09:02     FOREFRONT INT'L<00885> - Results Announcement (1)                   

    Forefront International Holdings Limited announced on 25/04/2005:         
    (stock code: 00885 )                                                      
    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                           : 176,896            584,071           
    Profit/(Loss) from Operations      : (53,585)           (46,983)          
    Finance cost                       : (1,775)            (11,469)          
    Share of Profit/(Loss) of                                                 
      Associates                       : N/A                (1,852)           
    Share of Profit/(Loss) of                                                 
      Jointly Controlled Entities      : N/A                N/A               
    Profit/(Loss) after Tax & MI       : (55,360)           (56,739)          
    % Change over Last Period          : N/A       %                          
    EPS/(LPS)-Basic (in dollars)       : (0.127)            (0.128)           
             -Diluted (in dollars)     : N/A                N/A               
    Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
    Profit/(Loss) after ETD Items      : (55,360)           (56,739)          
    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 Annual                                                      
      General Meeting                  : 21/06/2005         to 22/06/2005 bdi.
    Other Distribution for             : N/A                                  
      Current Period                                                          
                                                                              
    B/C Dates for Other                                                       
      Distribution                     : N/A                                  
                                                                              
    Remarks:                                                                  
                                                                              
                                                                              
    1.  Principal accounting policies                                         
                                                                              
    These financial statements have been prepared in accordance with Hong Kong
    Financial Reporting Standards issued by the Hong Kong Institute of        
    Certified Public Accountants ("HKICPA"), accounting principles generally  
    accepted in Hong Kong and the disclosure requirements of the Hong Kong    
    Companies Ordinance, other than as set out below.                         
                                                                              
    Taiwan subsidiaries                                                       
                                                                              
    Since early 2005, the Group has been involved in a dispute concerning     
    control of its Taiwanese operations. Certain former members of the Board  
    are actively obstructing the Group's legitimate exercise of control over  
    its Taiwanese subsidiaries. As a result, the Group presently does not have
    full control over the Taiwanese subsidiaries. The Board is taking active  
    steps to restore control over the Group's Taiwanese operations, including 
    seeking legal redress for breaches committed by the individuals           
    responsible, including certain former directors and senior employees of   
    the Taiwanese subsidiaries. In addition, the Board has at all times       
    maintained regular contact with the Group's key trading partner Scania,   
    and remains committed to ensuring that the current difficulties in Taiwan 
    are overcome.                                                             
                                                                              
    Due to the issues impacting the Group's Taiwan operations described above,
    the Directors, despite having taken all reasonable steps, could not       
    satisfy themselves as to the accuracy and reliability of the management   
    accounts of the Group's Taiwan subsidiaries for the year ended            
    31 December 2004. Accordingly, the Directors have been unable to satisfy  
    themselves that the results, assets and liabilities of these subsidiaries 
    have been properly recorded and fairly stated in the management accounts. 
                                                                              
    As a result, the financial statements of these subsidiaries have not been 
    included in the consolidated financial statements of the Group as, in the 
    opinion of the Directors, the inclusion of these financial statements may 
    result in an inaccurate picture of the Group's financial position and     
    performance for the year. Whilst the directors consider that the exclusion
    of these subsidiaries is the best way of presenting the Group's financial 
    position and results for the year in the circumstances, the reason for the
    exclusion is not one of the reasons for exclusion provided for in         
    Statement of Standard Accounting Practice 32 "Consolidated Financial      
    Statements and Accounting for Investments in Subsidiaries" issued by the  
    Hong Kong Institute of Certified Public Accountants ("SSAP 32") and, in   
    this respect, the financial statements are not in compliance with SSAP 32.
    For this reason, and the uncertainties impacting the Group's operations in
    Taiwan, the Company's auditors have disclaimed their opinion on the       
    financial statements.