SHUN CHEONG<00650> - Results Announcement (Summary)

Shun Cheong Holdings Limited announced on 19/7/2002:
(stock code: 650)
Year end date: 31/3/2002
Currency: HKD
Auditors' Report: Qualified
Review of Interim Report by: N/A
                                                            (Audited)
                                           (Audited)        Last
                                           Current          Corresponding
                                           Period           Period
                                           from 1/4/2001    from 1/4/2000
                                           to 31/3/2002     to 31/3/2001

Turnover                                 : 698,432,000      832,782,000
Profit/(Loss) from Operations            : (19,683,000)     (53,698,000)
Finance cost                             : (3,194,000)      (4,645,000)
Share of Profit/(Loss) of Associates     : (3,605,000)      (19,000)
Share of Profit/(Loss) of
  Jointly Controlled Entities            : -                -
Profit/(Loss) after Tax & MI             : (35,322,000)     (59,145,000)
% Change over Last Period                : N/A
EPS/(LPS)-Basic                          : (8.37 cents)     (15.27 cents)
         -Diluted                        : N/A              N/A
Extraordinary (ETD) Gain/(Loss)          : -                -
Profit/(Loss) after ETD Items            : (35,322,000)     (59,145,000)
Final Dividend per Share                 : Nil              Nil
(Specify if with other options)          : Nil              Nil
B/C Dates for Final 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) Adoption of New and Revised Statements of Standard Accounting Practice

In the current year, the Group has adopted a number of new and revised 
Statements of Standard Accounting Practice ("SSAP") issued by the Hong 
Kong Society of Accountants for the first time.  Adoption of these SSAPs 
has led to a number of changes in the Group's accounting policies.  In 
addition, the new and revised standards have introduced additional and 
revised disclosure requirements, which have been adopted in these 
financial statements.

The Group has adopted the transitional provision of SSAP 30 "Business 
Combinations" which permits goodwill in respect of acquisition which 
occurred prior to the financial year commencing on 1 April 2001, to remain 
eliminated against the retained profits.

Due to the adoption of SSAP 31 "Impairment of Assets", the Group has 
adopted a policy to access goodwill eliminated against reserves for 
impairment.  As a result, impairment of goodwill totaling HK$23,726,000 
were quantified and recognized retrospectively in the prior year leading 
to the net loss attributable to shareholders for the prior year was 
restated from HK$35,419,000 to HK$59,145,000 and impairment of goodwill of 
HK$12,680,000 was recognized during the year ended 31 March 2002.

(2) Analysis of Turnover and Operating Loss from Continuing Operations and 
Discontinuing Operation
                                                Contribution to
                              Turnover          Operating loss
                        Year ended 31 March     Year ended 31 March
                        2002            2001    2002            2001
                        (Audited)  (Audited)    (Audited)     (Audited
                                and Restated)              and Restated)
                        HK$'000         HK$'000 HK$'000         HK$'000
Continuing operations
Building services
 contracting business   604,357         705,698 17,922          33,614
Project management income 6,660         4,248    6,660          4,248
Trading of electrical and
 mechanical engineering
 materials and equipment 52,685         80,457  (3,007)         5,194
                        ----------------------------------------------
                        663,702         790,403 21,575          43,056
Discontinuing operation
Provision for broadband
 connectivity           14,188          11,335  (5,563)         (17,197)
Provision for design, installation
 and maintenance of karaoke on
 demand system          20,542          31,044  (9,646)         718
                        ----------------------------------------------
                        34,730          42,379  (15,209)        (16,479)
                        ----------------------------------------------
                        698,432         832,782 6,366           26,577
                        =======================

Other revenue                                   2,451           5,845
Provision for obsolete inventories              (826)           (7,972)
Provision for impairment of fixed
  assets                                        (179)           (2,922)
Legal expenses                                  (7,907)         -
Loss on disposal of subsidiaries                (341)           -
Unrealised holding losses on
  other investments                             (6,567)         -
Provision for impairment in value
  of long term investment                       -               (38,298)
Realsied loss on disposal of 
  other investment                              -               (13,202)
Provision for impairment losses
  on goodwill                                   (12,680)        (23,726)
                                                ------------------------
Loss from operating activities                                  
Continuing operations                           (3,653)         (26,605)
Discontinued operations                         (16,030)        (27,093)
                                                ------------------------
                                                (19,683)        (53,698)
                                                ------------------------

(3) Loss after Taxation and MI

Loss after taxation and MI is determined after charging the following 
item:
                                                Year ended
                                                31 March
                                                2002    2001
                                                HK$'000 HK$'000

Provision for impairment in value of other 
  investment                                    -       13,202
Provision for impairment in value of investment 
  securities                                    -       38,298
Provision for impairment in value of stocks     179     2,922
Provision for impairment in value of fixed 
  assets                                        826     7,972
Provision for impairment losses on goodwill     12,680  23,726
Loss on disposal of subsidiaries, net           341     -
Unrealized holding losses on other investment   6,567   -
Legal expenses                                  7,907
                                                --------------
                                                28,500  86,120
                                                ======= =======

(4) Loss per Share

The calculation of the basic and diluted loss per share for the year ended 
31 March 2002 was based on the following data:
                                                Year ended 31 March
                                                2002    2001
                                                HK$'000 HK$'000
Loss

Net loss attributable to shareholders, used in
 the basic and diluted loss per share 
 calculation                                    (35,322)(59,145)
                                                ======  ======
Number of Share

Weighted average number of ordinary shares in issue
 during the year used in the basic loss per share calculation           
                                            422,025,767 387,357,016

Assumed issued at no consideration on deemed exercise
 of all share options outstanding during the year       
                                                2,159   85,264
                                        --------------- ---------------
Weighted average number of ordinary shares used
 in diluted loss per share calculation      422,027,926 387,442,280
                                              ========= =========

Diluted loss per share for the years ended 31 March 2002 and 2001 have not 
been shown as the share options outstanding during the year had an 
anti-dilutive effect on the basic loss per share for the year.