Interim Results

Summary of Results

The unaudited consolidated interim results of the Group for the six months ended 30 June 1997 together with comparative figures for the previous corresponding period are as follows:-

Notes:

1. Taxation

No provision has been made for Hong Kong profits tax as the Group sustained losses for taxation purposes during the period. The tax charge represents provision for the People's Republic of China ("PRC") income tax at 15.0% and 7.5% on the estimated assessable profits of Foshan City Power Supply Factory Co. Ltd. ("Foshan Power") and Foshan Changxi Power Station Co. Ltd. respectively for the period. With effective from 1 January 1997, the PRC income tax concession period for Foshan Power expired and Foshan Power is also subject to local income tax.

2. Earnings per share

The calculation of earnings per share is based on the profit after taxation and minority interests of HK$28,431,000 (1996: HK$31,289,000) and on the weighted average number of 507,068,244 (1996: 497,305,441) shares in issue during the period. No figure for fully diluted earnings per share is shown as the exercise of the subscription rights attached to the share options would not have a material diluting effect.

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