Mr John C C Chan said, "The first half of 2003 witnessed the continuation of the global economic downturn and a sluggish local economy due to Severe Acute Respiratory Syndrome. However, both the global and local business environment experienced a turnaround in the second half due to improved market sentiment and an upturn in consumer confidence in both Hong Kong and Mainland China. Thus the Group experienced a rebound in its total operating revenue, doubling over the corresponding period of 2002."

"Throughout 2003, RoadShow's growth and diversification strategy was implemented in a prudent, focused manner. In Mainland China, we expanded our presence and our joint ventures achieved their revenue goals and made a contribution to profit. We expect this growth trend to continue into 2004."

"Despite the extremely challenging operating environment, RoadShow demonstrated that it is a major factor in the highly competitive outdoor and electronic media sales market in the Greater China Region. RoadShow's Multi-media On-Board ("MMOB") business continued to realise its potential and to create value for our shareholders."

In Hong Kong, 4,000 public transit vehicles are now equipped with the MMOB system. This is in addition to bus body advertising and advertising spaces at passenger shelters. In Mainland China, RoadShow became multi-dimensional in its media sales by expanding beyond public transit vehicles.

"The outlook for Greater China is generally positive and should generate increased advertising spending and create opportunities for our Group to prosper," said Mr Chan.

"The Hong Kong tourism business received a boost with the signing of the Close Economic Partnership Arrangement that included Mainland China lifting travel restrictions on individuals residing in eight Guangdong cities, Shanghai and Beijing. This was subsequently expanded in July 2004 to nine more cities in three provinces - Zhejiang, Fujian and Jiangsu - meaning that the number of potential individual tourists from the Mainland could reach well over 150 million."

"The Mainland market is immeasurably larger than the more mature Hong Kong market with Beijing, Shanghai and Guangzhou representing the engines for growth in advertising expenditures. Thus, Mainland China presents tremendous business opportunities for our joint ventures."

"Overall, the improvement in the Hong Kong and Mainland China economies in the last six months of 2003 was most encouraging."

"Our core strategy is to meet the needs and expectations of public transport operators and advertisers and to continue to expand and diversify the business in the Greater China region and other countries."

Mr Chan added, "Our aim is to provide value-added services to passengers and build our stakeholders' understanding and confidence in the Group's long-term plans and development through transparency, communication and performance."