Interim Results

We are pleased to announce that the unaudited consolidated results of the Company and its subsidiaries and associated companies (the "Group") for the six months ended 30 June 1997 together with the comparative figures for the corresponding period in 1996 are as follows:

NOTES:

1. TAXATION

Hong Kong profits tax is calculated at the rate of 16.5% on the estimated assessable profits for the periods. Overseas taxation is calculated on the estimated assessable profits for the periods at the rates of taxation prevailing in the countries in which the Group operates.

2. EARNINGS PER SHARE

The calculation of earnings per share is based on the profit after taxation and minority interests of HK$127,573,000 (1996: HK$100,894,000) and on the weighted average number of 622,447,000 (1996: 573,206,000) shares in issue during the period. In the event that share options outstanding at 30 June 1997 were exercised in full, the fully diluted earnings per share would not be significantly different from the basic earnings per share as disclosed in the above interim results.

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