Listed Company Information

SAM WOO<02322> - Results Announcement

Sam Woo Holdings Limited announced on  23/7/2004:
(stock code: 02322 )
Year end date: 31/3/2004
Currency: HKD
Auditors' Report: Unqualified

                                                        (Audited   )
                                     (Audited   )       Last
                                     Current            Corresponding
                                     Period             Period
                                     from 1/4/2003      from 1/4/2002  
                                     to 31/3/2004       to 31/3/2003  
                               Note  ('000      )       ('000      )
Turnover                           : 137,083            202,950           
Profit/(Loss) from Operations      : 11,551             75,285            
Finance cost                       : (6,437)            (8,425)           
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       : 1,081              56,436            
% Change over Last Period          : -98       %
EPS/(LPS)-Basic (in dollars)       : 0.0036             0.24              
         -Diluted (in dollars)     : N/A                N/A               
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
Profit/(Loss) after ETD Items      : 1,081              56,436            
Final Dividend                     : NIL                NIL               
  per Share                                                               
(Specify if with other             : N/A                N/A               
B/C Dates for 
  Final Dividend                   : N/A          
Payable Date                       : N/A       
B/C Dates for Annual         
  General Meeting                  : 18/8/2004          to 25/8/2004 bdi.
Other Distribution for             : N/A           
  Current Period                     
B/C Dates for Other 
  Distribution                     : N/A          


1       Group reorganisation and basis of preparation

The Company was incorporated in Bermuda on 26th June 2002 as an exempted 
company with limited liability under the Companies Act 1981 of Bermuda. 
Pursuant to a group reorganisation (the "Reorganisation") in preparation 
for the listing of the Company's shares on the Main Board of The Stock 
Exchange of Hong Kong Limited (the "Stock Exchange"), the Company acquired 
the entire issued share capital of Sam Woo Group Limited, the then holding 
company of the other subsidiaries, through a share swap arrangement on 
28th March 2003 and became the holding company of the Group. Details of 
the Reorganisation are set out in the Company's prospectus dated 31st 
March 2003. The Company's shares were listed on the Stock Exchange on 9th 
April 2003.

The Reorganisation is accounted for using merger accounting as permitted 
by the Hong Kong Statement of Standard Accounting Practice No. 27 
"Accounting for group reconstructions" issued by the Hong Kong Society of 
Accountants ("HKSA"). The consolidated accounts of the Group for the year 
ended 31st March 2003 are prepared as if the Company had been the holding 
company of the Group from the beginning of the earliest period presented.

The accounts have been prepared under the historical cost convention, in 
accordance with accounting principles generally accepted in Hong Kong and 
comply with accounting standards issued by the Hong Kong Society of 
Accountant ("HKSA").

In the current year, the Group adopted Statement of Standard Accounting 
Practice ("SSAP") 12 (revised) "Income taxes" issued by the HKSA which is 
effective for accounting periods commencing on or after 1st January 2003.  
The adoption of SSAP 12 (revised) has had no significant effect on the 
results for the current or prior accounting years.  Accordingly, no prior 
year adjustment has been made.

2.      Turnover 

The Group is principally engaged in foundation works, leasing of machinery 
and equipment for foundation works and trading of machinery and equipment. 
 Turnover  recognised during the year are as follows:

                                        2004            2003
                                        HK$'000         HK$'000
        Revenue from foundation works    85,871         188,566
        Rental of machinery and equipment       
                                          7,095           4,028
        Sale of machinery and equipment  44,117          10,356
                                        137,083         202,950

3.      Earnings per share

The calculation of basic earnings per share is based on the Group's profit 
attributable to shareholders of HK$1,081,000 (2003: HK$56,436,000) and the 
weighted average number of 298,705,479 (2003: 232,500,000) ordinary shares 
in issue during the year.

No diluted earnings per share is presented as the share options had no 
dilutive effect on the earnings per share for the year.