1 Apr 2005 (Results Announcement (Final, 2004, Summary))

ARGOS ENT<08022> - Results Announcement (Final, 2004, Summary)


ARGOS ENTERPRISE (HOLDINGS) LIMITED announced on 31/03/2005:
(stock code: 08022 )

Year end date                         :31/12/2004
Currency                              :HKD
Auditors' report                      :Qualified


Important Note :

This result announcement form only contains extracted information from
and should be read in conjunction with the detailed results announcement
of the issuer, which can be viewed on the GEM website at
http://www.hkgem.com

                                            ( Audited)        ( Audited)
                                              Current Last Corresponding
                                               Period            Period
                                       from 01/01/2004   from 01/01/2003
                                         to 31/12/2004     to 31/12/2003
                                                 $'000             $'000

Turnover                              :        119,364            98,178
Profit/(Loss) from Operations         :          9,618             5,899
Finance cost                          :         (2,286)           (2,075)
Share of Profit/(Loss) of Associates  :            N/A               N/A
Share of Profit/(Loss) of Jointly
         Controlled Entites           :            N/A               N/A
Profit/(Loss) after Taxation & MI     :          1,723               148
% Change Over the Last Period         :      +1,064.19%
EPS / (LPS)
          Basic (in dollar)           :     HKD 0.0096        HKD 0.0008
          Diluted (in dollar)         :            N/A               N/A
Extraordinary (ETD) Gain/(Loss)       :            N/A               N/A
Profit (Loss) after ETD Items         :          1,723               148
Final Dividends per Share             :            NIL               NIL
(specify if with other options)       :            N/A               N/A
B/C Dates for Final Dividends         :            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
                                       (bdi: both days inclusive)

For and on behalf of
ARGOS ENTERPRISE (HOLDINGS) LIMITED

Signature :
Name      : Bono Wong
Title     : Company Secretary

Responsibility statement

The directors of the Company (the "Directors") as at the date hereof
hereby collectively and individually accept full responsibility for the
accuracy of the information contained in this results announcement form
(the "Information") and confirm, having made all reasonable inquiries,
that to the best of their knowledge and belief the Information are
accurate and complete in all material respects and not misleading and
that there are no other matters the omission of which would make the
Information herein inaccurate or misleading.The Directors acknowledge
that the Stock Exchange has no responsibility whatsoever with regard to
the Information and undertake to indemnify the Exchange against all
liability incurred and all losses suffered by the Exchange in connection
with or relating to the Information.

Remarks:
	
1.  Group reorganisation and basis of presentation
	
     The Company was incorporated in Hong Kong on 13 October, 2000
     as a limited liability company under the Hong Kong Companies
     Ordinance. Pursuant to a group reorganization scheme (the "Group
     Reorganization") to rationalize the structure of the Group in
     preparation for the listing of the Company's shares on GEM of the
     Stock Exchange on 13 August 2001, the Company became the holding
     company of the Group on 30 July 2001.  Further details of the
     Reorganization are set out in the prospectus of the Company
     dated 31 July 2001 (the "Prospectus").
	
     The Group's financial statements have been prepared in accordance
     with the Hong Kong Statements of Standard Accounting Practice,
     accounting principles generally accepted in Hong Kong and the
     disclosure requirements of the Hong Kong Companies Ordinance.
     They have been prepared under the historical cost convention.
	
     The Group financial statements include the financial statements
     of the Company and its subsidiaries made up to 31 Dec., 2004. The
     Group Reorganisation above has been accounted for by using merger
     accounting.  Apart from the Group Reorganisation, the results of
     subsidiaries acquired or disposed of during the period are included
     in the consolidated income statement from the effective date of
     acquisition or up to the effective date of disposal, as
     appropriate.

     All significant intra-group transactions and balances have been
     eliminated on consolidation.

     Minority interests represent the interests of outside shareholders
     in the operating results and net assets of subsidiaries.

2.   Turnover and revenue
	
     The Group is engaged in the rendering of bus services through
     public routes, tourist routes, hire-a-bus and employee services,
     sightseeing ticket sales and tours, sub-contracting and
     rental of midi-buses and taxis as well as management fee.
     Revenue recognised during the Relevant Period is as follows:

                                        For the year ended
                                          31st December
                                       2004         2003
                                     HK$'000       HK$'000
     Turnover
        Public routes                 83,386        66,323
        Tourist routes                10,080         6,638
        "Hire-a-Bus' and employee
            services                   9,542        12,542
        Sightseeing ticket sales
             and tours                   326         1,494
        Sub-contracting               13,591        10,651
        Rental                           571           528
        Management fee                 1,868             2
                                     -------       -------
                                     119,364        98,178
                                     -------       -------
     Other revenues
        Advertising income on
           fleet body                  4,134         2,541
        Subsidy from local authority   3,730         3,988
        Repair service income            333             -
        Sundries                       1,165           645
                                     -------       -------
                                       9,362         7,174
                                     -------       -------

     Total revenue                   128,726       105,352
                                     =======       =======
	
	
	
3.  Earnings per share
	
    The calculation of the basic earnings per share is based
    on profit from the ordinary activities attributable to
    shareholders for the year ended 31st December 2004 of
    HK$1,723,000 (2003 : HK$148,000)and on 180,000,000 shares
    in issue during the year (2003: 180,000,000 shares)

    Diluted earnings per share is not presented as there was no
    dilutive potential ordinary shares in existence during the
    year ended 31st December 2004 (2003: Nil).
	
	
	
4. Extract of the report of the auditors
	
   Basis of our opinion
   We planned our audit so as to obtain all the information and
   explanations which we considered necessary in in order to provide us
   with sufficeient evidence to give reasonable assurance as to whether
   the financial statements are free from material misstatement. In
   forming our opinion we also evaluated the overall adequacy of the
   presentation of the information in the financial statements.  We
   believe that our audit provides a reasonable basis for our opinion.
	
   Qualified opinion arising from non-compliance of The Rules Governing
   the Listing of Secutities on the Growth Enterprise Market of the
   Stock Exchange of Hong Kong Limited
   In accordance with Chapter 19 of the Rules Governing the Listing of
   Securities on the Growth Enterprise Market of the Stock Exchange of
   Hong Limited, the Company was required to disclose its acquisition
   of this subsidiary company, Xuzhou China International Travel Service
   Limited, in the People's Republic of China on 18th August 2004, but
   no such disclosure was made by the Company. Such non-disclosure may
   constitute a breach of the Listing Rules of the GEM.
   Except for that the Company did not comply with the disclosure
   requirement of the Listing Rules of GEM, in our opinion the
   financial statements give a true and fair view of the state of
   the Group's and of the Company's affairs as at 31st December 2004
   and of the Group's profit and cash flows for the year then ended
   and have been properly prepared in accordance with the Hong Kong
   Companies Ordinance.

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