CNAC<01110> - Results Announcement

China National Aviation Company Limited announced on 28/03/2003:
(stock code: 01110 )
Year end date: 31/12/2002
Currency: HKD
Auditors' Report: Unqualified

                                                        (Audited   )
                                     (Audited   )       Last
                                     Current            Corresponding
                                     Period             Period
                                     from 01/01/2002    from 01/01/2001
                                     to 31/12/2002      to 31/12/2001 
                               Note  ('000      )       ('000      )
Turnover                           : 1,329,426          28,320            
Profit/(Loss) from Operations      : 61,836             35,334            
Finance cost                       : (8,426)            N/A               
Share of Profit/(Loss) of 
  Associates                       : 394,880            224,993           
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A               
Profit/(Loss) after Tax & MI       : 317,417            215,646           
% Change over Last Period          : +47.2     %
EPS/(LPS)-Basic (in dollars)       : 0.0965             0.0667            
         -Diluted (in dollars)     : 0.0948             0.0658            
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
Profit/(Loss) after ETD Items      : 317,417            215,646           
Final Dividend                     : 0.8 cent           0.6 cent          
  per Share                                                               
(Specify if with other             : N/A                N/A               
  options)                                                                
                                                                          
B/C Dates for 
  Final Dividend                   : 26/05/2003         to 30/05/2003bdi.
Payable Date                       : 27/06/2003
B/C Dates for (-)            
  General Meeting                  : N/A          
Other Distribution for             : N/A           
  Current Period                     
                                     
B/C Dates for Other 
  Distribution                     : N/A          

Remarks:


Basis of calculation for basic EPS & diluted EPS

        The calculations of basic and diluted earnings per share are based
on the Group's profit attributable to shareholders of HK$317,417,000 
(2001: HK$215,646,000).

        The basic earnings per share is based on weighted average of 
3,290,728,000 (2001: 3,235,182,000) shares in issue during the year.

        The diluted earnings per share is based on 3,346,872,000 (2001: 
3,275,076,000) shares representing the weighted average of 3,290,728,000 
(2001: 3,235,182,000) shares in issue during that year plus the weighted 
average of 56,144,000 (2001: 39,894,000) shares which would be issued at 
no consideration on the exercise of all dilutive options.