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2002-4-15 10:37:00 a.m. HKT, XFNA
Arts Optical sees improvements in financial performance in Q4
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HONG KONG (AFX-ASIA) - Arts Optical International Holdings Ltd said its
ODM division has seen improvements since last month but the impact will
likely be felt only in the final quarter of 2002.
In a statement, the company said its retailing outlets in China is
expected to double in 12-18 months but that they would only begin generating
returns after 2004.
The company had 29 retail outlets in China at the end of 2001.
In 2001, Arts Optical recorded a net profit of 102.452 mln hkd against
121.696 mln, while turnover fell to 547.011 mln from 602.542 mln.
The fall in turnover reflects inventory reduction undertaken by the
customers of its ODM division, which adversely affected global demand for the
group products.
It added that the company's exports were affected by the Sept 11
incident, which delayed exports between September and November 2001.
wj/jg
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