CMB_1997 — Page 20

Consolidated Profit and Loss Account for the Year Ended 30th June, 1997

(Expressed in Hong Kong dollars)

TURNOVER

OPERATING PROFIT

EXCEPTIONAL NON CASH ITEMS

PROFIT FROM ORDINARY ACTIVITIES

SHARE OF PROFIT/(LOSSES) OF ASSOCIATED COMPANIES

PROFIT BEFORE TAXATION

TAXATION

PROFIT AFTER TAXATION AND ATTRIBUTABLE TO SHAREHOLDERS UNCLAIMED DIVIDENDS FORFEITED IN ACCORDANCE WITH ARTICLE 166

RETAINED PROFITS AT 1ST JULY

APPROPRIATIONS:-

Transfer to general reserve Dividends

RETAINED PROFITS AT 30TH JUNE

Earnings per share of $2

RETAINED BY:-

NOTE

1997

1996

$000's

$000's

2

833,029

773,560

3

68,238

64,004

4

339,202-

407,440

64,004

2,778,807

(134)

3,186,247

63,870

6(a)

(464,893)

(1,607)

2,721,354

62,263

198

120

2,721,552

62,383

785,881

908,391

3,507,433

970,774

15

(10,000)

(10,000)

7

(268,818)

(174,893)

(278,818)

(184,893)

15

3,228,615

785,881

$58.82

$1.35

The

company and its subsidiaries

Associated companies

1,673,002 1,555,613

786,208

(327)

3,228,615

785,881

The calculation of earnings per share is based on earnings of $2,721,354,000 (1996: $62,263,000) and 46,268,256 ordinary shares in issue.

The notes on pages 20 to 30 form part of these accounts.

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