[For Immediate Release]
Man Sang International Announces 3rd Quarter Results
Records Net Profit of Approximately HK$12.7 Million
* * *
(HONG KONG, February 8, 2002) – Man Sang
International Limited (“Man Sang”) (stock code: 938) today announced its results
for the quarter and the nine-month period ended December 31, 2001.
During the period under review, the Group has continued to consolidate its core business. With the adoption of flexible marketing and sales strategies and stringent cost controls, Man Sang recorded a profit attributable to shareholders of approximately HK$12.7 million for the nine months ended December 31, 2001; against the loss of approximately HK$7.3 million (including a write-down of approximately HK$17.0 million for part of the Group’s inventory) recorded for the same period last year. The Group’s sales, however, was affected by the continued unfavorable conditions in the economy. Turnover for the third quarter decreased by 16.5% to approximately HK$203.1 million as compared to the corresponding period last year.
Although the U.S. government as well as many European countries actively implemented strategies to stimulate the economies, including the multiple reductions in interest rates, the low consumer sentiment continued. Buyers were highly cautious in placing orders, especially after the attack in New York on September 11, 2001.
Cheng Chung Hing, Chairman of Man Sang said, “The external economic conditions remain sluggish. Yet, we have adopted flexible marketing and sales strategies to minimize the adverse impact of the economic downturn. The management expects the global economy to progressively recover and the Group has full confidence in our future business.”
The traditional pearl business performed steadily. The market is still attracted to South Sea pearls. In the same time, the Group’s pearl jewelry and e-commerce business are under constant development.
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February
8, 2002 / P. 2
About Man Sang International Limited:
Man Sang was listed on the
Hong Kong Stock Exchange in 1997.
It is the first pearl company to be listed in Hong Kong. Its principal activities include the
purchasing, processing, assembling, merchandising and wholesale distribution of
pearls and pearl products, including Chinese cultured pearls, Chinese
freshwater pearls, Japanese cultured pearls, Tahitian and South Sea
pearls. It operates its own pearl
processing facilities in Shenzhen, the PRC.
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