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2002-11-21 08:52:00 a.m. HKT, XFNA
VST Holdings H1 net profit falls on margin squeeze; sales up on IT demand
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HONG KONG (AFX-ASIA) - VST Holdings Ltd (856.HK) said net profit in the
first half to September fell amid a margin squeeze, with sales rising on the
back of growing domestic demand for IT products.
In the first half to September, VST posted a net profit of 11.282 mln
hkd, down from 12.124 mln a year earlier, while sales rose to 942.647 mln
from 818.354 mln.
Operating profit came in at 14.838 mln, down from 17.594 mln previously,
while earnings per share fell to 1.7 cents from 2.31.
The company proposed an interim dividend of 0.5 cent, compared with nil
last year.
During the period, the group retained its focus on the distribution
business of IT products and continued to act as the authorised distributor
for five IT manufacturers - Seagate, AMD, Aztech, Guillemot and Supermicro.
Going forward, the company said it is in a good position to take
advantage of the growing demand for IT products.
VST said it will actively identify more potential suppliers to acquire
distribution rights for a more diversified product range.
At the end of September, the company held cash and bank deposits of
around 25.3 mln hkd.
Its gearing ratio - derived from bank borrowings less cash and bank
deposits divided by shareholders' equity - stood at 0.73 compared with 1.74
at the end of March.
julie.wang@afxnews.com
wj/tr
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