WANG ON GROUP<01222> - Results Announcement (Summary)

Wang On Group Limited announced on 19/7/2002:
(stock code: 1222)
Year end date: 31/3/2002
Currency: HKD
Auditors' Report: Unqualified
Review of Interim Report by: N/A
                                                            (Audited)
                                           (Audited)        Last
                                           Current          Corresponding
                                           Period           Period
                                           from 1/4/2001    from 1/4/2000
                                           to 31/3/2002     to 31/3/2001
                                           ('000)           ('000)
Turnover                                 : 320,047          211,998
Profit/(Loss) from Operations            : 38,756           (46,987)
Finance cost                             : (3,482)          (1,850)
Share of Profit/(Loss) of Associates     : 3,331            899
Amortisation of goodwill of associates   : (4,482)          -
Share of Profit/(Loss) of
  Jointly Controlled Entities            : N/A              N/A
Profit/(Loss) after Tax & MI             : 27,700           (47,513)
% Change over Last Period                : N/A
EPS/(LPS)-Basic                          : 1.81 cents       (4.39 cents)
         -Diluted                        : 1.80 cents       N/A
Extraordinary (ETD) Gain/(Loss)          : N/A              N/A
Profit/(Loss) after ETD Items            : 27,700           (47,513)
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    : NIL
B/C Dates for Other Distribution         : N/A

Remark:

EARNINGS/(LOSS) PER SHARE

The calculation of basic earnings/(loss) per share is based on the 
net profit attributable to shareholders for the year of HK$27,700,000 
(2001: loss of HK$47,513,000) and on the weighted average number of 
1,531,551,990 (2001: 1,082,338,198) ordinary shares in issue during the 
year, as adjusted to reflect the rights issue and bonus issue during the 
year.

The calculation of diluted earnings per share is based on the net 
profit attributable to shareholders for the year of HK$27,700,000.  The 
weighted average number of ordinary shares used in the calculation is the 
1,531,551,990 ordinary shares in issue during the year, as used in the 
basic earnings per share calculation and the weighted average of 6,425,028 
ordinary shares assumed to have been issued at no consideration on the 
deemed exercise of all share options during the year.

The diluted loss per share for the year ended 31 March 2001 has 
not been shown as the share options outstanding had an anti-dilutive 
effect on the basic loss per share.