08:47     WING ON TRAVEL<01189> - Results Announcement (1)                    

    Wing On Travel (Holdings) Limited announced on 26/04/2005:                
    (stock code: 01189 )                                                      
    Year end date: 31/12/2004                                                 
    Currency: HKD                                                             
    Auditors' Report: Unqualified                                             
                                                                              
                                                            (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                           : 1,722,177          1,416,235         
    Profit/(Loss) from Operations      : 53,814             (145,329)         
    Finance cost                       : (53,711)           (25,045)          
    Share of Profit/(Loss) of                                                 
      Associates                       : (195)              (114,788)         
    Share of Profit/(Loss) of                                                 
      Jointly Controlled Entities      : N/A                N/A               
    Profit/(Loss) after Tax & MI       : 35,377             (370,972)         
    % Change over Last Period          : N/A       %                          
    EPS/(LPS)-Basic (in dollars)       : 0.18               (2.03)            
             -Diluted (in dollars)     : 0.13               N/A               
    Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
    Profit/(Loss) after ETD Items      : 35,377             (370,972)         
    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 financial statements have been prepared under the historical  
    cost convention, as modified for the revaluation of certain properties and
    investments in securities. The financial statements have been prepared in 
    accordance with accounting principles generally accepted in Hong Kong.    
                                                                              
    In the current year, the Group has adopted the new accounting policy for  
    its hotel properties as follows :                                         
                                                                              
    Hotel Properties                                                          
    Hotel properties are stated at cost less accumulated impairment loss. Cost
    comprises land costs, development costs, borrowing cost capitalised in    
    accordance with the Group's accounting policy and other direct cost       
    attributable to the property. No depreciation or amortization is provided 
    on hotel property. It is the Group's policy to maintain in a continual    
    state of sound repair and maintenance and to extend and make improvements 
    thereto from time to time, and accordingly the directors consider that    
    given the estimated life of this asset any depreciation would be          
    insignificant.                                                            
                                                                              
    The gain or loss arising from disposal or retirement of hotel property is 
    determined as the difference between the sales proceeds and the carrying  
    amount of the asset and is recognised in the income statement.            
                                                                              
    2.      The turnover and results are analysed below :                     
                                                                              
                                    2004            2003                      
                                    HK$'000         HK$'000                   
                                                                              
    Turnover                                                                  
    Continuing operations           1,722,177       1,291,906                 
    Discontinued operations         -               124,329                   
                                    ---------------------------               
                                    1,722,177       1,416,235                 
                                    ==========================                
    Segment Results                                                           
    Continuing operations           83,050          (60,207)                  
    Discontinued operations         -               (20,169)                  
                                    --------------------------                
                                    85,050          (80,376)                  
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