TST PROPERTIES<0247> - Results Announcement

Tsim Sha Tsui Properties Limited announced on 26/9/2000:
(stock code: 247)
Year end date: 30/6/2000
Currency: HKD                                               (Audited)
                                           (Audited)        Last
                                           Current          Corresponding
                                           Period           Period
                                           from 1/7/1999    from 1/7/1998
                                           to 30/6/2000     to 30/6/1999

Turnover                                 : 2,417,622,291    2,838,681,641
Profit/(Loss) from Operations            : 1,243,115,856    1,936,099,000
Finance cost                             : (855,060,674)    (934,429,712)
Profit on Deemed Disposal of             : -                68,645,581
 Partial Interests in a listed subsidiary
Share of Profit/(Loss) of Associates     : 994,748,075      712,149,063
Share of Profit/(Loss) of
  Jointly Controlled Entities            : -                -
Profit/(Loss) after Tax & MI             : 557,880,231      938,908,525
% Change over Last Period                : -40.58%
EPS/(LPS)-Basic                          : 41.93 cents      71.58 cents
         -Diluted                        : 41.90 cents      71.53 cents
Extraordinary (ETD) Gain/(Loss)          : -                -
Profit/(Loss) after ETD Items            : 557,880,231      938,908,525
Final Dividend per Share                 : 5 cents          5 cents
(Specify if with other options)          : (with option to (with option to
                                           elect shares)    elect shares)
B/C Dates for Final Dividend             : 9/11/2000 to 15/11/2000 bdi.
Payable Date                             : 19/12/2000
B/C Dates for (-) General Meeting        : N/A
Other Distribution for Current Period    : N/A
B/C Dates for Other Distribution         : N/A


(1) The calculation of the basic and diluted earnings per share is based 
on the following data:
                                        2000            1999
                                        HK$             HK$
Earnings for the purposes of basic
  earnings per share                    557,880,231     938,908,525     
Effect of dilutive potential ordinary 
  shares of a subsidiary                (359,315)       (681,629)
                                        -----------     -----------
Earnings for the purposes of diluted 
  earnings per share                    557,520,916     938,226,896     
                                        ===========     ===========
Weighted average number of ordinary 
  shares for the purposes of basic and 
  diluted earnings per share            1,330,517,516   1,311,640,048   
                                        =============   =============   
The adjustment to comparative basic and diluted earnings per share, 
arising from the change in accounting policy shown in note (2) below, is 
as follows:

                                        Basic           Diluted
                                        HK cents        HK cents
Reconciliation of 1999 earnings per share                               
 As previously reported                 58.67           58.54   
 Adjustments arising from adoption of 
   SSAP 24                              12.91           12.99   
                                        -----           -----
 As restated                            71.58           71.53   
                                        =====           =====
(2) Comparative figures
The presentation in the current year's financial statements has been 
modified in order to conform with the requirements of the new Statements 
of Standard Accounting Practice ("SSAP"s).  In adopting SSAP 1 (Revised) 
"Presentation of financial statements" and SSAP 2 (Revised) "Net profit or 
loss for the period, fundamental errors and changes in accounting 
policies",  comparative amounts have been restated in order to achieve a 
consistent presentation.

During the year, the Group has adopted SSAP 24 "Accounting for investments 
in securities" and has selected the alternative treatment for securities 
other than held-to-maturity securities.  The accounting treatment 
specified by SSAP 24 has been applied retrospectively - resulting in 
decrease in other securities revaluation reserve, capital reserve and an 
increase in retained profits at 1st July, 1998 of approximately HK$142 
million, HK$18 million and HK$16 million respectively, and a revaluation 
decrease in the current year of approximately HK$128 million (1999: an 
increase of approximately HK$142 million) and an increase in the net 
profit attributable to shareholders of the Group for the current year by 
HK$81,863,254 (1999: HK$169,388,061).