08:47     WING ON TRAVEL<01189> - Results Announcement (2)                    

                                                                              
    3.      Earnings (loss) per share                                         
                                                                              
    The calculation of the basic and diluted earnings (loss) per share is     
    based on the following data :                                             
                                                                              
                                    2004            2003                      
                                    HK$'000         HK$'000                   
                                                                              
    Earnings (loss) for the purpose of basic earnings (loss) per share        
                                                                              
                                    35,377          (370,972)                 
                                                    ===========               
    Interest expenses on convertible notes                                    
                                    3,102                                     
                                    ----------                                
    Earnings (loss) for the purpose of diluted earnings (loss) per share      
                                                                              
                                    38,479                                    
                                    ==========                                
                                    Number of shares                          
                                    2004            2003                      
                                                    (Restated)                
    Weighted average number of ordinary shares for the purpose of basic       
    earnings (loss) per share       201,251,437     183,167,328               
                                                                              
    Effect of dilutive potential ordinary shares relating to convertible notes
                                                                              
                                    97,498,216                                
                                    ------------                              
    Weighted average number of ordinary shares for the purpose of diluted     
    earnings per share              298,749,653                               
                                    ============                              
                                                                              
    Notes :                                                                   
    (a)     The above weighted average number of ordinary shares for the      
    calculation of the basic and diluted earnings (loss) per share for the    
    year ended 31 December 2003 and 31 December 2004 have been adjusted to    
    take into account of the consolidation of one hundred shares of HK$0.01 in
    the issued and unissued share capital of the Company into one share of    
    HK$1.00 each completed subsequent to 31 December 2004.                    
                                                                              
    (b)     No diluted loss per share has been presented for 2003 as the      
    conversion of the convertible notes and shares issuable under the         
    subscription agreement dated 31 May 2002 to a subscriber would result in a
    decrease in loss per share.                                               
                                                                              
    (c) A reconciliation of the statement of loss per share for 2003 to adjust
    for the consolidation of shares as mentioned above subsequent to 31       
    December 2004 is as follows :                                             
                                                                              
                                                                              
                                            HK$                               
    As originally stated                    (0.0203)                          
                                                                              
    Consolidation of shares                 (2.0097)                          
                                                                              
                                            ---------                         
    As restated                             (2.0300)                          
                                            ========                          
                                                                              
    For more details, please refer to the press announcement today.