                                 
    Currency: RMB                                                             
    Auditors' Report: Modified                                                
                                                                              
                                                            (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                           : 69,948             158,719           
    Profit/(Loss) from Operations      : (33,802)           53,873            
    Finance cost                       : (28,501)           (29,726)          
    Share of Profit/(Loss) of                                                 
      Associates                       : N/A                2,131             
    Share of Profit/(Loss) of                                                 
      Jointly Controlled Entities      : (544)              N/A               
    Profit/(Loss) after Tax & MI       : (52,742)           14,929            
    % Change over Last Period          : N/A       %                          
    EPS/(LPS)-Basic (in dollars)       : (0.0174)           0.0049            
             -Diluted (in dollars)     : (0.0174)           0.0049            
    Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
    Profit/(Loss) after ETD Items      : (52,742)           14,929            
    Final Dividend                     : NIL                NIL               
      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.      Basis of presentation                                             
                                                                              
    These financial statements have been prepared in accordance with all      
    applicable Hong Kong Financial Reporting Standards (which includes all    
    applicable Statements of Standard Accounting Practice and Interpretations)
    issued by the Hong Kong Institute of Certified Public  Accountants,       
    accounting principles generally accepted in Hong Kong and the requirements
    of the Hong Kong Companies Ordinance.  These financial statements also    
    comply with the applicable disclosure provisions of the Rules Governing   
    the Listing of Securities on The Stock Exchange of Hong Kong Limited.     
                                                                              
    2.      Details of the Modified Audit Opinion                             
                                                                              
    In view of the Group's consolidated net loss attributable to shareholders 
    amounted to approximately of RMB52,742,000 for the year ended 31 December 
    2004 and net current liabilities of HK$61,325,000 as at that date, the    
    auditors have modified their report on the Group's accounts for the year  
    ended 31 December 2004 to include an explanatory paragraph in relation to 
    the existence of fundamental uncertainty in adopting the going concern    
    basis in preparing the accounts.                                          
                                                                              
    The auditors consider that the fundamental uncertainty has been properly  
    disclosed in the accounts and their opinion is not qualified in this      
    report.                                                                   
                                                                              
    3.      Turnover                                                          
                                                                              
    Turnover represents the aggregate of revenue from provision of crude oil  
    transportation, storage and unloading services less business tax and sales
    of natural gas and LPG.                                                   
                                                                              
    4.      Profit/(loss) from operations                                     
                                                    2004            2003      
                                                    RMB'000         RMB'000   
    - Crude oil transportation                      (12,662)        60,985    
    - Natural gas                                   (6,288)         4,761     
    - Unallocated                                   (14,852)        (11,873)  
                                                    ---------       --------- 
    Total profit from operations                    (33,802)        53,873