CHINA STATE CONSTRUCTION DEVELOPMENT HOLDINGS LIMITED — Earnings Release 2000

Aug 31, 2000

Listed Company Information

UNIVERSAL APPLI<0419> - Results Announcement Universal Appliances Limited announced on 31/8/2000: (stock code: 419) Year end date: 31/12/2000 Currency: HKD (Unaudited) (Unaudited) Last Current Corresponding Period Period from 1/1/2000 from 1/1/1999 to 30/6/2000 to 30/6/1999 ('000) ('000) Turnover - Continuing : 62,741 536,698 - Discontinued : 0 0 Operating Profit/(Loss) - Continuing : (190,512) (104,054) - Discontinued : - 70,524 Total Operating Profit/(Loss) : (190,512) (33,530) Share of Profit/(Loss) of Associated Companies : (9,580) (34,040) Share of Profit/(Loss) of Jointly Controlled Entities : - - Profit/(Loss) after Tax & MI : (197,386) (24,466) % Change over Last Period : N/A EPS/(LPS)-Basic : (7.61 cents) (1.39 cents) -Diluted : N/A N/A Extraordinary (ETD) Gain/(Loss) : 0 - Profit/(Loss) after ETD Items : (197,386) (24,466) Interim Dividend per Share : Nil Nil (Specify if with other options) : N/A N/A B/C Dates for Interim Dividend : N/A Payable Date : N/A B/C Dates for (-) General Meeting : N/A Other Distribution for Current Period : N/A B/C Dates for Other Distribution : N/A Remarks: 1) This dividend related to the Preference Shares issued by a subsidiary which is incorporated in Bermuda. Pursuant to section 54 of the Companies Act 1981 of Bermuda ("Act"), a company incorporated in Bermuda is not permitted to pay dividends while there are reasonable grounds for believing that the Company is, or would after the payment be, unable to pay its liabilities as they become due; or the releasable value of the Company's assets would thereby be less than the aggregrate of its liabilities and its issued share capital and share premium account. Preference Share Dividends accrued at the fixed rate 5% per annum pursuant to the terms of the Preference Share for the period ended June 30, 2000 amounted to HK$3,602,000. As the payment of dividends (including preferential dividends) is subject to the aforesaid restrictions, the Preference Shares Dividend thus accrued will only be paid upon fulfilment of the conditions of the Act. 2) The calculation of loss per share is based on the net loss attributable to shareholders for the period after provision for preference share dividends of HK$200,988,000 (1999: HK$27,505,000) and the weighted average number of 2,642,116,509 (1999: 1,983,689,157) ordinary shares in issue during the period. No diluted loss per share is shown for the period ended 30 June 2000 because the share options and convertible preference shares outstanding during the period had an anti-dilutive effect on the basic loss per share. 3) No profits tax has been provided as the Group did not generate any assessable profits during the period. 4) Certain comparative figures have been reclassified to conform with the current year presentation.