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iSteelAsia Announces Encouraging 2002/03
Interim Results Achieving Continuous Growth
in Turnover and Profit
(11th November, 2002 - HONG KONG) iSteelAsia.com Limited ("iSteelAsia"
or " the Group", HKSE: 8080) today announced its unaudited consolidated
results for the six months ended 30th September, 2002.
For the period under review, iSteelAsia recorded a turnover of approximately
HK$343 million, representing a robust increase of over 92% as compared
to the corresponding period last year. Profit attributable to shareholders
amounted to approximately HK$6.8 million compared to a net loss of approximately
HK$9.6 million last year. Both turnover and profit continued to achieve
consistent and positive performances in the second quarter of this fiscal
year, of which turnover grew by 54% as compared to the same period last
year and profit attributable to shareholders achieved an increase of
approximately HK$3.5 million from the first quarter of this year.
The Board of Directors does not recommend the payment of an interim
dividend for the six months ended 30th September, 2002.
Commenting on the Group's encouraging performance, Ms. Drina Yue, CEO
of iSteelAsia, said, "We are encouraged by the Group's continuous achievements
in growth, in turnover and profit. iSteelAsia has been achieving double
digit growth in turnover since the third quarter of 2001/02 fiscal year
and has already recorded two consecutive profitable quarters. This performance
is a clear confirmation of our China focus business strategy and put
iSteelAsia beyond the breakeven point. Also, I would like to thank all
our employees who had worked so hard in building a highly efficient
distribution network providing quality value added services to a stable
and continuously growing customer base."
Conforming to the principle of "Global Vision, Asian Focus"; iSteelAsia
had successfully established a strong presence in the PRC through its
comprehensive distribution network, adding value for customers, and
quality services. During the period under review, iSteelAsia had expanded
beyond the coastal China region and established two more sales offices,
constituting a total of six in China. By utilizing the Group's extensive
network, sales has increased over the past 12 months and the Group's
competitive competencies have been further enhanced.
"Since China is the largest net importer of steel in the world with
more than half of the global steel consumption growth attributed to
China, we have, for the past year, consciously devoted much of our efforts
in developing the China market. Today, our distribution network covers
major cities such as Beijing, Shanghai, Guangzhou, Tianjin, Shenzhen
and Chongqing, with close proximity to clients and enabling the provision
of timely and efficient distribution services. Consequently, China contributed
approximately 85% to the Group's total turnover. We will continue to
expand the network by optimizing its cost structure and enhances operational
effectiveness through economies of scale." Ms. Yue said.
Looking ahead, Ms. Yue commented, "According to International Iron and
Steel Institute, the projected global GDP is 1.7% growth while China's
domestic GDP growth is estimated to rise beyond an impressive 7.5% in
2002. Steel, as a major element in industrial business, is highly linked
with economic growth. Triggered by its flourishing economic growth,
finished steel consumption in China is estimated to increase by 14.8%
(or 25 million tons) in 2002 to 195 millions and 215 million tons in
2003. With the global brand name of iSteelAsia, the comprehensive network
and strategic relationships with worldwide major steel mills, the Group
is well positioned to capture the business opportunities ahead. We will
continue to deliver our best services, not restricted to distribution
but also include other value-added services, to steel community around
the world. In turn, maximizing shareholders value and economic returns."
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Corporate Information
iSteelAsia.com Limited ("iSteelAsia") was established in December 1999
and listed on the Growth Enterprise Market of The Stock Exchange of
Hong Kong Limited in April 2000. iSteelAsia capitalizes on its extensive
local market coverage and strong strategic partners' relationship to
offer one-stop shop service of various types of quality products of
the steel industry. Building on an experienced management team and professionals,
iSteelAsia provides an excellent trading environment and distribute
world-class steel products.
Serving mainly the Asian steel community with a PRC focus, iSteelAsia
offers an open and neutral marketplace for efficient and cost effective
steel distribution, trading services, covering both off-line and on-line
distribution services which include logistics services like insurance,
surveying, and shipping. Currently iSteelAsia operates sales offices
and warehouses spanning across major cities in China, such as Beijing,
Shanghai, Tianjin, Guangzhou, Shenzhen, Chongqing, as well as representative
offices overseas. iSteelAsia represents flexible, comprehensive and
quality distribution services of steel products throughout the steel
supply chain. For details, please visit: www.isteelasia.com
For further information, please contact:
iSteelAsia.com Limited
Ms. Betty Jane Leon
Senior Marketing Manager
E-mail: betty.leon@isteelasia.com
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