09:17     GRAND FIELD GP<00115> - Results Announcement (1)                    

    Grand Field Group Holdings Limited announced on 23/04/2005:               
    (stock code: 00115 )                                                      
    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                           : 138,628            68,956            
    Profit/(Loss) from Operations      : 42,576             5,478             
    Finance cost                       : (6,731)            (6,835)           
    Share of Profit/(Loss) of                                                 
      Associates                       : N/A                4                 
    Share of Profit/(Loss) of                                                 
      Jointly Controlled Entities      : N/A                N/A               
    Profit/(Loss) after Tax & MI       : 40,618             (66,851)          
    % Change over Last Period          : N/A       %                          
    EPS/(LPS)-Basic (in dollars)       : 0.02               (0.033)           
             -Diluted (in dollars)     : N/A                N/A               
    Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
    Profit/(Loss) after ETD Items      : 40,618             (66,851)          
    Final Dividend                     : 0.8 cent           Nil               
      per Share                                                               
    (Specify if with other             : N/A                N/A               
      options)                                                                
                                                                              
    B/C Dates for                                                             
      Final Dividend                   : 21/06/2005         to 24/06/2005 bdi.
    Payable Date                       : 05/07/2005                           
    B/C Dates for Annual                                                      
      General Meeting                  : 21/06/2005         to 24/06/2005 bdi.
    Other Distribution for             : N/A                                  
      Current Period                                                          
                                                                              
    B/C Dates for Other                                                       
      Distribution                     : N/A                                  
                                                                              
    Remarks:                                                                  
                                                                              
                                                                              
    1.      TURNOVER                                                          
                                                                              
    Turnover represents the aggregate of net amounts received and receivable  
    for properties held for sale, investment properties and properties held   
    for development sold by the Group to outside customers and property rental
    income during the year, after a deduction of 5% business tax, and is      
    analyzed as follows:                                                      
                                                                              
                                                    2004            2003      
                                                    HK$'000         HK$'000   
                                                                              
    Sales on properties held for sale               28,053          64,633    
    Sales on investment properties                  8,798           -         
    Sales on properties held for development        97,642          -         
    Property rental                                 4,135           4,323     
                                                    ----------------------    
                                                    138,628         68,956    
                                                    =======================   
                                                                              
                                                                              
    Sales on properties held for development represent the sales, through an  
    open auction, on a piece of land in the People's Republic of China (the " 
    PRC") where was held for development and the Group had 90% of interest,   
    during the year.                                                          
                                                                              
    No geographical analysis are presented for the year as substantially all  
    the Group's turnover and contribution to results were derived from the    
    business of property in the PRC.                                          
                                                                              
    2.      EARNINGS PER SHARE                                                
                                                                              
    Basic earnings per share is calculated based on the profit attributable to
    shareholders of HK$40,618,000 (2003: loss of HK$66,851,000) and on the    
    weighted average number of 2,046,650,000 (2003: 2,046,650,000) shares     
    issued during the year.                                                   
                                                                              
    Diluted earnings per share is not presented as there are no diluting      
    events during the year.