For more information
Tonic Industries Holdings Limited
Michelle Ying, Communications Officer
Tel.: 2364 6228     Fax: 2303 0471

(Hong Kong, December 16, 1998) Mr. Ling Siu Man, Simon, Chairman of Tonic Industries Holdings Limited said, "during the period under review, our Group has marked significant growth in both turnover and profits. Our turnover and profit attributable to shareholders amounted to HK$966.1 million and HK$28.6 million respectively, representing an increase of approximately 43% and 66% respectively as compared to the corresponding period in 1997. Dividend of HK1.5 cents per share will be paid and earnings per share is HK7.1 cents. Cash on hand amounted to approximately HK$200 million.

The success are attributable to the Group's realisation of the importance of growth and therefore the Group has a long term plan towards achieving a steady and constant growth in turnover, profit and shareholder fund. This is done by increasing production capacity, improving internal control system thereby service standards and product quality, controlling production costs and also continuously promoting new and upgrade products.

The Group's manufacturing process are largely vertically integrated in that it has its plastic moulding and injection department, speaker box factory, silkscreen and oil spray department, terminal wire and cassette deck department. In October 1998, the Group has taken an important step towards enhancing vertical integration in manufacturing process by spending approximately HK$20 million to acquire a component factory in Qi Shi, Dongguan, PRC named Dongguan Gold Beam Electronics Limited, which produces plastic components, metal components, printed circuit boards and adaptors. Currently, most of these components and parts are supplied for the Group's use. We believe this will further improve the Group's profit margin and product quality.

Tonic Industries Holdings Limited is principally engaged in the design, manufacture and marketing a wide range of customer audio-visual products including Mini-disc systems, CD portables, Dolby Prologic stereo receivers, portable CD/cassette/radio systems and mini Hi-Fis. All the products of the Group are sold on an ODM and OEM basis to companies including well-known brandnames such as Alba, Bush, Emerson, GPX, Kenwood, RCA, Thomson and Sanyo.

The full text of this release and the Company's formal announcement can be accessed through the Internet at: http://www.irasia.com/listco/hk/tonic

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