Beijing Development Gains Threefold Increase in Profits in 2002

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Last updated at: (Beijing Time) Tuesday, April 15, 2003

Beijing Development Gains Threefold Increase in Profits in 2002

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The net profit of Beijing Development, a Chinese mainland-funded firm listed in Hong Kong, reached 29.4 million Hong Kong dollars (3.8 million US dollars) in2002, representing a threefold increase from 9.9 million Hong Kong dollars (1.3 million US dollars) in 2001, the company said while reporting its annual operating results here Monday.

Turnover of the company, the information technology flagship ofBeijing Holdings, amounted to 387.4 Hong Kong dollars (49.7 million US dollars), representing an increase of 156 million Hong Kong dollars (20 million US dollars), or 67 percent over that of the previous year.

Commenting on the 2002 annual results, Xiong Daxin, chairman of the company, said that it is largely due to the good performance of the company's information technology segment.

"In view of the huge growth potential, we plan to substantially expand our market penetration in the coming years, both in terms of customer base and scope of services provided," he said.

As to this year's development, Beijing Development is to continue to take IT business as its focus, and restaurant and property business as strong supporters.

"We have built a strong market position in the education information sector in Beijing, and will continue to seek investment opportunities in information technology business," Xiong said.

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