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Shun Cheong Holdings Limited
(Incorporated in Bermuda with limited liability)

Interim Results

The Board of Directors of Shun Cheong Holdings Limited (the "Company") are pleased to announce the unaudited consolidated results of the Company and its subsidiaries (together, the "Group") for the six months ended 30th September, 1997 as follows:

INTERIM RESULTS (UNAUDITED)

Notes:

(1) Turnover

Turnover comprises (i) the value of revenue certified under long-term installation contracts, (ii) the billings of maintenance work orders completed during the period, and (iii) the value of sales of goods in the normal course of business, which is recognised when the merchandise is delivered or services are rendered.

(2) Taxation

The Company is exempted from taxation in Bermuda until 2016. Hong Kong profits tax has been provided at the rate of 16.5% (1996: 16.5%) on the estimated assessable profit arising in or derived from Hong Kong. Deferred taxation is provided under the liability method in respect of material timing differences between profit as computed for taxation purposes and profit as stated in the financial statements, to the extent that it is probable that a liability will arise in the foreseeable future. Deferred tax assets are not recognised unless there is certainty that such assets will be realised in the foreseeable future.

Taxation charges comprised:

(3) Earnings per share

The calculation of earnings per share for the six months ended 30th September, 1997 is based on unaudited consolidated profit attributable to shareholders for the period of approximately HK$10,139,000 (1996: HK$3,792,000) and on the weighted average number of 323,534,100 (1996: 260,011,600) shares in issue during the period.

As all outstanding options granted under the Company’s share option scheme were exercised in full, the fully diluted earnings per share would not be significantly different from the basic earnings per share as disclosed above.

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