KOWLOON DEV<0034> - Results Announcement

Kowloon Development Company Limited announced on 18/4/2000:
(stock code: 34)
Year end date: 31/12/1999
Currency: HK$                                               (Audited)
                                           (Audited)        Last
                                           Current          Corresponding
                                           Period           Period
                                           from 1/1/1999    from 1/1/1998
                                           to 31/12/1999    to 31/12/1998
                                           ('000)           ('000)
Turnover
    - Continuing                         : 344,196          395,681
    - Discontinued                       : -                -
Operating Profit/(Loss)
    - Continuing                         : 186,819          269,274
    - Discontinued                       : -                -
Total Operating Profit/(Loss)            : 186,819          269,274
Share of Profit/(Loss) of
  Associated Companies                   : 4,224            (1,350)
Share of Profit/(Loss) of
  Jointly Controlled Entities            : -                -
Profit/(Loss) after Tax & MI             : 177,630          243,814
% Change over Last Period                : -27%
EPS/(LPS)-Basic                          : 36.7 cents       50.4 cents
         -Diluted                        : -                -
Extraordinary (ETD) Gain/(Loss)          : -                -
Profit/(Loss) after ETD Items            : 177,630          243,814
Final Dividend per Share                 : 16 cents         16 cents
(Specify if with other options)          : -                -
B/C Dates for Final Dividend             : 12/6/2000 to 19/6/2000 bdi.
Payable Date                             : 20/6/2000
B/C Dates for Annual General Meeting     : 12/6/2000 to 19/6/2000 bdi.
Other Distribution for Current Period    : -
B/C Dates for Other Distribution         : -

Remarks:

(1)  1998 operating profit included a deposit forfeited less expenses on 
sale of an investment property amounted to $57,877,000.

(2)  In 1999, the Group's share of profits less losses of associated 
companies included an amount of $4,435,635 written back on the 
overprovision of losses of an associated company in prior years in
accordance with SSAP 10 (revised).

(3)  There is no dilution effect in the calculation of earnings per share.