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NEWS
Lee & Man earnings slump 79%
http://www.sbdailynews.com 2009-07-21 China Daily
HONG KONG: Lee & Man Paper Manufacturing, the second-largest containerboard maker on the mainland, reported net earnings slumped nearly 80 percent for the fiscal year, as the global financial crisis whittled down market demand and selling prices of products.

Net profits of the company fell 79 percent to HK$302.12 million for the 12 months ended March 31 this year, from HK$1.44 billion a year ago. However, revenue rose 7.3 percent to HK$9.65 billion as the commencement of new production plants boosted sales of containerboards.

The annual containerboard capacity of Lee & Man, also the fourth-largest containerboards maker in the world, amounted to 3.76 million tons by the end of March.

The company's gross profit margin in the fiscal year 2009 dropped 13.12 percentage points to 10.81 percent, while outstanding bank borrowings jumped to HK$8.54 billion from HK$7.10 billion.

Due to the increase in outstanding bank borrowings, finance costs leaped to HK$219 million, from HK$86 million in 2008.

Chief executive Raymond Lee said yesterday that the average selling price of containerboard was now HK$2,700 to HK$2,800 per ton, and it may take some time for the price to bounce back to HK$3,400 per ton.

Lee added that domestic sales on the mainland accounted for 79 percent of the company's income in the fiscal year, and expects the ratio to rise to 85 percent in the near term.

"The financial turmoil may eliminate competition on the mainland, which will benefit Lee & Man's business growth," Lee said in a press conference in Hong Kong yesterday.

For the fiscal year 2009, gearing ratio dropped to 0.81 from 0.84 in 2008.

Lee also said the company will focus on reducing its debts in the next 24 months, hoping to maintain the gearing ratio at around 50 to 55 percent in 2011.

The company decided not to pay a final dividend for the year.

Despite the plunge in net earnings, shares in Lee & Man yesterday finished up 2.25 percent, or HK$0.2, at HK$9.08.

President of BMI Funds Management Patrick Shum said investors may expect earnings of Lee & Man to improve amid the economic recovery.

"The company's target to reduce debts may also help boost its shares price," Shum said.

He added that Lee & Man should promptly repay its debts before the banks begin to increase interest rates, otherwise it may delay the schedule on lowering the gearing ratio.
 
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