YUE YUEN INDUSTRIAL (HOLDINGS) LIMITED
(Incorporated in Bermuda with limited liability)
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Summary
The directors ("Directors") of Yue Yuen Industrial (Holdings) Limited ("Yue Yuen") announce the unaudited consolidated results of Yue Yuen and its subsidiaries (the "Group") for the three months ended 31st December, 1999. This announcement is made as part of Yue Yuen's current practice to publish its quarterly financial results. The unaudited profit attributable to shareholders of Yue Yuen for the three months ended 31st December, 1999 was approximately US$55.5 million. The Directors are also pleased to announce an expansion project to invest in a vulcanized shoes factory in Indonesia with an initial capital infusion of US$16 million. |
Quarterly Results
The Directors of Yue Yuen are making this announcement of the Group's unaudited consolidated results for the three months ended 31st December, 1999 in line with its current practice to publish the Group's quarterly financial results.
Unaudited Consolidated Results
For the three months ended 31st December, 1999
US$'000
Turnover 403,396
Cost of Sales (295,602)
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Gross Profit 107,794
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Operating Profit 54,802
Share of Results of Associated Companies 1,709
Share of Results of Jointly Controlled Entities 397
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Profit from Ordinary Activities before Taxation 56,908
Taxation (1,288)
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Profit before Minority Interests 55,620
Minority Interests (161)
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Profit Attributable to Shareholders 55,459
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The Directors hereby state that the Group's interim results for the six months ended 31st March, 2000 will be announced in accordance with the requirements set out in the Listing Agreement with The Stock Exchange of Hong Kong Limited.
Business Expansion
As part of the Group's growth strategy in expanding its product category, the Directors are pleased to announce that the Group has entered into an agreement to invest in a footwear factory in Indonesia. The factory currently produces vulcanized shoes for a major brand name customer with annual sales of approximately US$60 million and further expansion is in progress. The initial investment of the Group for the project is approximately US$16 million to be financed by internal resources. The Directors believe that the investment, along with other expansion programs both horizontally and vertically, will enhance the overall performance of the Group.
The information provided under Business Expansion is disclosed pursuant to the general disclosure and compliance obligations under paragraph 2 of the Listing Agreement with The Stock Exchange of Hong Kong Limited.
By the Order of the Board
Tsai Chi Neng
Chairman
Hong Kong, 17th April, 2000
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