CNAC<01110> - Results Announcement

China National Aviation Company Limited announced on 23/03/2005:
(stock code: 01110 )
Year end date: 31/12/2004
Currency: HKD
Auditors' Report: Unqualified

                                                        (Audited   )
                                     (Audited   )       Last
                                     Current            Corresponding
                                     Period             Period
                                     from 01/01/2004    from 01/01/2003
                                     to 31/12/2004      to 31/12/2003
                               Note  ('000      )       ('000      )
Turnover                           : 1,871,763          1,227,031         
Profit/(Loss) from Operations      : 15,852             (223,583)         
Finance cost                       : N/A                N/A               
Share of Profit/(Loss) of 
  Associates                       : 480,244            121,482           
Share of Profit/(Loss) of
  Jointly Controlled Entities      : 506                N/A               
Profit/(Loss) after Tax & MI       : 367,470            (18,747)          
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : 0.1109             (0.0057)          
         -Diluted (in dollars)     : 0.1100             N/A               
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
Profit/(Loss) after ETD Items      : 367,470            (18,747)          
Final Dividend                     : $0.01              $0.006
  per Share                                              
(Specify if with other             : N/A                N/A
  options)                                               
                                                         
B/C Dates for 
  Final Dividend                   : 23/05/2005         to 27/05/2005 bdi.
Payable Date                       : 28/06/2005
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/(loss) per share are based 
on the Group's profit attributable to shareholders of HK$367,470,000 
(2003: loss of HK$18,747,000).

The basic earnings/(loss) per share is based on the weighted average of 3
,312,680,000 (2003: 3,314,824,000) shares in issue during the year.  The 
diluted earnings per share for the year ended 31st December 2004 is based 
on 3,340,747,828 shares representing the weighted average of 3,312,680,000 
shares in issue during the year plus the weighted average of 28,067,828 
shares which would be issued at no consideration on the exercise of all 
dilutive options.  No diluted loss per share for the year ended 31st 
December 2003 was presented as the exercise of options was anti-dilutive.