08:51     KARL THOMSON<00007> - Results Announcement (3)                      

                                                                              
    4.      ANALYSIS OF TURNOVER                                              
                                                                              
                                    1.4.2004              1.4.2003            
                                        to                  to                
                                   31.12.2004            31.3.2004            
                                      HK$'000              HK$'000            
    Commission and brokerage       24,805                  40,222             
    Interest income from:                                                     
      Clients                       3,227                   5,349             
      Authorised institutions          96                     204             
      Other                            13                      36             
    Advisory fee income             1,612                   1,220             
                                  ----------             ----------           
                                    29,753                47,031              
                                    ======                ======              
                                                                              
            Turnorver and profit for the period/year all derived from         
    continuing operations only.                                               
                                                                              
    Geographical segments                                                     
    All of the activities of the Group are based in Hong Kong and all of the  
    Group's turnover and profit before taxation are derived from Hong Kong. In
    addition, the Group's assets are located in Hong Kong.                    
                                                                              
    5.      EARNINGS PER SHARE                                                
                                                                              
    The calculation of the basic and diluted earnings per share is based on   
    the following data:                                                       
                                                                              
                                  1.4.2004              1.4.2003              
                                       to                   to                
                                 31.12.2004             31.3.2004             
                                  HK$'000                HK$'000              
                                                                              
    Net profit for the period/year    45,684             8,148                
                                      ======             ======               
                                       Number of shares                       
                                  '000                   '000                 
    Number of ordinary shares                                                 
      for the purpose of basic and diluted                                    
      earnings per share           460,000                460,000             
                                   ======                ======               
                                                                              
    The computation of diluted earnings per share for the period/year did not 
    assume the exercise of the Company's share options as their exercise      
    prices were higher than the average market price for shares for the       
    period/year.                                                              
                                                                              
    6.      Discount on acquisition of an associate                           
                                                                              
    The profit after taxation and minority interest included the amount of    
    HK$41,728,000 from the discount on acquisition of an associate.  The      
    amount of HK$41,728,000 represents the Group's 35.17% equity interest in  
    Asia Tele-Net and Technology Corporation Limited ("ATNT"), a company      
    incorporated in Bermuda with its shares being listed on the Stock         
    Exchange.  At 31 December 2004, the issued and fully paid share capital of
    ATNT was 426,463,400 ordinary shares of HK$0.20 each. ATNT and its        
    subsidiaries are mainly engaged in design, manufacturing and sale of      
    electroplating equipment, custom-built horizontal wet processing and      
    automation machinery, trading of logged timber, as well as provision of   
    stage construction and arts production.  The principal places of operation
    of ATNT and its subsidiaries are Hong Kong, the People's Republic of China
    and Taiwan.                                                               
                                                                              
    During the period, the Group subscribed the convertible note of           
    HK$30,000,000 issued by ATNT and exercised the right to convert in full   
    the convertible note of HK$30,000,000 into 150,000,000 new shares of ATNT 
    at a conversion price of HK$0.20 per share of ATNT.  ATNT then becomes the
    associate of the Group.  The discount on acquisition of ATNT of           
    approximately HK$41,728,000 was released to the consolidated income       
    statement on the acquisition date.                                        
                                                                              
    For more details, please refer to the press announcement today.