13:21     HUALING<00382> - Results Announcement (1)                           

    Hualing Holdings Limited announced on 22/04/2005:                         
    (stock code: 00382 )                                                      
    Year end date: 31/12/2004                                                 
    Currency: HKD                                                             
    Auditors' Report: Qualified                                               
                                                                              
                                                            (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                           : 1,891,483          1,573,322         
    Profit/(Loss) from Operations      : (585,033)          (34,147)          
    Finance cost                       : (29,791)           (32,282)          
    Share of Profit/(Loss) of                                                 
      Associates                       : (1,405)            (1,197)           
    Share of Profit/(Loss) of                                                 
      Jointly Controlled Entities      : N/A                N/A               
    Profit/(Loss) after Tax & MI       : (628,755)          (76,976)          
    % Change over Last Period          : N/A       %                          
    EPS/(LPS)-Basic (in dollars)       : (0.403)            (0.056)           
             -Diluted (in dollars)     : (0.403)            (0.056)           
    Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
    Profit/(Loss) after ETD Items      : (628,755)          (76,976)          
    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.      The company was incorporated in Hong Kong on 23 December 1992. In 
    December 1993, the Company successfully launched an initial public        
    offering on the Stock Exchange of Hong Kong Limited. The Company and its  
    subsidiaries ("the Group") are principally engaged in the manufacture of  
    household electrical appliances, which include air-conditioners,          
    refrigerators and mini-refrigerators.                                     
                                                                              
    2.      The results of the Group 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 results of the Group include the audited      
    consolidated accounts of the Company and its subsidiaries. Significant    
    intra-group transactions and balances have been eliminated on             
    consolidation.                                                            
                                                                              
    3.      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 the accounting periods beginning on or   
    after 1st January 2005. The Group has not early adopted these new HKFRSs  
    in the accounts for the year ended 31st December 2004. The Group has      
    already commenced an assessment of the impact of these new HKFRSs but is  
    not yet in a position to state whether these new HKFRSs would have a      
    significant impact on its results of the operation and financial position.
                                                                              
    4.      The calculations of basic and diluted loss per share are based on 
    Group's loss attributable to shareholders of approximately HK$628,755,000 
    (2003: HK$76,976,000).                                                    
                                                                              
    The basic loss per share is based on the weighted average number of       
    1,559,091,205 (2003: 1,382,030,711) ordinary shares in issue during the   
    year.                                                                     
                                                                              
    The diluted loss per share is based on 1,560,037,062 (2003: 1,383,854,099)
    ordinary shares which is the weighted average number of ordinary shares in
    issue during the year plus the weighted average number of 945,857 (2003:  
    1,823,388) ordinary shares deemed to be issued at the agreed exercise     
    prices as if all outstanding share options had been exercised.