09:46     MINGWAH HI TECH<08301> - Quarterly Results Announcement (2)         

                                                                              
    2. Turnover                                                               
                                                                              
    Turnover represents the net amounts received and receivable for           
    goods sold to outside customers, and are summarised as follows:           
                                                                              
                                For the three months ended 31 March           
                                       2005           2004                    
                                    RMB'000        RMB'000                    
                                                                              
    Sales of cards                   18,557         24,908                    
    Sales of non-card products        7,120          2,688                    
                                 __________       __________                  
                                     25,677         27,596                    
                                   ========       ========                    
                                                                              
                                                                              
    3. Taxation                                                               
                                                                              
    The charge represents enterprise income tax in the PRC.                   
                                                                              
    PRC enterprise income tax of the Group is calculated at the               
    applicable rate ranging from 15% to 33% on estimated assessable           
    profits.                                                                  
                                                                              
    There is no share of taxation of the jointly controlled entity as         
    the jointly controlled entity did not have any assessable profits         
    for the three months ended 31 March 2005 (2004:Nil).                      
                                                                              
    The Group does not have any significant unprovided deferred               
    taxation as at 31 March 2004 and 31 March 2005.                           
                                                                              
                                                                              
    4. Dividend                                                               
                                                                              
    No dividend was paid during the period.  The directors do not             
    recommend the payment of an interim dividend for the three                
    months ended 31 March 2005(2004:Nil).                                     
                                                                              
                                                                              
    5. Earnings per share                                                     
                                                                              
    The calculation of basic earnings per share for the three                 
    months ended 31 March 2005 is based on the unaudited net profit           
    for the relevant period of approximately RMB355,000                       
    (2004: approximately RMB2,057,000) and the weighted                       
    average number of 520,000,000 shares(2004:338,000,000 shares).            
                                                                              
    Diluted earnings per share is not presented as there were no              
    potential ordinary shares outstanding during either period.