      |
|
   |
|
|
|
||
|
|||
|
13 October 2008 |
 |
|
iSteelAsia Announces Continuous Profitable Quarterly Results Expanded Coverage to Explore New Opportunities (13th February, 2002 - HONG KONG) iSteelAsia.com Limited ("iSteelAsia" or " the Group", HKSE: 8080) today announced its unaudited consolidated results for the nine months ended 31st December, 2002. For the period under review, iSteelAsia recorded a turnover of approximately HK$518 million, representing a significant increase of 71.4% as compared to the corresponding period last year. Profit attributable to shareholders amounted to approximately HK$7.8 million compared to a net loss of approximately HK$12.7 million last year. Basic earnings per share was HK$0.5 cents. For the third quarter, turnover increased 6% to approximately HK$175 million. Commenting on the Group's quarterly results, Ms. Drina Yue, CEO of iSteelAsia, said, "I am pleased to report that iSteelAsia continues to be profitable and consistently enlarging market share in the PRC, bringing the profit from the operations (EBIT) for the nine months to HK13.2 million. The increase in turnover demonstrated business expansion and we were able to increase operational effectiveness by increasing headcounts, additional market coverage in China, under a fixed operation cost. At iSteelAsia, our strategy is to engage in value-added services to customers and we have consistently followed the non-speculation approach." In order to further capture the growing markets in China, the Group enhanced its product offerings to include construction steel. Drina added, "We believe in the synergies in combining the strength of iSteelAsia core flat products with selected long products to foster better supplier relationship and therefore securing a larger customer base. In essence, we were able to lower purchasing cost and expand market coverage, thus enhancing the effectiveness of our operation. As such, it should help to deliver solid performances in the future." At the same time, iSteelAsia has further expanded its sales distribution network in the PRC. The Group's sixth sales office in Shenzhen has officially opened in November 2002 serving customers in the southwestern China, such as Guangxi province, Yunan province and surrounding cities. Currently, iSteelAsia operates six offices spanning across major cities in China, including Beijing, Shanghai, Guangzhou, Tianjin, Shenzhen and Chongqing, covering the major coastal cities and the western region. Talking about the Group's prospects, Drina commented, "We are optimistic about the outlook of the PRC market and hence the prospect of the Group. Steel being one of the fundamental materials for many growing industries, such as building constructions, infrastructure developments, home electrical appliances, and motor vehicles. Finished steel consumption in China will continue to lead the world with a projected 215 million tones in 2003 according to the International Iron and Steel Institute." Therefore, the Group is looking into diversifying its product offering by promoting long products such as rebars, H-beams and other steel construction materials which would further strengthen its position in the market. "We will continue to explore new opportunities, to deliver our best services and to pursue our mission to become the dominant steel trading network and be the most efficient, cost effective distributor, and value-added service provider throughout the entire metal ecosystem in Asia." Drina concluded. - End - 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:  |
| Trading Highlights Registration News Community Help About iSteelAsia Terms & Conditions | © 2008, iSteelAsia |