Friday, April 23, 2021
Martin Hennecke

Paper firm's profit rises 11pc to $3.6b
Lee & Man Paper Manufacturing (2314) yesterday said its net profit for 2020 grew by around 11 percent to HK$3.65 billion, declaring a final dividend of HK$0.18 per share. Total revenue fell by 4.7 percent to HK$25.87 billion and earnings per share were HK$0.8099. The firm said the industry is still facing challenges with the increase in the cost of paper production. Meanwhile, Lee & Man Chemical (0746) said its net profit dropped 28.3 percent to HK$503 million last year. Demand for chemical products became stable in the second half of 2020 after the Covid-19 epidemic came under control in mainland China, but prices have remained low in recent years, putting pressure on the profitability of the company, it said. Revenue fell 10.8 percent to HK$3.1 billion in 2020. Basic earnings per share for the year was HK$0.609, with a proposed final dividend of HK$0.165 per share. A new factory in Zhuhai producing lithium battery electrolyte additives has commenced trial production and is expected to contribute revenue in 2021 with the continuous trend for the development of electric cars. In other news, Lifestyle International (1212), the operator of Sogo shopping malls, said its net profit slumped 92.7 percent to HK$138.5 million last year, as customer footfall plunged amid the pandemic. Revenue declined by 43.7 percent to HK$1.99 billion during the period. Sales at its flagship Sogo Causeway Bay plunged 36.2 percent for the full year. Investment income also dived to HK$34.6 million from HK$740.2 million a year ago, dragged down by fair value loss on investment properties. Basic earnings per share were HK$0.09 and no final dividend was declared.
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