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2002-11-22 01:42:00 p.m. HKT, XFNA
VS Intl targets over 30 pct of sales to come from China in next 2 years
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HONG KONG (AFX-ASIA) - V.S. International Group Ltd (1002.HK) is
targeting its China business will account for over 30 pct of group sales in
the coming two years, chairman Beh Kim Ling said.
""The China business is attractive amid the strong economic growth there,""
Beh told reporters after the company's annual general meeting.
He said the company's China operations contributed about 15.71 pct and 20.
69 pct to group sales in the years to July 2001 and 2002, respectively.
In a move to expand its business in China, V.S. International is building
new production plants in the country in the coming years, Beh said.
""We are planning to add 6-7 new plants in the coming two years, with
three new plants set to commence their operations early next year,"" he said.
The investment cost for the plants is about 50-60 mln hkd, he said.
Beh said the investment will be funded through the group's internal
resources and bank loans.
In the year to July, V.S. International reported a 57.99 pct rise in net
profit to 65.791 mln hkd from 41.642 mln a year earlier, on a 45.91 pct
increase in sales to 932.630 mln hkd.
The rise in sales was attributed to a considerable improvement in revenue
from its electronic products manufacturing division, which posted sales of
545.21 mln hkd from 290.31 mln a year earlier.
Beh said in the current fiscal year, the group managed to achieve
double-digit sales growth year-on-year in the first quarter to October, but
he did not give specific figures.
At the AGM, he said shareholders approved the regular resolutions,
including the company's right to issue new shares and to undertake a share
repurchase scheme.
However, the company has no current plans to issue new shares or to
repurchase its shares, he added.
V.S. International closed the morning up 0.01 hkd to 0.43.
susanna.tai@afxnews.com
st/zr
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