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PROVIEW INTERNATIONAL HOLDINGS LIMITED Registers Record Turnover and Strong Turnaround in First Half of 2002/03 Continues to Further Lead in Global Market Share
PROVIEW International Holdings Limited (SEHK: 334) today announces another record turnover of HK$3,355 million in the six months to December 2002, which is translated to a 47.81% increase year on year. Net profit attributable to shareholders was HK$73,276,000 with the net margin turning around from ¡V1.67% of fiscal 2002 to 2.18%.
Hong Kong, March 23, 2003 - World's top-five display devices producer PROVIEW International Holdings Limited (SEHK: 334) today announces another record turnover of HK$3,355 million in the six months to December 2002, which is translated to a 47.81% increase year on year. Net profit attributable to shareholders was HK$73,276,000 with the net margin turning around from -1.67% of fiscal 2002 to 2.18%. In view of the rising levels of economies of scale and vertical integration, on the back of strong orders in hand, management maintained an optimistic view of further improvements in profit margins in the future. The Group declared an interim dividend of HK1.7 cents.
Capitalizing on the Group's underlying strengths, including a global sales network, recognized brand names, comprehensive product range, strategic supplier partnerships and a high degree of vertical integration, PROVIEW International continued to expand its global market share in both CRT and LCD monitors. In the first half of 2002/03, the Group shipped 2,200,000 units of CRT monitors, placing it as the world's 5th largest producer with a global share of about 6%, and comparing favourably with the full-year shipment of 2.9 million units in fiscal 2001/02. This strong sales growth was achieved against a backdrop of a global decline in sales of CRT monitors from 8.8 million units in 2001 to 8.4 million in 2002. In the high-growth segment of LCD monitors, the Group's shipments also grew rapidly to 700,000 units in the last six months, which surpasses last full fiscal year's 650,000 units, representing a global share of about 4% or 7th largest.
Mr Rowell Yang Long-san, Chairman and Managing Director of PROVIEW International noted: "While we remain confident of our sales prospects of CRT monitors as leading producers like PROVIEW International will continue to benefit from the ongoing industry consolidation, we have also covered a great deal of positive ground in jumpstarting our LCD monitors business line into one of the world's foremost players. We have been successful in growing the LCD monitors line to 47.8% of group revenues, or HK$1,604 million in sales."
Mr Luffer Wong, Executive Director, PROVIEW International added: "As a result of our global and direct-sales marketing strategy, we were able to achieve a more balanced geographical spread on a global distribution platform covering 50 countries and major mass merchandisers such as Circuit City, Best Buy, Dixon, Sam's Club and Carrefour."
Sales to North America, Europe and Asia Pacific accounted for 37.38%, 30.61% and 26.75% of group revenues respectively. Years of brand development efforts have given the Group a unique niche compared with most other ODM or OEM monitor manufacturers. During the period, the Group entered into agreements with Xerox and Sylvania, and added these two brands to its existing list of PROVIEW, EMC and MAG labels. Consistent with its brand-driven marketing approach, sales of the Group's own five branded product lines contributed about 60% of group turnover.
To strengthen the platform for driving sales further, PROVIEW International has formed strategic alliances with key components suppliers including Samsung SDI, AU Optronics and CM Optronics to solicit more advantageous pricing, payment and delivery terms. Such partnerships enable the Group to keep up the growth momentum.
In keeping with market trends, the Group has continued to add new features to its CRT and LCD monitors, while progressing further in other applications of display technologies such as LCD TV sets, plasma TV and virtual or net PCs. Trial production of 42-inch plasma TV commenced in January 2003 with first shipment scheduled for March 2003. Research and development (R&D) expenses for the period amounted to HK$18.5 million. Consistent R&D initiatives have led to the introduction of a number of novel high-end LCD products including a super-thin LCD monitor with aluminum casting and other premium LCD monitor models. R&D resources were also put into the development of TFT TV and plasma TV (PDP), which are expected to become the Group's future growth drivers.
In the first half, the Group invested in the development of LCD modules (LCM). "As part of our initiative to advance vertical integration of our production, which is one of our core and unique competencies, we have made further advances in upstream integration into the manufacturing and assembly of CRT deflection yokes and LCM," said Mr Wong.
As of December 31, 2002, the Group had cash and bank balances of HK$561 million (June 30, 2002: HK$274 million) and total shareholders' equity of HK$664 million (June 30, 2002: HK$581 million). During the period, the Group has fully redeemed its US$20-million convertible bonds.
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Company: PROVIEW International
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