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2002-4-15 10:44:00 a.m. HKT, XFNA
Nority Intl sets up new company in China to seek business opportunities
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HONG KONG (AFX-ASIA) - Nority International Group Ltd said it has set up
a new company in China to seek business opportunities on the mainland.
In a statement releasing its 2001 results, the company said China's huge
potential market will create more business opportunities for the group and
will be beneficial to its development of the mainland market.
In addition, it said it will seek long term investment opportunities with
greater returns.
However, the company said rising unemployment and decreasing consumption
demand will continue to exert pressure on the group's operations.
The company reported a net profit of 16.619 mln hkd in 2001, against a
loss of 44.712 mln the year before.
It said despite the challenging year, it reported steady growth in
earnings due to its cost controls.
As at end-2001, the company has available bank and cash balances of 53
mln hkd.
Its gearing ratio stood at 1.1 pct against 3.3 pct the previous year.
Nority manufactures and sells athletic and athletic style leisure
footwear. Its major customers include Fila, Reebok and Sprandi.
ra/jg
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