Truly on road to telecoms success

Truly International Holdings' chairman Steven Lam Wai-wah says the company has made the jump from low grade calculator maker to producer of advanced technological products.

He said revenue from liquid crystal display sales increased 180 per cent last year. Telecoms division sales rose 245 per cent.

'We have been very satisfied with our pager sales figures and anticipate the combined turnover of LCD and pagers to exceed the calculator division this year, most likely in the ratio of 70:30,' he said after the company's annual general meeting.

'This will be a symbolic turning point as it will mark the company's evolution from a low technology, labour intensive factory to a manufacturer of advanced technology,' he said.

Despite the increase in sales, profit was hit by high interest costs - up 11 per cent to $72 million.

Turnover was $595 million, with directors recommending a final dividend of 3.5 cents per share.