Listed Company Information
 

SHUN CHEONG<00650> - Results Announcement

Shun Cheong Holdings Limited announced on 15/07/2004:
(stock code: 00650 )
Year end date: 31/03/2004
Currency: HKD
Auditors' Report: Qualified

                                                        (Audited   )
                                     (Audited   )       Last
                                     Current            Corresponding
                                     Period             Period
                                     from 01/04/2003    from 01/04/2002
                                     to 31/03/2004      to 31/03/2003 
                               Note  ('000      )       ('000      )
Turnover                           : 734,189            644,310           
Profit/(Loss) from Operations      : 17,527             4,004             
Finance cost                       : (1,877)            (2,034)           
Share of Profit/(Loss) of 
  Associates                       : N/A                (2)               
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A               
Profit/(Loss) after Tax & MI       : 1,805              (14,685)          
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : 0.0039             (0.0317)          
         -Diluted (in dollars)     : N/A                N/A               
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
Profit/(Loss) after ETD Items      : 1,805              (14,685)          
Final Dividend                     : NIL                NIL               
  per Share                                                               
(Specify if with other             : N/A                N/A               
  options)                                                                
                                                                          
B/C Dates for 
  Final 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 a revised Statement of Standard Accounting Practice 
("SSAP")

SSAP 12 (Revised) "Income taxes" is effective for the first time for the 
current year's financial statements, which prescribes the accounting for 
income taxes payable or recoverable, arising from the taxable profit or 
loss for the current period (current tax); and income taxes payable or 
recoverable in future periods, principally arising from taxable and 
deductible temporary differences and the carryforward of unused tax losses 
(deferred tax).

The SSAP has had no significant impact for these financial statements on 
the amounts recorded for income taxes.  However, the related note 
disclosures are now more extensive than previously required.

2.      Analysis of Turnover and Operating Profits from Continuing 
Operations and Discontinued Operation

                        Turnover               Contribution to Operating
                                                    Profit/(Loss)
                2004            2003            2004            2003
                (Audited)       (Audited)       (Audited)       (Audited)
                HK$'000         HK$'000         HK$'000         HK$'000
                                                                
Continuing
  operations                                                            
Building 
 services 
 contracting 
 business       704,579         588,147         23,122          4,874
Project 
 management     2,240           4,638           2,240           4,638
Trading of
 electrical 
 and mechanical 
 engineering 
 materials 
 and equipment  27,370          51,234          (2,707)         606
                ----------      ---------       ---------       ---------
                734,189         644,019         22,655          10,118
                                                                
Discontinued operation                                                          
Provision for 
 broad-band 
 connectivity 
 services       -               291             -               (458)
                ----------      ---------       ---------       ---------
                734,189         644,310         22,655          9,660
		==========	=========
Other revenue                                   1,842           2,718
Gain on 
 dissolution of 
 discontinued 
 operations                                     4,105           -
Loss on 
 dissolution of 
 a subsidiary                                   (33)            -
Provision for 
 amounts due
 from former
 subsidiaries                                   (2,179)         -
Unrealized 
 holding 
 losses on 
 long term 
 investments                                    (8,863)         (8,374)
                                                -----------     ----------
Profit from operating activities
Continuing
 operations                                     17,527          4,462
Discontinued 
 operation                                      -               (458)
                                                -----------     ----------
                                                17,527          4,004
                                                ===========     ==========

3.      Profit from operating activities

Profit from operating activities is arrived at after charging/(crediting):

                                                2004            2003
                                                HK$'000         HK$'000
                                
Depreciation                                    2,539           3,087
Staff costs (including directors' remuneration) 65,954          66,961
Gain on dissolution of discontinued operation   (4,105)         -
Loss on dissolution of a subsidiary             33              -
Provision for amounts due from former 
 subsidiaries                                   2,179           -
Unrealized holding losses on long term
 investments                                    8,863           8,374
Interest income                                 (203)           (568)
                                                ---------       ---------

4.      Earning/(loss) per share

The calculation of earning/(loss) per share were based on the net profit 
attributable to shareholders of HK$1,805,000 (2003: net loss of 
HK$14,685,000) and 463,721,600 ordinary shares (2003: 463,721,600 shares) 
in issue during the year.

The diluted earning/(loss) per share for the years ended 31 March 2004 and 
2003 were not disclosed as no diluting events existed during the two 
years.

5.      Qualified audit opinion

The auditors' report on the Group's and the Company's financial statements 
for the year ended 31 March 2004 stated that the evidence available to 
them was limited in respect of the Group's three equity long term 
investments in unlisted companies in the consolidated balance sheet as at 
31 March 2004.  Such investments had nil carrying values in the 
consolidated balance sheet as at 31 March 2004 after fair value provisions 
of approximately HK$8,036,000 (2003: HK$5,435,000) were made by the 
directors in the current year.  The auditors were unable to satisfy 
themselves as to the reliability of the financial information on which 
these provisions were based and there were no practical alternative audit 
procedures that the auditors could perform to satisfy themselves that 
these investments have been fairly stated at 31 March 2004, or as to the 
appropriateness of the unrealised holding losses on these three 
investments of approximately HK$8,036,000 recognised in the profit and 
loss account for the year ended 31 March 2004.

The auditors' report in respect of the year ended 31 March 2003 was also 
qualified on account of a similar scope limitation in respect of the fair 
value of these three equity investments aggregating HK$8,036,000 as at 31 
March 2003 and the unrealised holding loss on these investments of 
approximately HK$5,435,000 recognised in the profit and loss account for 
the year ended 31 March 2003.

Except for any adjustments that might have been found to be necessary had 
the auditors been able to obtain sufficient evidence relating to the 
Group's three long term investments referred to above, in the opinion of 
the auditors, the financial statements give a true and fair view of the 
state of affairs of the Company and of the Group as at 31 March 2004 and 
of the profit and cash flows of the Group for the year then ended and have 
been properly prepared in accordance with the disclosure requirements of 
the Companies Ordinance.