Almana Limited — Earnings Release 2003

Mar 30, 2004

GEM

MEDICAL CHI<08186> - Results Announcement (Final, 2003, Summary)

Medical China Limited announced on 29/3/2004:
(stock code: 08186 )

Year end date :31/12/2003
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 1/1/2003     from 1/1/2002
                                     to 31/12/2003     to 31/12/2002
                                             $'000             $'000

Turnover : 33,937 49,850
Profit/(Loss) from Operations : (18,736) 27,987
Finance cost : (136) 0
Share of Profit/(Loss) of Associates : (12) (15)
Share of Profit/(Loss) of Jointly
Controlled Entites : N/A N/A
Profit/(Loss) after Taxation & MI : (21,316) 22,979
% Change Over the Last Period : N/A
EPS / (LPS)
Basic (in dollar) : (HKD 0.0255) HKD 0.0282
Diluted (in dollar) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit (Loss) after ETD Items : (21,316) 22,979
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
(bdi: both days inclusive)

                                   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.

Remark:

1. Basis of Preparation

(a)Statement of Compliance
These financial statements have been prepared in accordance
with all applicable Hong Kong Financial Reporting Standards
(which includes all applicable Statements of Standard Accounting
practice and Interpretation issued by the Hong Kong Society
of Accountants, accounting principles generally accepted in
Hong Kong and the discloures requirements 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.

(b) Basis of Preparation
The measurement basis used in the preparation of the financial
statement is historical cost.

(c ) Basis of consolidation
The group financial statements incorporate the financial
statement of the Company and all of its subsidiaries made 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 associate.

1. Turnover

Turnover represents service fees arising from the provision
of medical equipment and other services, net of business tax
and the sales value of medical accessories and testing
equipment to customers, net of value added tax.
The group's turnover and operating profit are almost entirely
derived from the provision of medical equipment services,
and sales of medical accessories and testing equipment in the
Peoples's Republic of China ("PRC").

1. TAXATION

The Group did not have assessable profits subjects 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% (2002:15%).
No provision for PRC Income Tax has been made for the Company's
subsidiaries, China Best Drugs Research(Nanjing)Limited,
Sino-Innova Medical Science & Technology Company Limited and
Tat Lung Treatment (Shenzhen)Limited as they did not have
assessable profits for the year determined in accordance
with the rules and regulations in PRC.

No provision has been made for deferred taxation as the Group
does not have any deductable or taxable temporary difference.

4.(LOSSES)/EARNINGS PER SHARE

(a). Basic (losses)/earnings per share
The calculation of basic losses per share for the year ended
31 December,2003 is based on the losses attributable to
shareholders of HK$21,316,000 divided by the weight average
number of 835,000,000 ordinary shares issued in during the year.

The calculation of basic earnings per share for the year
ended 31 December 2002 is based on the profit attributable to
shareholders of HK$22,979,000 divided by the weight average
number of 814,095,890 shares in issue during 2002.

Diluted (losses)/earnings per share
No diluted (losses)/earnings per share is shown as the Company
had no potential dilutive ordinary shares as at 31 December,
2003 and 2002.

1. Final dividend

No dividend has been paid or declared by the Company since its
incorporation. The directors do not recommend the payment of
a final dividend for the year ended 31 December,2003.
(2002:nil)