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LUEN THAI<00311> - Results Announcement

Luen Thai Holdings Limited announced on  20/9/2004:
(stock code: 00311 )
Year end date: 31/12/2004
Currency: USD
Auditors' Report: N/A
Interim report reviewed by: Audit Committee

                                                        (Unaudited )
                                     (Unaudited )       Last
                                     Current            Corresponding
                                     Period             Period
                                     from 1/1/2004      from 1/1/2003  
                                     to 30/6/2004       to 30/6/2003  
                               Note  ('000      )       ('000      )
Turnover                        3  : 270,369            296,788           
Profit/(Loss) from Operations      : 17,881             19,521            
Finance cost                       : (428)              (733)             
Share of Profit/(Loss) of 
  Associates                       : 343                377               
Share of Profit/(Loss) of
  Jointly Controlled Entities      : (271)              86                
Profit/(Loss) after Tax & MI    3  : 13,120             13,666            
% Change over Last Period          : -4        %
EPS/(LPS)-Basic (in dollars)    2  : 0.0194             0.0202            
         -Diluted (in dollars)     : N/A                N/A               
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
Profit/(Loss) after ETD Items      : 13,120             13,666            
Interim Dividend                   : Nil                N/A               
  per Share                                                               
(Specify if with other             : N/A                N/A               
  options)                                                                
                                                                          
B/C Dates for 
  Interim Dividend                 : N/A          
Payable Date                       : N/A       
B/C Dates for (-)            
  General Meeting                  : N/A          
Other Distribution for             : N/A           
  Current Period                     
                                     
B/C Dates for Other 
  Distribution                     : N/A          

Remarks:


1.      The Company was listed on the Main Board of the Stock Exchange of 
Hong Kong on 15 July 2004. This is the first interim result announcement.  
The Company was incorporated in the Cayman Islands on 15th March 2004 as 
an exempted company with limited liability under the Companies Law (Cap. 
22, Law 3 of 1961, as consolidated and revised) of the Cayman Islands.  On 
27 June 2004, pursuant to a group reorganisation (the "Reorganisation") in 
preparation for the listing of the shares of the Company on the Main Board 
of the Stock Exchange, the Company acquired the entire issued share 
capital of Luen Thai Overseas Limited ("LTO") through a share exchange and 
became the holding company of LTO and its subsidiaries.  Details of the 
Reorganisation are set out in the prospectus of the Company dated 30 June 
2004 (the "Prospectus").  The Reorganisation is accounted for using the 
merger accounting as permitted by the Statement of Standard Accounting 
Practice ("SSAP") Number 27 "Accounting for group reconstructions" issued 
by the Hong Kong Institute of Certified Public Accountants ("HKICPA").  
The unaudited condensed consolidated interim accounts of the Group for the 
six months ended 30 June 2004, including the comparative figures, are 
prepared as if the Company had been the holding company of the Group from 
the beginning of the earliest period presented.  The unaudited condensed 
consolidated interim accounts have been prepared in accordance with SSAP 
Number 25 "Interim financial reporting", issued by the HKICPA.  The 
accounting policies and methods of computation used in the preparation of 
these interim accounts are consistent with those used in the preparation 
of the Accountants' Report as set out in Appendix I of the Prospectus.

2.      The basic earnings per share is calculated based on the Group's 
profit attributable to shareholders of approximately US$13,120,000 (2003: 
US$13,666,000) and weighted average number of 674,999,075 (2003: 
674,999,000) ordinary shares deemed to be in issue during the period as if 
the share capital of the Company outstanding immediately after the share 
exchange in connection with the Reorganisation (see Note 1) and the 
related subsequent capitalisation issue had been in existence throughout 
the period. Diluted earnings per share is not presented as the Company has 
no dilutive potential ordinary shares as at 30 June 2004 and 2003.


3. Analysis of Continuing & Discontinuing Operations:

                        For the six months ended 30 June        Change 
                                                                (%)
                                2004            2003
                                US$'000        US$'000
Turnover                        270,369         296,788          -8.9
        Continuing business     266,783         278,006          -4.0
        Discontinuing business*   3,586          18,782         -80.9
Profit attributable to shareholders     
                                 13,120          13,666          -4.0
        Continuing business      15,500          13,152         +17.8
        Discontinuing business*  (2,380)            514           N/A


* Discontinuing business represented garment manufacturing in Mexico, the 
system consultancy operations and the air cargo operations.