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2003-6-27 06:35:00 p.m. HKT, XFNA
RPT - HK-listed Hualing targets to break even this yr - chairman
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(Repeating to fix text throughout)
HONG KONG (AFX-ASIA) - Hualing Co Ltd (382.HK)'s top priority this year
is to put its operation back to a balanced level, after it slipped to a net
loss of 250.359 mln hkd in 2002 from a net profit of 10.759 mln in 2001,
chairman Li Yujun said.
Speaking to reporters after the company's annual meeting, 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 said 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 products.
""Competition has become more visible after the SARS outbreak,"" he said.
Li said Hualing has no immediate plans to raise capital.
Hualing was formerly known as GZITIC Hualing Holdings Co.
susanna.tai@afxasia.com
st/ptc/ds/jtz
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