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2002-12-5 06:02:00 p.m. HKT, XFNA
Samson Paper H1 net profit up 161 pct led by margin improvement, China market
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HONG KONG (AFX-ASIA) - Samson Paper Holdings Ltd (731.HK) said the
company was able to make a 161 pct year-on-year increase in net profit to 26.
3 mln hkd for the six months to September from 10.11 mln previously,
reflecting the improvement in business margins and the company's effort to
develop the China market.
For the same period, sales rose to 1.342 bln hkd from 1.226 bln
previously, while operating profit grew to 54.533 mln from 39.077 mln. The
company proposes a 1.0 cent interim dividend compared with 0.5 cents last
year.
During the period, the gross margin improved to 10.5 pct from 10.1 pct,
while its net margin increased to 1.96 pct from 0.82 pct, it said, noting
that the improvement in margins was due to better cost controls and inventory
policy.
The company has continued to develop its market in China, which accounts
for 28.6 pct of the company's sales for the period, against 19.5 pct a year
earlier, it said.
The company said it has remained financially sound. At the end of
September, the company had cash on hand of 194 mln hkd, with a current ratio
of 1.48 times.
wilfred.lee@afxnews.com
wl/wf
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