09:19     MITSUMARU HOLD<02358> - Results Announcement (2)                    

    In the opinion of the directors, the consolidated financial               
    statements for the years ended 31 December 2003 and 2004 prepared on the  
    above basis present more fairly the results and state of affairs of the   
    Group as a whole.                                                         
                                                                              
    All significant intercompany transactions and balances within the         
    Group are eliminated in the preparation of the consolidated financial     
    statements.                                                               
                                                                              
    Minority interests represent the interests of outside shareholders        
    in the results and net assets of the Company's subsidiaries.              
                                                                              
    2.      EARNINGS PER SHARE                                                
                                                                              
    The calculation of basic earnings per share is based on the net           
    profit from ordinary activities attributable to shareholders for the year 
    of approximately HK$10,007,000 (2003: HK$64,732,000), and the pro forma   
    weighted average of 346,448,087 (2003: 300,000,000) ordinary shares deemed
    to have been issued and issuable during the year, on the assumption that  
    the Group Reorganisation and the capitalisation issue of 299,900,000      
    shares of the Company had been effective on 1 January 2003.               
                                                                              
    The calculation of diluted earnings per share is based on the net         
    profit from ordinary activities attributable to shareholders for the year 
    ended 31 December 2004 of approximately HK$10,007,000.  The weighted      
    average number of ordinary shares used in the calculation is 346,448,087  
    ordinary shares in issue during the year, as used in the basic earnings   
    per share calculation; and the weighted average of 721,834 ordinary shares
    assumed to have been issued at no consideration on the deemed exercise of 
    all share options during the year.                                        
                                                                              
    A diluted earnings per share amount for the year ended 31 December        
    2003 has not been disclosed as no dilutive potential ordinary shares      
    existed during that year.                                                 
                                                                              
    For more details, please refer to the press announcement today.