Experienced management and a diversified business portfolio are considered strategic strengths for combating the global economic downturn, according to Hong Kong-listed Dah Chong Hong Holdings (DCH), which achieved last year's performance targets.
Chief executive Donald Yip Moon-tong said performance during the first three quarters of last year was satisfying and ensured the company met its full-year targets, even though business slowed significantly during the fourth quarter because of the global financial downturn.
'Our diversified business operations and a vigorous management framework have put the group in a strong position to weather the global economic turmoil,' Mr Yip said. 'With our long history and strong foundation, DCH is well prepared to overcome the hurdles posed on our businesses by the economic downturn. The efforts we have made in diversifying and expanding our business platform in the past few years will assure we have stable revenues.'
DCH, despite a challenging fourth quarter last year, achieved total turnover of HK$19.5 billion for 2008, representing a year-on-year growth of 21.5 per cent. Profit from operations increased 19.7 per cent to HK$851 million.
Profit attributable to shareholders grew by 9.3 per cent to HK$563 million from HK$515 million the previous year. Together with an interim dividend of 6.43 HK cents per share already paid during the year, total dividend for the year to December was 9.38 HK cents per share.
The group had a cash and bank balance of HK$1.64 billion at the end of last year and net debt of HK$1.27 billion.