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Legend: Internet Ventures to Break-even by End of 2001
Legend Holdings Ltd., China's biggest computer maker, said Tuesday it expects its Internet ventures to break even by the end of next year with sales of at least 200 million Hong Kong dollars (US$25.6 million).
Legend is expecting Internet-related business to power growth, taking advantage of the rapid development in mainland China's high-tech sector, chairman and chief executive officer Liu Chuanzhi said.
So far, China has some 8.9 million Internet users, but that number is expected to rise to 20 million at the end of 2000.
The government's policy of encouraging Chinese firms to embrace technology to raise efficiency and management standards is also helping Legend.
In the first quarter of this year, Legend reported that the number of computers sold to businesses surged 53 percent, compared with the same period in 1999.
The company's net profit totaled 191 million Hong Kong dollars (US$24.5 million), up more than 136 percent from the first quarter last year.
Turnover in the first quarter this year jumped 72 percent to 5.86 billion Hong Kong dollars (US$751.28 million).
Liu said the company will acquire an unspecified number of portals to boost Internet business portfolio by the end of this year.
He declined to give details.
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