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

Yu Ming Investments Limited announced on 4/9/2002:
(stock code: 666)
Year end date: 31/12/2002
Currency: HK$
Auditors' Report: N/A
Review of Interim Report by: Both Audit Committee and Auditors

                                           (Unaudited)      Last
                                           Current          Corresponding
                                           Period           Period
                                           from 1/1/2002    from 1/1/2001
                                           to 30/6/2002     to 30/6/2001

Turnover                                 : 9,155,631        9,933,723
Profit/(Loss) from Operations            : (3,726,337)      16,190,646
Finance cost                             : (351,566)        (395,024)
Share of Profit/(Loss) of Associates     : 7,887,130        (8,074,865)
Share of Profit/(Loss) of
  Jointly Controlled Entities            : Nil              Nil
Profit/(Loss) after Tax & MI             : 3,837,321        8,906,676
% Change over Last Period                : -56.9%
EPS/(LPS)-Basic                          : 0.23 cent        0.53 cent
         -Diluted                        : N/A              N/A
Extraordinary (ETD) Gain/(Loss)          : Nil              Nil
Profit/(Loss) after ETD Items            : 3,837,321        8,906,676
Interim Dividend per Share               : 2 cents          2 cents
(Specify if with other options)          : N/A              N/A
B/C Dates for Interim Dividend           : 23/9/2002 to 27/9/2002 bdi.
Payable Date                             : 30/9/2002
B/C Dates for (-) General Meeting        : N/A      
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

In 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 

The comparative statements for 2001 have been restated to conform to the 
changed policy.  The effect of the change in respect of the period 2001 is 
summarized below:

                                Reported                        2001
                                previously      Adjustment      Restated
                                HK$             HK$             HK$
Income from debt securities     14,844,004      (11,284,893)    3,559,111
Turnover                        21,218,616      (11,284,893)    9,933,723
Profit on disposal of debt securities   
                                11,687,901      429,054         12,116,955
Unrealized (losses)/profit on debt securities   
                                (7,913,300)     10,855,839      2,942,539
Profit attributable to shareholders     
                                8,906,676       -               8,906,676
                                =========       ==========      ==========
3.      Earnings per share

The calculation of basic and diluted earnings per share are based on the 
Group's profit attributable to shareholder of HK$3,837,321 (2001: 

The basic earnings per share is based on the number of ordinary shares in 
issue during the period amounting to 1,691,171,989 (2001: 1,691,171,989). 
The diluted earnings per share during the periods ended 30th June, 2002 
and 30th June, 2001 are not disclosed as the exercise of the share options 
outstanding at 30th June, 2002 and 30th June, 2001 would have no dilutive