08:54     JACKLEY HOLDING<00353> - Results Announcement (1)                   

    Jackley Holdings Limited announced on 28/04/2005:                         
    (stock code: 00353 )                                                      
    Year end date: 31/12/2004                                                 
    Currency: HKD                                                             
    Auditors' Report: Qualified                                               
                                                                              
                                                            (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                           : 19,560             127,338           
    Profit/(Loss) from Operations      : (74,503)           (43,576)          
    Finance cost                       : (3,290)            (2,168)           
    Share of Profit/(Loss) of                                                 
      Associates                       : N/A                N/A               
    Share of Profit/(Loss) of                                                 
      Jointly Controlled Entities      : N/A                N/A               
    Profit/(Loss) after Tax & MI       : (77,486)           (31,853)          
    % Change over Last Period          : N/A       %                          
    EPS/(LPS)-Basic (in dollars)       : (0.062)            (0.026)           
             -Diluted (in dollars)     : (0.057)            (0.024)           
    Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
    Profit/(Loss) after ETD Items      : (77,486)           (31,853)          
    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                  : 28/06/2005         to 30/06/2005 bdi.
    Other Distribution for             : N/A                                  
      Current Period                                                          
    B/C Dates for Other                                                       
      Distribution                     : N/A                                  
                                                                              
    Remarks:                                                                  
                                                                              
    (1) BASIS OF PREPARATION                                                  
                                                                              
    The financial statements have been prepared in accordance with Hong Kong  
    Statement of Standard Accounting Practice, accounting principles generally
    accepted in Hong Kong and the disclosure requirements of the Hong Kong    
    Companies Ordinance. They have been prepared under the historical cost    
    convention, except for the periodic re-measurement of certain fixed       
    assets.                                                                   
                                                                              
    The Hong Kong Institute of Certified Public Accountants ("HKICPA") has    
    issued a number of new and revised Hong Kong Financial Reporting Standards
    and Hong Kong Accounting Standards ("new HKFRSs") which are effective for 
    accounting periods beginning on or after 1 January 2005.                  
                                                                              
    The Group has not early adopted those new HKFRSs in the financial         
    statements for the year ended 31 December 2004. The Group has already     
    commenced an assessment of the impact of those new HKFRSs but is not yet  
    in a position to state whether these new HKFRSs would have a significant  
    impact on its results of operations and financial position.               
                                                                              
    (2) SUMMARY OF AUDITORS' REPORT                                           
                                                                              
    (a) During the year the Group has acquired 49% additional equity interest 
    in a subsidiary. The goodwill on consolidation generated from the said    
    acquisition was based on the subsidiary's unaudited management accounts.  
    In the current year, the Group has written off 50% of the goodwill arising
    therefrom.  The auditors are unable to carry out any audit procedures to  
    ascertain the fair value of the identifiable assets and liabilities of    
    this subsidiary. In addition, the auditors have not been provided with    
    sufficient information regarding the future operation of the said         
    subsidiary to justify the carrying value of the abovementioned goodwill.  
    Accordingly, the auditors are unable to determine whether the goodwill    
    arising from the above mentioned acquisition is fairly stated and whether 
    any impairment losses should be made against the goodwill. Any adjustment 
    to the goodwill would have a consequential effect on the loss for the year
    and the value of goodwill being capitalized;                              
                                                                              
    (b) The Group's plant and machineries utilized for the production of      
    carpets with a carrying value of approximately HK$54,100,000 as at        
    31 December 2004 have not been operating on a normal capacity basis during
    the year. No provision for impairment in respect of these plant and       
    machineries has been made. The auditors are unable to carry out any audit 
    procedures to ascertain the fair value of these plant and machineries as  
    at 31 December 2004. Any impairment would have a consequential effect on  
    the loss for the year and the carrying value of these plant and           
    machineries as at 31 December 2004; and