13:10     INCUTECH INVEST<00356> - Results Announcement (2)                   

                                                                              
    Total revenues recognised during the year are as follows:                 
                                                                              
                                            2004                    2003      
                                            HK$                     HK$       
    Turnover                                                                  
    Interest income from                                                      
    - bank deposits                                 -               13,984    
    - debt securities                               -               392,876   
    - short term loans                              -               456,723   
    Dividend income                         2,040,506               613,518   
                                            --------------------------------- 
                                            2,040,506               1,477,101 
    Other revenues                                                            
    Gain on sale of investments                     -               10,545,288
    Other income                            2,000                   -         
                                            ----------------------------------
    Total revenues                          2,042,506               12,022,389
                                            ----------------------------------
                                                                              
                                                                              
    Since the principal activity of the Group is investing in Hong Kong       
    securities with over 90% of its turnover and contribution to results      
    derived from such activity in Hong Kong, no separate disclosure of        
    geographical nor business segment information is presented.               
                                                                              
    (3)     EARNINGS PER SHARE                                                
                                                                              
    The calculation of basic earnings per share is based on the Group's profit
    attributable to shareholders of HK$10,590,402 (2003: HK$6,574,817). The   
    basic earnings per share is based on the weighted average of 72,000,000 ( 
    2003: 61,578,082) ordinary shares in issue during the year. As the Company
    has not issued any warrants and options during the year, the calculation  
    of diluted earnings per share is the same as the basic earnings per share.