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Consolidated Profit and Loss Account
For the six months ended 31st December 2000

(Expressed in millions of Hong Kong dollars)

 
                                                          (Unaudited)
                                                       Six months ended
                                                         31st December
                                                 -------------------------
                                          Note        2000            1999

Turnover                                    2       10,466          17,134

Cost of sales                                       (4,738)        (11,103)
                                                 ---------       ---------

Gross profit                                         5,728           6,031
Other revenue                                          208             157
Selling and marketing expenses                        (254)           (379)
Administrative expenses                               (558)           (427)
                                                 ---------       ---------

Profit from operations                      2        5,124           5,382
Finance cost                                          (946)           (790)
Finance income                                         271             235
Net finance cost                                      (675)           (555)
Profit on disposal of investments                      282             801
Share of profits less losses of associates             488              24
Share of profits less losses of jointly
  controlled entities                                  493              87
                                                 ---------       ---------

Profit before taxation                      3        5,712           5,739
Taxation                                    4         (402)           (482)
                                                 ---------       ---------

Profit after taxation                                5,310           5,257
Minority interests                                      (9)             (4)
                                                 ---------       ---------

Profit attributable to shareholders                  5,301           5,253
Dividends                                           (1,321)         (1,321)
                                                 ---------       ---------

Profit for the period retained                       3,890           3,932
                                                 =========       =========

(Expressed in Hong Kong dollars)
Earnings per share                          5        $2.21           $2.19
                                                 =========       =========

Dividend per share                                   $0.55           $0.55
                                                 =========       =========

Source: Sun Hung Kai Properties Limited
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