YU MING INV<00666> - Results Announcement (Summary)

Yu Ming Investments Limited announced on 12/4/2002:
(stock code: 666)
Year end date: 31/12/2001
Currency: HK$
Auditors' Report: Neither
Review of Interim Report by: N/A
                                           (Audited)        Last
                                           Current          Corresponding
                                           Period           Period
                                           from 1/1/2001    from 1/1/2000
                                           to 31/12/2001    to 31/12/2000

Turnover                                 : 18,482,238       33,781,503
Profit/(Loss) from Operations            : (64,447,621)     (363,501,000)
Finance cost                             : (663,142)        (102,248)
Share of Profit/(Loss) of Associates     : (12,971,689)     8,859,850
Share of Profit/(Loss) of
  Jointly Controlled Entities            : Nil              Nil
Profit/(Loss) after Tax & MI             : (86,642,737)     (351,516,174)
% Change over Last Period                : N/A
EPS/(LPS)-Basic                          : (5.12 cents)     (20.79 cents)
         -Diluted                        : N/A              (20.64 cents)
Extraordinary (ETD) Gain/(Loss)          : Nil              Nil
Profit/(Loss) after ETD Items            : (86,642,737)     (351,516,174)
Final Dividend per Share                 : 2 cents          2 cents
(Specify if with other options)          : Nil              Nil
B/C Dates for Final Dividend             : 21/5/2002 to 24/5/2002 bdi.
Payable Date                             : 31/5/2002
B/C Dates for Annual General Meeting     : 21/5/2002 to 24/5/2002 bdi.
Other Distribution for Current Period    : Nil
B/C Dates for Other Distribution         : Nil              


1.      Revenue recognition

Dividend income is recognized when the right to receive payment is 
established.  Interest income is recognized on a time proportion basis, 
taking into account the principal amounts outstanding and the interest 
rates applicable.  Interest from debt securities is recognized on a time 
proportion basis.  Refer also to Remark 2 below for details of change in 
accounting policy.

2.      Change in accounting policy

During the year 2001, the Group changed its accounting policy with respect 
to the recognition of income from debt securities.  Amortisation of 
discount on purchase of debt securities is no longer recognized as income. 
The change is more appropriate to reflect the nature of our existing debt 
securities portfolio.   

The change in accounting policy has been accounted for retrospectively.  
The comparative statements for 2000 have been restated to conform to the 
changed policy.  The effect of the change in respect of the year 2000 is 
summarized below:
                         Reported                       2000
                         previously     Adjustment      Restated
                                HK$            HK$           HK$
Income from debt securities     
                      40,725,554        (36,009,853)    4,715,701
Turnover              69,791,356        (36,009,853)    33,781,503
Profit on disposal of debt securities   
                      12,758,985        18,107,849      30,866,834
Unrealized losses on debt securities 
                      (22,433,929)       17,902,004      (4,531,925)
Loss attributable to shareholders       
                      (351,516,174)         -            (351,516,174)
                      =============       ===========    =============
3.      Loss per share

The calculation of basic and diluted loss per share are based on the 
Group's loss attributable to shareholders of HK$86,642,737 (2000: loss of 

The basic loss per share is based on the number of ordinary shares in 
issue during the year amounting to 1,691,171,989 (2000: 1,691,171,989).  
The diluted loss per share during the year is not disclosed as the 
exercise of the share options outstanding at 31st December, 2001 would 
have no dilutive effect.  The diluted loss per share for the year ended 
31st December, 2000 is based on 1,702,733,778 ordinary shares which was 
the number of ordinary shares in issue during the year plus the weighted 
average of 11,561,789 ordinary shares deemed to be issued at no 
consideration if all outstanding share options had been exercised.