08:43     VXL CAPITAL<00727> - Results Announcement                           

    VXL Capital Limited announced on 27/04/2005:                              
    (stock code: 00727 )                                                      
    Year end date: 31/12/2004                                                 
    Currency: HKD                                                             
    Auditors' Report: Unqualified                                             
                                                                              
                                                            (Audited   )      
                                         (Audited   )       Last              
                                         Current            Corresponding     
                                         Period             Period            
                                         from 01/01/2004    from 01/04/2003   
                                         to 31/12/2004      to 31/12/2003     
                                   Note  ('000      )       ('000      )      
    Turnover                           : 3,739              7,274             
    Profit/(Loss) from Operations      : (8,411)            6,018             
    Finance cost                       : N/A                N/A               
    Share of Profit/(Loss) of                                                 
      Associates                       : 1,230              1,452             
    Share of Profit/(Loss) of                                                 
      Jointly Controlled Entities      : N/A                N/A               
    Profit/(Loss) after Tax & MI       : (6,149)            7,084             
    % Change over Last Period          : N/A       %                          
    EPS/(LPS)-Basic (in dollars)       : (0.09)             0.1               
             -Diluted (in dollars)     : N/A                N/A               
    Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
    Profit/(Loss) after ETD Items      : (6,149)            7,084             
    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                  : 27/05/2005         to 03/06/2005 bdi.
    Other Distribution for             : N/A                                  
      Current Period                                                          
                                                                              
    B/C Dates for Other                                                       
      Distribution                     : N/A                                  
                                                                              
    Remarks:                                                                  
                                                                              
    1.      The Company changed its financial year end from 31 March to 31    
    December commencing in the year of 2003.  The annual report showed the    
    results of the Group for the financial year ended 31 December 2004 with   
    comparative figures for the period of nine months ended 31 December 2003. 
    Accordingly, the comparative figures are not directly and fully           
    comparable.                                                               
                                                                              
    2.      On 29 March 2004, VXL Capital Partners Corporation Limited ("     
    VXLCPL") successfully completed the acquisitions from Kim Eng Holdings    
    Limited and Kim Eng Investment Limited their entire equity interest of    
    approximately 70.01% of the Company's issued and paid up share capital.   
    VXLCPL has since become the controlling shareholder and assumed management
    control of the Group.                                                     
                                                                              
    3.      The Company disposed its subsidiary, Kim Eng Corporate Finance (  
    Hong Kong) Limited in March 2004 and made a profit of HK$1,470,000.       
                                                                              
    4.      The accounts have been prepared in accordance with accounting     
    principles generally accepted in Hong Kong and comply with accounting     
    standards issued by the Hong Kong Institute of Certified Public           
    Accountants ("HKICPA") and the requirements of the Hong Kong Companies    
    Ordinance.  They have been prepared under the historical cost convention  
    except that, as disclosed in the accounting policies below, investments in
    securities are stated at fair value.                                      
                                                                              
    5.      The Group's turnover for the year was HK$3.7 million, representing
    a decrease of 48.6% when compared to last year.  The drop in turnover was 
    mainly attributable to the fall in corporate advisory fee.  The market for
    corporate finance and advisory business was very competitive and the      
    regulatory requirements are very stringent which resulted in difficulties 
    in gaining new assignments and incurrence of addition time for completion 
    of corporate exercise.                                                    
                                                                              
    6.      The calculation of basic (loss)/earnings per share is based on the
    Group's loss attributable to shareholders of HK$6,149,000 (2003: profit of
    HK$7,084,000) and the 72,000,000 (2003: 72,000,000) ordinary shares in    
    issue during the year/period.                                             
                                                                              
    Diluted earnings per share has not been presented as the Company has no   
    dilutive potential ordinary shares in issue for the year ended 31 December
    2004.                                                                     
                                                                              
    For more details, please refer to the press announcement today.