CNAC<01110> - Results Announcement

China National Aviation Company Limited announced on  26/3/2004:
(stock code: 01110 )
Year end date: 31/12/2003
Currency: HKD
Auditors' Report: Unqualified

                                                        (Audited   )
                                     (Audited   )       Last
                                     Current            Corresponding
                                     Period             Period
                                     from 1/1/2003      from 1/1/2002  
                                     to 31/12/2003      to 31/12/2002 
                               Note  ('000      )       ('000      )
Turnover                           : 1,227,031          1,329,426         
Profit/(Loss) from Operations      : (223,583)          61,836            
Finance cost                       : N/A                (8,426)           
Share of Profit/(Loss) of 
  Associates                       : 121,482            394,880           
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A               
Profit/(Loss) after Tax & MI       : (18,747)           317,417           
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.0057)           0.0965            
         -Diluted (in dollars)     : N/A                0.0948            
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
Profit/(Loss) after ETD Items      : (18,747)           317,417           
Final Dividend                     : 0.6 cent           0.8 cent          
  per Share                                                               
(Specify if with other             : N/A                N/A               
  options)                                                                
                                                                          
B/C Dates for 
  Final Dividend                   : 25/5/2004          to 31/5/2004 bdi.
Payable Date                       : 29/6/2004 
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 (loss)/earnings per share are based 
on the Group's loss attributable to shareholders of HK$18,747,000 (2002: 
profit attributable to shareholders of HK$317,417,000).

The basic (loss)/earnings per share is based on the weighted average of 
3,314,824,000 (2002: 3,290,728,000) share in issue during the year.  No 
diluted loss per share for the year ended 31st December 2003 is presented 
as the exercise of options is anti-dilutive.   The diluted earnings per 
share for the year ended 31st December 2002 was based on 3,346,872,000 
shares representing the weighted average of 3,290,728,000 shares in issue 
during the year plus the weighted average of 56,144,000 shares which would 
be issued at no consideration on the exercise of all dilutive options.