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s operating performance can be found in the Management'

s Discussion and Analysis section in this annual report. During the year, the global economy remained weak and consumer sentiment continued to deteriorate. Product prices dropped in the deflationary environment. Due to the Iraq war, the outbreak of the Severe Acute Respiratory Syndrome ( SARS ) and the surge of raw material prices, the second half of the year became even more difficult. Under the circumstances, the Management had taken aggressive steps to cut cost and productivity was increased in order to benefit from the economy of scale. Our Marketing staff had also been actively searching for new customers with an aim to enlarge our market share. During the year, the Group continued to make every effort to increase its business competitiveness. 主席报告书 Chairman'

s Statement

07 展望前境,预计经营环境仍持续困难.然而 作为市场领导者之一及在稳固财政状况下, 我们对明年之业绩仍具信心.本人谨代表董 事会向员工们之勤劳及忠诚致谢.对於股东 们及业务伙伴之长期支持,我们亦再次深表 感谢. 主席 潘彬泽 香港,二零零三年七月二十三日 Looking ahead, we expect that the business environment will remain difficult. As one of the leaders of the industry and with our sound financial position, we are confident of the results of the coming year. On behalf of the board, I wish to thank our colleagues for their hard work and loyalty. We also wish to extend our sincere thanks again to our shareholders and business partners for their ongoing support. Poon Bun Chak Chairman Hong Kong,

23 July

2003 管理层之论述及分析 Management'

s Discussion and Analysis

08 BUSINESS REVIEW For the fiscal year ended March 31, 2003, total turnover increased by 10%, to HK$5,199 million (2002: HK$4,720 million). Net profit from ordinary activities attributable to shareholders was HK$591 million, an increase of 11% over last year. Gross profit amounted to HK$1,684 million (2002: HK$1,475 million), which represented a 14% growth from the previous year. Gross profit margin ex........