CNAC<01110> - Results Announcement

China National Aviation Company Limited announced on 17/09/2004:
(stock code: 01110 )
Year end date: 31/12/2004
Currency: HKD
Auditors' Report: N/A
Interim report reviewed by: Audit Committee

                                                        (Unaudited )
                                     (Unaudited )       Last
                                     Current            Corresponding
                                     Period             Period
                                     from 01/01/2004    from 01/01/2003
                                     to 30/06/2004      to 30/06/2003 
                               Note  ('000      )       ('000      )
Turnover                           : 788,129            513,526           
Profit/(Loss) from Operations      : (15,844)           (190,560)         
Finance cost                       : N/A                N/A               
Share of Profit/(Loss) of 
  Associates                       : 166,568            (98,606)          
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A               
Profit/(Loss) after Tax & MI       : 120,644            (181,287)         
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)    1  : 0.0364             (0.0547)          
         -Diluted (in dollars)  2  : 0.0361             N/A               
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
Profit/(Loss) after ETD Items      : 120,644            (181,287)         
Interim Dividend                   : 0.6 cent           0.3 cent          
  per Share                                                               
(Specify if with other             : N/A                N/A               
  options)                                                                
                                                                          
B/C Dates for 
  Interim Dividend                 : 04/10/2004         to 08/10/2004bdi.
Payable Date                       : 27/10/2004
B/C Dates for (-)            
  General Meeting                  : N/A          
Other Distribution for             : N/A           
  Current Period                     
                                     
B/C Dates for Other 
  Distribution                     : N/A          

Remarks:

                                       
Earnings/(loss) per share

The calculations of basic and diluted earnings/(loss) per share are based 
on the Group's profit attributable to shareholders of HK$120,644,000 (six 
months ended 30th June 2003: loss of HK$181,287,000). 

1.      The basic earnings/(loss) per share is based on the weighted 
average of 3,312,680,000 shares (six months ended 30th June 2003: 
3,316,939,359 shares) in issue during the period.

2.      The diluted earnings per share for the six months ended 30th June 
2004 is based on 3,342,630,924 shares representing the weighted average of 
shares in issue during the period plus the weighted average 29,950,924 
shares which would be issued at no consideration on the exercise of all 
dilutive options.  No diluted loss per share for the six months ended 30th 
June 2003 was presented as the exercise of options was anti-dilutive.