SHUN CHEONG<00650> - Results Announcement (Summary)

Shun Cheong Holdings Limited announced on 24/12/2001:
(stock code: 650)
Year end date: 31/3/2002
Currency: HKD                                               (Unaudited)
                                           (Unaudited)      Last
                                           Current          Corresponding
                                           Period           Period
                                           from 1/4/2001    from 1/4/2000
                                           to 30/9/2001     to 30/9/2000

Turnover                                 : 354,636,000      353,808,000
Profit/(Loss) from Operations            : (2,656,000)      23,342,000
Finance cost                             : (2,154,000)      (2,193,000)
Share of Profit/(Loss) of Associates     : (5,364,000)      (1,000)
Share of Profit/(Loss) of
  Jointly Controlled Entities            : -                -
Profit/(Loss) after Tax & MI             : (10,708,000)     5,893,000
% Change over Last Period                : N/A
EPS/(LPS)-Basic                          : (2.77 cents)     1.52 cents
         -Diluted                        : (2.77 cents)     1.52 cents
Extraordinary (ETD) Gain/(Loss)          : -                -
Profit/(Loss) after ETD Items            : (10,708,000)     5,893,000
Interim Dividend per Share               : NIL              NIL
(Specify if with other options)          : N/A              N/A
B/C Dates for Interim Dividend           : N/A              
Payable Date                             : N/A
B/C Dates for (-) General Meeting        : N/A
Other Distribution for Current Period    : N/A
B/C Dates for Other Distribution         : N/A              

Remarks:

(1) Analysis of Turnover and Operating (Loss) Profits from Continuing 
Operations and Discontinuing Operation
                                       
                                              Contribution to
                       Turnover               Operating (loss) profit
                       Six months ended       Six months ended
                       30th September         30th September
                       2001      2000         2001       2000
                   (Unaudited) (Unaudited     (Unaudited)  (Unaudited and
                                and restated)               restated)
                    HK$'000     HK$'000        HK$'000      HK$'000

Continuing operations
Building services contracting business
                    319,478     289,125        9,559        26,065
Project management income 
                      2,085       3,099        2,085         3,099
Trading of electrical and mechanical engineering
  materials equipment
                     10,588      42,656       (1,384)        1,397
Provision for design, installation and maintenance of karaoke on demand
  system             11,048      16,806       (3,833)        1,858
                    ----------------------------------------------------
                    343,199     351,686        6,427        32,419

Discontinuing operation
Provision for broadband connectivity
                     11,437       2,122       (3,905)       (7,883)
                    ------------------------------------------------
                    354,636     353,808        2,522        24,536
                    =======     =======     
Unallocated corporate expenses                (5,178)       (1,194)
                                              ---------------------
Operating (loss) profit                       (2,656)       23,342
                                              =====================

(2) (Loss) Profit after Taxation and MI

(Loss) Profit after Taxation and MI is arrived at after charging the 
following items:
                                    Six months ended
                                    30th September
                                  2001            2000
                                  (Unaudited)     (Unaudited)
                                  HK$'000         HK$'000
Provision for impairment in value of other investment
                                      -             11,171
                                                    =======

(3) (Loss) Earnings per Share
                                   Six months ended
                                   30th September
                                  2001            2000
                                  (Unaudited)     (Unaudited)
                                  HK$'000         HK$'000

(Loss) Earnings for the purposes of computing basic and diluted (loss) 
  earnings per share                (10,708)           5,893
                                   =========          =======

Number of ordinary shares:
 Weighted average number of ordinary shares for the purposes of basis 
 (loss) earnings per share        386,746,600       387,371,600
Effect of dilutive share option         4,846            97,012
                                       ------           --------
Weighted average number of ordinary shares for the purposes of diluted 
 (loss) earnings per share        386,751,446       387,468,612
                                 ============      ============

(4) Comparative Figures

Project management income of approximately HK$3,099,000 for the six months 
ended 30th September 2000 has been reclassified from other revenues to 
turnover to conform to the current period's presentation.