Almana Limited — Earnings Release 2002

Mar 27, 2003

GEM

MEDICAL CHI<08186> - Results Announcement (Final, 2002, Summary)

Medical China Limited announced on 26/03/2003:
(stock code :08186)

Year end date :31/12/2002
Currency :HKD
Auditors' report :Unqualified
Review of Quarterly Report by :N/A

Important Note :

This result announcement form only contains extracted information from
and should be read in conjunction with the detailed results announcement
of the issuer, which can be viewed on the GEM website at
http://www.hkgem.com

                                         (Audited)         (Audited)
                                           Current              Last 
                                                       Corresponding
                                            Period            Period
                                     from 1/1/2002     from 1/1/2001
                                     to 31/12/2002     to 31/12/2001
                                             $'000             $'000

Turnover : 49,850 38,523
Profit/(Loss) from Operations : 27,987 26,936
Finance cost : 0 (316)
Share of Profit/(Loss) of Associates : (15) N/A
Share of Profit/(Loss) of Jointly
Controlled Entites : N/A N/A
Profit/(Loss) after Taxation & MI : 22,979 22,403
% Change Over the Last Period : +2.57 %
EPS / (LPS)
Basic (in dollar) : HKD 0.0282 HKD 0.0434
Diluted (in dollar) : N/A HKD 0.0345
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit (Loss) after ETD Items : 22,979 22,403
Final Dividends per Share : NIL NIL
(specify if with other options) : N/A N/A
B/C Dates for Final Dividends : N/A
Payable Date : N/A
B/C Dates for (-) General Meeting : N/A
Other Distribution for Current Period : NIL
B/C Dates for Other Distribution : N/A

                                         For and on behalf of
                                        Medical China Limited
                        Signature :
                        Name      :           Li Wo Hing
                        Title     :            Director

Responsibility statement

The directors of the Company (the "Directors") as at the date hereof
hereby collectively and individually accept full responsibility for the
accuracy of the information contained in this results announcement form
(the "Information") and confirm, having made all reasonable inquiries,
that to the best of their knowledge and belief the Information are
accurate and complete in all material respects and not misleading and
that there are no other matters the omission of which would make the
Information herein inaccurate or misleading. The Directors acknowledge
that the Stock Exchange has no responsibility whatsoever with regard
to the Information and undertake to indemnify the Exchange against all
liability incurred and all losses suffered by the Exchange in connection
with or relating to the Information.

Remarks:

1. Background of the Company

The Company was incorporated in Bermuda on 15 August 2001 as an
exempted company with limited liability under the Companies
Act of Bermuda. The Company acts as an investment holding
company and the Group is principally engaged in the provision
of medical equipment and related accessories services in the
people's Republic of China ("PRC").

1. Basis of Presentation

Statement of Compliance

These financial statements have been prepared in accordance
with all applicable Statements of Standard Accounting
Practice and Interpretations issued by the Hong Kong Society
of Accountants, accounting principles generally accepted
in Hong Kong and the disclosure requirement of the Hong Kong
Companies Ordinance.
These financial statements also comply with the applicable
disclosure provisions of the Rules Governing the Listing of
Securities of the Growth Enterprise Market of the Stock
Exchange of Hong Kong Limited.

Basis of Preparation

The measurement basis used in the preparation of the financial
statements is historical cost.

Basis of consolidation

The group financial statements incorporate the financial
statements of the Company and all of its subsidiaries made up
to 31 December each year, together with the Group's share of
the results for the year and the relevant share of the post
acquisition results of its associates.

1. Turnover

Turnover represents service fees arising from the provision of
medical equipment, net of business tax and the sales value of
medical accessories to customers, net of value added tax.

Pursuant to various agreements with hospitals in the PRC, the
Group agrees to provide certain medical equipment at the
relevant hospitals and in return, share the medical service
fees arising from the utilization of the medical equipment
after deducting the related direct expenses.

The Group's turnover and operating profit are almost entirely
derived from the provision of medical equipment and related
accessories services in the PRC. Accordingly, no segmental
analysis is provided.

1. Taxation

No provision for Hong Kong Profits Tax has been made as
the Group did not have assessable profits subject to Hong
Kong profits Tax during the year.

The Company's subsidiary, Tat Lung Medical Treatment
Technology (Shenzhen) Limited, located in the Shenzhen
Special Economic Zone in the PRC, is subject to PRC income
tax at a reduced rate of 15% (2001:15%).

During the year, the Company set up two subsidiaries, China
Best Drugs Research (Nanjing) Limited and Sino-Innova
Medical Science & Technology Company Limited. No provision
for PRC Income Tax has been made for these two subsidiaries
as they did not have assessable profits for the year
determined in accordance with relevant income tax rules and
regulations in the PRC.

1. Earnings per share

The Calculation of basic earnings per share for the year ended
December 2002 is based on the profit attributable to
shareholders of HK$22,979,000 (2001:HK$22,403,000)divided by
the weighted average number of 814,095,890 shares
(2001: 515,629,589 shares) in issue during the year.

No diluted earnings per share is shown as the Company had no
dilutive potential ordinary shares as at 31 December 2002.

1. Dividends

The Direcots do not recommend the payment of a final dividend
for the year ended 31 December 2002(2001:Nil).