NGAI HING HONG ANNOUNCES 2000/01 ANNUAL RESULTS
GROUP¡¦S TURNOVER UP 14.3%
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(Hong Kong, October 11, 2001) -- Leading Hong Kong plastic resins and specialty colourants supplier Ngai Hing Hong Company Limited and its subsidiaries (the ¡§Group¡¨) (Stock code: 1047) today announced its annual results for the year ended June 30, 2001.
The Group recorded an audited consolidated turnover of HK$804,210,000, representing a growth of 14.3% as compared to HK$703,593,000 in the previous year. Profit attributable to shareholders amounted to HK$15,798,000. The Board has recommended a final dividend of HK 1.5 cents per share for the year.
Mr. Hui Sai Chung, Chairman of Ngai Hing Hong said, ¡§Year 2000/2001 has been a challenging and difficult year for the Group. Hong Kong¡¦s export industry has suffered as a result of the sluggish US market since the fourth quarter of 2000 and the stagnant global economic conditions since early this year. However, with the continued and dedicated efforts made by our sales team, we still maintained a growth in the aggregate turnover. Also, we have further expanded our customer base with the offering of comprehensive, quality and value-added services and quality products at competitive prices.¡¨
During the year, the Group¡¦s PRC operations recorded significant growth in turnover and operating profit as compared with last year. In addition to the effort of the sales team, the increase was also due to the ongoing commitment of resources in the PRC market, in view of the Group¡¦s confidence in this market.
In order to capture the tremendous development potential in the northern part of the PRC, the Group is committed to actively extending its foothold in such region. In October 2000, the Group entered into an agreement with Haier Group, a well-established and renowned enterprise in the PRC, to establish a joint venture named Tsing Tao Ngai Hing Plastic Materials Co., Ltd. (¡§Tsing Tao Ngai Hing¡¨). Tsing Tao Ngai Hing is principally engaged in the production and sale of engineering plastics, colour pigment, pre-colour and masterbatches. Construction of the new plant was completed in the second quarter of 2001 as scheduled and production commenced immediately.
Performance of the engineering plastics business was very encouraging, making profit contribution to the Group during the year. As the market demand for engineering plastics remains promising in the future, the Group will actively pursue continued development in this segment.
The Group has placed a great deal of effort in strengthening its relationship with customers during the year under review. It set up three liaison offices in its point-of-sales locations in the PRC including Shenzhen and Shunde to provide front-line technical consultancy services to customers, and respond swiftly to customers¡¦ enquiries and needs.
Looking forward, the Group will endeavour to obtain distributorships for high value-added products to strengthen its competitiveness in the trading of plastic materials as well as to create new income streams for the Group.
Mr. Hui said, ¡§As business opportunities are expected to flourish upon the PRC¡¦s accession to the WTO, the Group will proactively develop the business of colourants manufacturing and set up more liaison offices in the PRC. Additionally, we intend to strengthen our production capacity and distribution network in the PRC through the establishment of Tsing Tao Ngai Hing.¡¨
¡§The macro-economic conditions are expected to be turbulent in the coming year. However, we will continue to explore new business areas in which there are potential market demands and implement a streamlined operation. These measures aim at maximizing returns for the Group and our shareholders.¡¨ Mr. Hui concluded.
Ngai Hing Hong provides a total solution to plastic products manufacturers with services and products ranging from plastic resin (including polymers and engineering plastics) selection, complementary computerised color matching services, on the spot technical advice, to the supply of custom-made plastic colorants for the plastic industry.
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