08:49 CHINA VELOCITY<00149> - Results Announcement (2) RESULT Segment result (119,490) (94,403) (213,893) =========== ========= ---- ---------- Unallocated corporate expenses (10,570) ----------- Loss from operations (224,463) Finance costs (6,472) --------- Loss before taxation (230,935) ========== Year ended 31st December, 2003 ------------------------------ Continuing operations Discontinuing operation ---------------------------------- ------------- Property sale and Property Other Hotel development rental operations operation Consolidated ----------- ------ ---------- --------- ------------ HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 TURNOVER External sales - 12,517 - 120,066 132,583 ------- -------- -------- -------- -------- RESULT Segment result (5,331) (1) 4,651 (121,792) (122,473) ======== ======== ======= ======== Unallocated corporate expenses (25,839) --------- Loss from operations (148,312) Finance costs (36,391) --------- Loss before taxation (184,703) ========= 3. IMPAIRMENT LOSS AND REVALUATION DEFICIT Year ended 31st December, 2004 2003 ---- ---- HK$'000 HK$'000 Impairment loss and revaluation deficit recognised in respect of: - properties held for resale 16,650 - - investment properties 113,682 1,317 - properties under/held for development - 4,400 - properties under construction 91,288 527 - hotel properties - 110,259 - payment for investments - 18,000 --------- --------- 221,620 134,503 ========= ========= 4. LOSS PER SHARE The calculation of the basic loss per share is based on the net loss for the year of approximately HK$235,515,000 (2003: HK$170,207,000) and on 277,408,596 ordinary shares (2003: 277,408,596) in issue during the year. No diluted loss per share has been presented as there is no potential ordinary share in issue during the year. For more details, please refer to the press announcement today.