SHUN CHEONG<00650> - Results Announcement

Shun Cheong Holdings Limited announced on 20/12/2002:
(stock code: 00650 )
Year end date: 31/3/2003
Currency: HKD
Auditors' Report: N/A
Review of Interim Report by: Audit Committee

                                                        (Unaudited )
                                     (Unaudited )       Last
                                     Current            Corresponding
                                     Period             Period
                                     from 1/4/2002      from 1/4/2001  
                                     to 30/9/2002       to 30/9/2001  
                               Note  ($         )       ($         )
Turnover                           : 268,364,000        354,636,000       
Profit/(Loss) from Operations      : 9,092,000          (2,656,000)       
Finance cost                       : (1,190,000)        (2,154,000)       
Share of Profit/(Loss) of 
  Associates                       : N/A                (5,364,000)       
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A               
Profit/(Loss) after Tax & MI       : 1,060,000          (10,708,000)      
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : 0.0023             (0.0277)          
         -Diluted (in dollars)     : 0.0023             N/A               
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
Profit/(Loss) after ETD Items      : 1,060,000          (10,708,000)      
Interim Dividend                   : Nil                Nil               
  per Share                                                               
(Specify if with other             : N/A                N/A               
  options)                                                                
                                                                          
B/C Dates for 
  Interim Dividend                 : N/A          
Payable Date                       : N/A       
B/C Dates for (-)            
  General Meeting                  : N/A          
Other Distribution for             : N/A           
  Current Period                     
                                     
B/C Dates for Other 
  Distribution                     : N/A          

Remarks:

1. Adoption of New and Revised Statements of Standard Accounting Practice

The unaudited condensed consolidated interim financial statements have 
been prepared in accordance with Statement of Standard Accounting Practice 
("SSAP") No. 25 "Interim Financial Reporting" issued by the Hong Kong 
Society of Accountants.

These condensed interim financial statements should be read in conjunction 
with the 2002 annual report.

The accounting policies adopted in preparing these unaudited condensed 
interim financial statements are consistent with those adopted in the 
annual financial statements for the year ended 31 March 2002, except that 
the Group has adopted the following SSAPs issued by the Hong Kong Society 
of Accountants which are effective for accounting period commencing on or 
after 1 January 2002:

SSAP 1 (revised) :      Presentation of financial statements
SSAP 11 (revised) :     Foreign currency translation
SSAP 15 (revised) :     Cash flow statements
SSAP 25 (revised) :     Interim financial reporting
SSAP 33 :               Discontinuing operations
SSAP 34 :               Employee benefits

The adoption of these SSAPs has resulted in a change in the format of 
presentation of the cash flow statement and the statement of changes in 
equity and has had no material effect on the results for the current or 
prior accounting periods.  Accordingly, no prior period adjustment has 
been required.

2. Analysis of Turnover and Operating Profit (Loss) from Continuing 
Operations and Discontinuing Operations
                                        Contribution to
                                Turnover        Operating profit (loss)
                        Six months ended        Six months ended
                        30 September            30 September
                        2002    2001            2002            2001
                    (unaudited) (unaudited      (unaudited)     (unaudited
                                and restated)                and restated)
                        HK$'000 HK$'000         HK$'000         HK$'000
Continuing operations
Building services
contracting business    235,824 298,990         4,930           2,401
Project management 
income                  3,227   2,085           3,227           2,085
Trading of electrical
and mechanical
engineering
materials and equipment 29,022  31,076          1,110           (505)
                        -----------------------------------------------

                        268,073 332,151         9,267           3,981
                        -----------------------------------------------
Discontinuing operations
Provision for broadband
connectivity            291     11,437          (458)           (3,910)
Provision for design, installation
and maintenance of karaoke on
demand system           -       11,048          -               (3,833)
                        -----------------------------------------------

                        291     22,485          (458)           (7,743)
                        -----------------------------------------------
        
                        268,364 354,636         8,809           (3,762)
                        ---------------
Other revenue                                   1,361           1,106
Unrealised holding losses on
  other investments                             (1,078)         -
                                                -----------------------
Profit (Loss) from operations                                   
Continuing operations                           9,550           5,087
Discontinued operations                         (458)           (7,743)
                                                -----------------------
                                                9,092           (2,656)
                                                -----------------------

3. Profit (Loss) after Taxation and MI

Profit (Loss) after taxation and MI is determined after charging the 
following item:
        
                                                Six months ended
                                                30 September
                                                2002    2001
                                                HK$'000 HK$'000

Unrealized holding losses on other investment   1,078     -
                                                ======= =======
4. Earnings (Loss) per Share

The calculation of the basic and diluted earnings (loss) per share for the 
six months ended 30 September 2002 was based on the following data:
                                                Six months ended
                                                30 September
                                                2002    2001
                                                HK$'000 HK$'000
Earnings (Loss)

Earnings (Loss) for the purposes of computing
basic and diluted earnings (loss) per share     1,060   (10,708)
                                                ======  ======
Number of Ordinary Share:

Weighted average number of ordinary shares for
the purposes of basic earnings (loss) per share 463,721,600 386,746,600

Effect of dilutive share option                 -               4,846
                                        --------------- ---------------
Weighted average number of ordinary shares for
The purposes of diluted earnings (loss) per share       
                                        463,721,600     386,751,446
                                        =========       ===========

Diluted loss per share for the six months ended 30 September 2001 had not 
been shown as the share options outstanding during the period had an 
anti-dilutive effect on the basic loss per share for that period.


5. Comparative Amount

Certain comparative amounts had been reclassified to conform with the 
current period's presentation.