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2002-8-14 05:31:00 p.m. HKT, XFNA
Syscan Technology H1 net loss narrows on the back of Q2 business improvement
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HONG KONG (AFX-ASIA) - Syscan Technology Holdings Ltd (8083.HK) chief
financial officer Zhang Hongru said the company was able to trim its net loss
by 50 pct in the six months to June compared to a year earlier due business
improvement in the second quarter.
He said the company's sales are likely to improve in the second half.
Zhang said the business improvement in the second half is attributable to
the company's effective cost controls, noting that operating cost dropped by
14.8 pct year-on-year in the first half.
He said the company's gearing ratio dropped to 45.6 pct at the end of
June, compared with 35.8 pct at end-December. Profit margin stood at 23.7 pct
in the first half.
For the six months to June, the company reported a net loss of 8.51 mln
hkd, compared with loss of 16.342 mln a year earlier, while sales dropped to
13.406 mln hkd from 22.927 mln. The company did not propose an interim div.
Zhang attributed the company's sales drop in the first half to lower
demand for information and technology products, saying that excessive
inventory for its customers also led to falls in product prices.
He said inventory for its customers will fall in the third quarter, with
sales turnover likely to improve in the third and the fourth quarter.
Due to the cash burden for renting production plants, the company has
decided to invest 110 mln hkd for the building a science park in Shenzhen, he
said.
The company has completed the first phase of the construction, and will
cooperate with outside parties for the second and third phases, he said,
adding that no additional funding is needed.
wilfred.lee@afxnews.com
gl/wl/rc
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