SHUN CHEONG<00650> - Results Announcement

Shun Cheong Holdings Limited announced on 12/12/2003:
(stock code: 00650 )
Year end date: 31/03/2004
Currency: HKD
Auditors' Report: N/A
Review of Interim Report by: Audit Committee

                                                        (Unaudited )
                                     (Unaudited )       Last
                                     Current            Corresponding
                                     Period             Period
                                     from 01/04/2003    from 01/04/2002
                                     to 30/09/2003      to 30/09/2002 
                               Note  ($         )       ($         )
Turnover                           : 396,829,000        268,364,000       
Profit/(Loss) from Operations      : 10,407,000         9,092,000         
Finance cost                       : (1,279,000)        (1,190,000)       
Share of Profit/(Loss) of 
  Associates                       : N/A                N/A               
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A               
Profit/(Loss) after Tax & MI       : 2,558,000          1,060,000         
% Change over Last Period          : +141      %
EPS/(LPS)-Basic (in dollars)       : 0.0055             0.0023            
         -Diluted (in dollars)     : 0.0055             0.0023            
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
Profit/(Loss) after ETD Items      : 2,558,000          1,060,000         
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 are 
prepared in accordance with the Hong Kong Statement of Standard Accounting 
Practice ("SSAP") No. 25 "Interim Financial Reporting" and the 
requirements of the Appendix 16 of the Rules Governing the Listing of 
Securities on The Stock Exchange of Hong Kong Limited (the "Listing 
Rules").

These unaudited condensed consolidated interim financial statements should 
be read in conjunction with the 2003 annual report.

The accounting policies and basis of preparation used in preparing these 
unaudited condensed interim financial statements are consistent with those 
used in the annual financial statements for the year ended 31 March 2003, 
except that the Group has adopted the SSAP 12 (Revised) "Income Taxes" 
which is effective for accounting period commencing on or after 1 January 
2003.

The adoption of this revised SSAP 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 Profits (Loss) from Continuing 
Operations and Discontinued Operations
                                        Turnover
                                        Six months ended
                                        30 September
                                        2003            2002
                                        (unaudited)     (unaudited)
                                        HK$'000         HK$'000
Continuing operations
Building services
        contracting business            383,702         235,824 
Project management income               897             3,227   
Trading of electrical and
        mechanical engineering
        materials and equipment         12,230          29,022  
                                        --------        --------
                                        396,829         268,073 
Discontinued operations
Provision for broadband
        connectivity                    -               291     
                                        ---------       --------
                                        396,829         268,364
                                        =========       ========

                                        Contribution to
                                        Operating profits (loss)
                                        Six months ended
                                        30 September
                                        2003            2002
                                        (unaudited)     (unaudited)
                                        HK$'000         HK$'000
Continuing operations
Building services
        contracting business            8,354           4,930
Project management income               897             3,227
Trading of electrical and
        mechanical engineering
        materials and equipment         (2,820)         1,110
                                        --------        -------
                                        6,431           9,267
Discontinued operations
Provision for broadband
        connectivity                    -               (458)
                                        --------        --------
                                        6,431           8,809
Other revenue                           991             1,361
Gain on dissolution of subsidiaries, 
  net                                   6,805           -
Provision for amounts due from
   former subsidiaries                  (2,179)         -
Unrealised holding losses on
   long term investments, net           (1,641)         (1,078)
                                        --------        ---------
Profits (Loss) from operations                                  
Continuing operations                   10,407          9,550
Discontinued operations                 -               (458)
                                        --------        ---------
                                        10,407          9,092
                                        ========        =========

3 Profits after Taxation and MI

Profits after taxation and MI is determined after charging / (crediting) 
the following items:

                                                        Six months ended
                                                        30 September
                                                        2003    2002
                                                        HK$'000 HK$'000

Unrealized holding losses on long term investments, net 1,641   1,078
Provision for amounts due from former subsidiaries      2,179   -
Gain on dissolution of subsidiaries, net                (6,805) -
                                                        ======= =======
4  Earnings per Share

The calculation of the basic and diluted earnings per share for the six 
months ended 30 September 2003 was based on the following data:
                                                        Six months ended
                                                        30 September
                                                        2003    2002
                                                        HK$'000 HK$'000
Earnings

Earnings for the purposes of computing
  basic and diluted earnings per share                  2,558   1,060
                                                        ======  ======
Number of Ordinary Share:

Weighted average number of ordinary shares for
  the purposes of basic and diluted 
  earnings per share                            463,721,600    463,721,600
                                                ===========    ===========