For the past six months ended 30th September 2004, we are pleased to report that the Group achieved a net profit of approximately HK$15 million, representing a 22% increase from the corresponding period of 2003.

The Group's four major core businesses are financing activities, securities brokerage, asset management and corporate finance. Financing activities contributed approximately HK$19 million to the Group's turnover, which exceeded 67% of the total turnover.

As at 30th September 2004, the Group had cash and bank balances of approximately HK$89 million (31st March 2004: HK$91 million) of which approximately HK$63 million (31st March 2004: HK$63 million) were pledged to bank for facilities granted to the Group. The Company has provided corporate guarantees to a bank to the extent of HK$173 million (31st March 2004: HK$173 million) for securing general banking facilities granted to subsidiaries.

As at 30th September 2004, the Group had available aggregate banking facilities of approximately HK$283 million (31st March 2004: HK$283 million) of which approximately HK$119 million (31st March 2004: HK$127 million) was not utilized.