Beats Prospectus Forecast by 7.4%
(Hong Kong, June 29, 2000) - Leading Internet backbone and broadband infrastructure service provider, Prosten Technology Holdings Limited (GEM stock code: 8026) today announced its consolidated net income for the year ended March 31, 2000 was HK$32.24 million, an increase of more than 114 percent over last year's figure of HK$15 million. This is the first time Prosten Technology has announced its financial results, since its listing on Hong Kong's Growth Enterprise Market (GEM) in March this year.
The profit exceeded the estimate given in the prospectus for the GEM listing by HK$2.24 million, or 7.4 percent.
Operating revenue increased by HK$45.6 million to HK$206.77 million, a 28.3 percent increase over the 1999 figure of HK$161.13 million. Earnings per share were HK$7.6 cents. No dividend was declared.
Announcing the results, Mr. Kurtis Yip, Executive Director of Prosten Technology, said the results were due to having the correct strategy in place to take advantage of favourable market conditions in the PRC.
"These results reflect the strategic decisions we made several years ago to position Prosten Technology, together with increased demand for e-commerce and Internet services at a time when PRC's regional telecommunications authorities are trying to expand their broadband network capacity," he said.
"During the year, Prosten Technology was involved in a number of key projects in China and other developments. These included broadband network projects in Yunnan and Hainan, the development of various applications software and the company being granted an ISP license in Hong Kong."
Speaking at a press conference held today to announce the results, Mr. Yip said Prosten Technology was in a strong position for further expansion.
"There continues to be strong demand for regional PTAs in the PRC to expand broadband network capacity," he said. "Internet users in the PRC are also expected to increase dramatically, with some estimate forecasting 60 million users by the 2005. We have expanded our sales and technical teams, have teamed up with some of the world's leading technology companies and are in a strong financial position to take advantage of the opportunities in the PRC."
"Our vision is to become the largest broadband network solutions provider in the PRC and China's gateway to broadband solutions."
Editor's Note: Prosten Technology, an innovator in broadband applications, established its reputation through building today's Internet backbone infrastructure and implementing its proprietary billing, customer care and network management software package to many provinces and cities in China. Headquartered in Hong Kong and operating profitably since its founding in 1990, Prosten Technology started trading on GEM on 28 March 2000 with 75 million new shares issued, representing 15% of enlarged capital.
| Issued by: | Prosten Technology |
| Through: | Gavin Anderson & Company (HK) |
For further information, please contact:
Lynette Quah
Tel: (852) 2218-9963
E-mail: lquah@gavinanderson.com.hk
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