GUANGZHOU PHAR<00874> - Results Announcement

Guangzhou Pharmaceutical Company Limited announced on  26/3/2004:
(stock code: 00874 )
Year end date: 31/12/2003
Currency: RMB
Auditors' Report: Unqualified

                                                        (Audited   )
                                     (Audited   )       Last
                                     Current            Corresponding
                                     Period             Period
                                     from 1/1/2003      from 1/1/2002  
                                     to 31/12/2003      to 31/12/2002 
                               Note  ('000      )       ('000      )
Turnover                           : 6,973,113          5,943,823         
Profit/(Loss) from Operations      : 341,537            248,289           
Finance cost                       : (34,172)           (28,804)          
Share of Profit/(Loss) of 
  Associates                       : 464                310               
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                (23,435)          
Profit/(Loss) after Tax & MI       : 146,667            101,155           
% Change over Last Period          : +45       %
EPS/(LPS)-Basic (in dollars)       : 0.181              0.125             
         -Diluted (in dollars)     : N/A                N/A               
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
Profit/(Loss) after ETD Items      : 146,667            101,155           
Final Dividend                     : RMB 0.06           RMB 0.06          
  per Share                                                               
(Specify if with other             : N/A                N/A               
  options)                                                                
                                                                          
B/C Dates for 
  Final Dividend                   : To Be Announced        
Payable Date                       : To Be Announced     
B/C Dates for Annual         
  General Meeting                  : To Be Announced        
Other Distribution for             : N/A           
  Current Period                     
                                     
B/C Dates for Other 
  Distribution                     : N/A          

Remarks:

1. Due to the adoption of SSAP12 - Income Tax which effective on 1 Jan 2004, 
   2002 profit and loss account has been restated to reflect the changes.
 
2.The date to convene the 2003 AGM of the Company to consider the proposed 
  profit distribution scheme is yet to be decided.  The Notice of 2003 AGM 
  of the Company (including B/C dates for final dividend and the payable 
  dates will be otherwise published.