CHINA SP FIBRE<00285> - Results Announcement

China Specialised Fibre Holdings Limited announced on 21/11/2003:
(stock code: 00285 )
Year end date: 31/12/2002
Currency: RMB
Auditors' Report: Modified

                                                        (Audited   )
                                     (Audited   )       Last
                                     Current            Corresponding
                                     Period             Period
                                     from 1/1/2002      from 1/1/2001  
                                     to 31/12/2002      to 31/12/2001 
                               Note  ('000      )       ('000      )
Turnover                           : 869,721            655,856           
Profit/(Loss) from Operations      : (144,690)          168,858           
Finance cost                       : (28,350)           (25,200)          
Share of Profit/(Loss) of 
  Associates                       : N/A                N/A               
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A               
Profit/(Loss) after Tax & MI       : (144,684)          143,680           
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.08)             0.08              
         -Diluted (in dollars)     : N/A                N/A               
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
Profit/(Loss) after ETD Items      : (144,684)          143,680           
Final Dividend                     : Nil                Nil               
  per Share                                                               
(Specify if with other             : N/A                N/A               
  options)                                                                
                                                                          
B/C Dates for 
  Final Dividend                   : N/A          
Payable Date                       : N/A       
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.      (LOSS)/EARNINGS PER SHARE

        The calculation of basic (loss)/earnings per share for the year 
ended 31 December 2002 is based on the (loss)/profit attributable to 
shareholders of approximately RMB144,684,000 (2001: profit of 
RMB143,680,000) and 1,860,000,000 (2001: 1,860,000,000) ordinary shares in 
issue during the year.

        No diluted (loss)/earnings per share is presented as there were no 
dilutive potential shares in existence during the years ended 31 December 
2001 and 2002.

2.      COMPARATIVE FIGURES

        Profit/(loss) from operations and finance cost were restated to 
conform to the current year's presentation.