SHOUGANG INT'L<0697> - Results Announcement

Shougang Concord International Enterprises Company Limited announced on 
20/5/1999:
(stock code: 697)

The accounts which contain the following results are qualified by the 
Company's auditor.  For more details, please refer to the press 
announcement issued by the Company on 21/5/1999.

Year end date: 31/12/1998
Currency: HK$
                                                            Last
                                           Current          Corresponding
                                           Period           Period
                                           from 1/1/1998    from 1/1/1997
                                           to 31/12/1998    to 31/12/1997
                                           ('000)           ('000)
Turnover                                 : 3,936,051        5,203,164
Interest Income                          : N/A              N/A
Profit-Continuing Operations
    - Operating Profit/(Loss)            : (235,835)        79,051
    - Exceptional Items                  : (119,703)        (38,128)
    - Discontinued Operations            : -                -
Total Operating Profit/(Loss)            : (355,538)        40,923
Share of Profit/(Loss) of
  Associated Companies                   : (118,583)        (1,945)
Share of Profit/(Loss) of
  Jointly Controlled Entities            : 12,679           53
Profit/(Loss) after Tax
  & MI                                   : (414,342)        2,091
% Change over Last Period                : N/A
EPS/(LPS)-Basic                          : (23.2 cents)     0.1 cent
         -Diluted                        : N/A              N/A
Extraordinary (ETD) Gain/(Loss)          : NIL              NIL
Profit/(Loss) after ETD Items            : (414,342)        2,091
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) The diluted loss per share for the year ended 31st December
1998 is not shown as the impact of the potential ordinary shares
is anti-dilutive.  For the year ended 31st December 1997, the
diluted earnings per share is not shown because there is
no dilution effect on the earnings per share when the
figure is rounded to two decimal places.

(2) Exceptional Items
                                           1998             1997
                                           HK$'000          HK$'000
Revaluation deficit on investment
  properties                               (29,598)         -
Specific provision for doubtful
  debts                                    (132,414)        (8,000)
Gain/(Loss) on disposal of
  fixed assets                             42,309           (9,091)
Gain on disposal of investment
  properties                               -                13,314
Provisions for foreign exchange
  losses                                   -                (34,351)
                                           ---------        ---------
                                           (119,703)        (38,128)
                                           =========        =========

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