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2002-7-24 09:42:00 a.m. HKT, XFNA
Artfield Group - FY net loss due to sluggish global economy
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HONG KONG (AFX-ASIA) - Artfield Group Ltd (1229.HK) said it posted a net
loss in the year ended March due to the sluggish global economy, which was
hit further by the Sept 11 events.
The company reported a net loss of 2.806 mln hkd in the year ended March,
compared with a profit of 4.33 mln a year earlier, while sales dropped to 272.
556 mln hkd from 284.222 mln.
In terms of business segments, the company's manufacturing business in
clocks and other office related products recorded a profit of 4.073 mln hkd
during the year, against 9.346 mln a year earlier, it said.
Electroplating service division recorded a profit of 2.515 mln hkd,
against 4.633 mln previously, while the trading division posted a profit of
2.459 mln hkd compared with 4.383 mln a year earlier.
Looking ahead, the company said the operating environment will remain
difficult this year. It said it is considering building a new production
plant in China to increase capacity.
Artfield will also strengthen its operations China, which generated 4.319
mln hkd in profit during the year.
At the end of March, the company had total outstanding debt and finance
lease obligation of 37.482 mln hkd, against 24.528 mln a year earlier. Its
gearing ratio rose to 4.6 pct from 0.40 pct a year earlier, it said.
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