PO WING KWAN<0149> - Results Announcement

Po Wing Kwan International (Holdings) Limited announced on 14/5/1999:
(stock code: 149)
Year end date: 31/12/1998
Currency: HKD
                                                            Last
                                           Current          Corresponding
                                           Period           Period
                                           from 1/1/1998    from 1/1/1997
                                           to 31/12/1998    to 31/12/1997
                                           ('000)           ('000)
Turnover/Interest Income                 : 67,217           84,714
Profit-Continuing Operations
    - Operating Profit/(Loss)            : (34,234)         (30,770)
    - Exceptional Items                  : (447,010)        (87,551)
    - Discontinued Operations            : N/A              N/A
Total Operating Profit/(Loss)            : (481,244)        (118,321)
Share of Profit/(Loss) of
  Associated Companies                   : 0                (4)
Profit/(Loss) after Tax & MI             : (376,429)        (102,597)
% Change over Last Period                : N/A
EPS/(LPS)-Basic                          : (47.7 cents)     (13 cents)
         -Diluted                        : N/A              N/A
Extraordinary (ETD) Gain/(Loss)          : N/A              N/A
Profit/(Loss) after ETD Items            : (376,429)        (102,597)
Final Dividend per Share                 : Nil              Nil
(Specify if with other options)          : N/A              N/A
B/C Dates for Final 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)  Exceptional items

                                                1998            1997
                                                HK$'000         HK$'000

Deficits arising on revaluation of
- properties under development                  (63,700)        (90,000)
- investment properties                         (49,802)        (5,079)
- construction in progress                      (242,223)       0
- properties under construction                 (14,521)        0
Provision for project held for sale written
 down to net realisable value                   (67,993)        0
Written down of value of deferred assets        (8,771)         (29,415)
Gain on disposal of interests in subsidiaries   0               36,943
                                                ----------      ---------
                                                (447,010)       (87,551)
                                                ==========      ========

(2) Loss per share

The calculation of loss per share is based on the loss after taxation and 
minority interests of HK$376,429,000 (1997: HK$102,597,000) and on the 
weighted average number of 789,519,295 (1997: 793,010,060 shares (adjusted 
after sub-division of shares from one share to five shares effective from 
2nd February, 1998)) in issue during the year.

There are no dilutive potential ordinary shares in issue.  Accordingly no 
diluted earnings per share figure is presented.

For more details, please refer to the press announcement today.