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2002-7-15 11:20:00 a.m. HKT, XFNA
Safety Godown - FY net profit growth due to cost control, strong property ops
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HONG KONG (AFX-ASIA) - Safety Godown Co Ltd (237.HK) said its full-year
net profit growth was due to effective cost control and the positive
performance of its property investment business, which offset the weakness in
its godown operations.
For the year to March, the company recorded a net profit of 45.239 mln
hkd, up from 44.613 mln a year earlier. The strong performance of its
property investment business was traced to the high occupancy rate in Lu
Plaza.
During the period, the company recorded a profit of 42.854 mln hkd from
its property investment division, compared with 44.307 mln a year earlier.
Its godown operations recorded a profit of 10.207 mln hkd, down from 17.
991 mln hkd previously, as the impact of the Sept 11 incident weakened
consumer confidence and reduced trading activity, it said.
Going forward, the political uncertainty in the Middle East is seen to
continue, hindering the global economic recovery, but it noted that the Hong
Kong economy is beginning to stabilise, with business environment seeing
signs of improvement.
The company believes its godown business will start to stabilise in the
first quarter of the current financial year. It said it will continue to
strive for better cost control and maintain the high occupancy rate in its
investment properties.
At the end of March, the company had cash reserves of 46 mln hkd, with a
gearing ratio of 10.09 times, against the previous 5.85 times, it said.
wl/jtz
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