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2003-6-27 05:57:00 p.m. HKT, XFNA
HKCK HK-listed Hualing intends break even this year - chairman
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HONG KONG (AFX-ASIA) - Hualing Co Ltd (382.HK) has made breaking even in
2003 its top priority after booking a net loss last year, chairman Li Yujun
said.
The company booked a net loss of 250.359 mln hkd for 2002, a reversal
from the net profit of 10.759 mln in the year earlier.
Speaking to reporters after the company's annual general, Li declined to
reveal the measures Hualing will take to achieve its break-even goal, but
said the company's cash flow at the moment is ""healthy.""
He admitted that competition in China's home appliances market is
intensifying and putting pressure on product prices, adding the company has
no concrete plans to launch new items.
""Competition became more visible after the SARS outbreak,"" he said, .
Li said Hualing has no immediate plan to raise capital.
Hualing was formerly known as GZITIC Hauling Holdings Co.
susanna.tai@afxasia.com
st/ptc/ds
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