09:15     PHOENIX TV<08002> - Quarterly Results Announcement (2)              

    Except as disclosed in note 2(i) to the unaudited condensed accounts,     
    the adoption of the New HKFRSs did not result in substantial changes to   
    the Group's accounting policies, financial statement disclosures or       
    presentation as compared to that used in the preparation of the annual    
    financial statements as of and for the year ended 31 December 2004.       
                                                                              
    (ii) The unaudited condensed accounts has been prepared in accordance     
    with Hong Kong Accounting Standard 34 - Interim Financial Reporting       
    and applicable disclosure requirements of the Hong Kong Companies         
    Ordinance with the Rules Governing the Listing of Securities on the       
    Growth Enterprise Market of The Stock Exchange of Hong Kong Limited.      
                                                                              
                                                                              
    2. TURNOVER FROM CONTINUING OPERATIONS AND DISCONTINUED OPERATIONS        
                                        01/01/2005        01/01/2004          
                                            to                to              
                                        31/03/2005        31/03/2004          
                                                     HK$'000           HK$'000
       CONTINUING OPERATIONS              299,029           284,578           
       DISCONTINUED OPERATIONS                  0                 0           
       TOTAL                              299,029           284,578           
                                                                              
    3. PROFIT/(LOSS) FROM CONTINUING OPERATIONS AND DISCONTINUED OPERATIONS   
                                        01/01/2005        01/01/2004          
                                            to                to              
                                        31/03/2005        31/03/2004          
                                                     HK$'000           HK$'000
       CONTINUING OPERATIONS               49,514            43,248           
       DISCONTINUED OPERATIONS                  0                 0           
       TOTAL                               49,514            43,248           
                                                                              
    4. EARNINGS/(LOSS) PER SHARE                                              
                                                                              
    The calculation of earnings per share and diluted earnings per share      
    are based on unaudited consolidated profit attributable to equity of      
    holders of the Company for the three months ended 31 March 2005           
    HK$41,055,000 (three months ended 31 March 2004:                          
    HK$40,475,000).                                                           
                                                                              
    Earnings per share is based on 4,937,349,000 (three months ended 31       
    March 2004: 4,932,553,000) weighted average number of ordinary shares     
    outstanding during the three months ended 31 March 2005.                  
                                                                              
    Diluted earnings per share is based on 4,952,621,000 (three months        
    ended 31 March 2004: 4,944,173,000) ordinary shares which is the          
    weighted average number of ordinary shares in issue during the three      
    months ended 31 March 2005 plus the weighted average number of            
    15,272,000 (three months ended 31 March 2004: 11,620,000) ordinary        
    shares deemed to be issued at no consideration if all outstanding         
    options had been exercised.                                               
                                                                              
    5. INTERIM DIVIDENDS                                                      
                                                                              
    The Board does not recommend the payment of an interim dividend for the   
    three months ended 31 March 2005 (three months ended 31 March 2004:       
    nil).