HERALD HOLD<00114> - Results Announcement (Summary)

Herald Holdings Limited announced on 18/12/2002:
(stock code: 114)
Year end date: 31/3/2003
Currency: HK$
Auditors' Report: N/A
Review of Interim Report by: Audit Committee

                                                            (Unaudited)
                                           (Unaudited)      Last
                                           Current          Corresponding
                                           Period           Period
                                           from 1/4/2002    from 1/4/2001
                                           to 30/9/2002     to 30/9/2001

Turnover                                 : 479,063,000      449,178,000
Profit/(Loss) from Operations            : 22,946,000       (1,014,000)
Finance cost                             : (262,000)        (262,000)
Share of Profit/(Loss) of Associates     : Nil              Nil
Share of Profit/(Loss) of
  Jointly Controlled Entities            : 304,000          159,000
Profit/(Loss) after Tax & MI             : 17,413,000       (3,937,000)
% Change over Last Period                : N/A
EPS/(LPS)-Basic                          : 2.80 cents       (0.63 cent)
         -Diluted                        : N/A              N/A
Extraordinary (ETD) Gain/(Loss)          : Nil              Nil
Profit/(Loss) after ETD Items            : 17,413,000       (3,937,000)
Interim Dividend per Share               : 1 cent           Nil
(Specify if with other options)          : N/A              N/A
B/C Dates for Interim Dividend           : 9/1/2003 to 10/1/2003 bdi.
Payable Date                             : 17/1/2003
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. Turnover and profit for the period come from continuing operations    
only.

2.      Earnings/(loss) per share

The calculation of basic earnings/(loss) per share is based on the net 
profit attributable to ordinary shareholders of HK$17,413,000 (2001: net 
loss of HK$3,937,000) and on 622,583,000 (2001: 625,201,000) ordinary 
shares, being the weighted average number of ordinary shares outstanding 
during the period.

There were no dilutive potential ordinary shares in existence during the 
periods ended 30 September 2002 and 2001.