CNAC<01110> - Results Announcement

China National Aviation Company Limited announced on 05/09/2003:
(stock code: 01110 )
Year end date: 31/12/2003
Currency: HKD
Auditors' Report: N/A
Review of Interim Report by: Both Audit Committee and Auditors

                                                        (Unaudited )
                                     (Unaudited )       Last
                                     Current            Corresponding
                                     Period             Period
                                     from 01/01/2003    from 01/01/2002
                                     to 30/06/2003      to 30/06/2002 
                               Note  ('000      )       ('000      )
Turnover                           : 513,526            486,186           
Profit/(Loss) from Operations      : (190,560)          53,042            
Finance cost                       : N/A                (8,426)           
Share of Profit/(Loss) of 
  Associates                       : (98,606)           153,535           
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A               
Profit/(Loss) after Tax & MI       : (181,287)          137,229           
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.0547)           0.0421            
         -Diluted (in dollars)     : N/A                0.0414            
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
Profit/(Loss) after ETD Items      : (181,287)          137,229           
Interim Dividend                   : 0.3 cent           0.6 cent          
  per Share                                                               
(Specify if with other             : N/A                N/A               
  options)                                                                
                                                                          
B/C Dates for 
  Interim Dividend                 : 29/9/2003          to 3/10/2003 bdi.
Payable Date                       : 15/10/2003
B/C Dates for (-)            
  General Meeting                  : N/A          
Other Distribution for             : N/A           
  Current Period                     
                                     
B/C Dates for Other 
  Distribution                     : N/A          

Remarks:


1. Earnings per share

The calculations of basic and diluted (loss)/earnings per share are based 
on the Group's loss attributable to shareholders of HK$181,287,000 (six 
months ended 30th June 2002: HK$137,229,000).

(1) The basic (loss)/earnings per share is based on the weighted average of 
3,316,939,359 (six months ended 30th June 2002: 3,261,674,714) ordinary 
shares in issue during the period.

(2) No diluted loss per share for the six months ended 30th June 2003 is 
presented as the exercise of options is anti-dilutive.  The diluted 
earnings per share for the six months ended 30th June 2002 was based on 
3,318,075,642 ordinary shares which was the number of ordinary shares in 
issue during that period plus the weighted average of 56,400,928 oridnary 
shares which would be issued at no consideration on the exercise of all 
dilutive options.

2. The comparative figures have been restated to conform with this 
presentation.